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Payments on a new Mortgage - Mid divorce
#1
Hi All,

I'm just looking for some advice really on quite a specific scenario, so any help would be GREATFULLY received.

The background is me and my wife have separated;
- We have agreed all the elements of finances and childcare, relatively politely (some issues at first, but common sense won through)
- We have two children 6 and 3, they both live the majority of the time with her and weekends and one day a week with me
- We have agreed for her to buy me out of the marital home, she has a mortgage in place and will be giving me a cash payment for my share (13.5% of the equity.... that's another matter, but I can settle for that to help move on)

However the divorce is currently at the decree nisi, and she is pushing for me to complete the re-mortgage to buy me out prior to the decree absolute to ensure her mortgage promise doesn't expire (she has used a financial adviser to organise it and tagged her Child maintenance, tax credits and her salary to make the mortgage).

My question is, If I agreed to this, could she look to make a claim that I would have to pay half of her new mortgage if she couldn't afford it at a later date? although she got financial advise when taking it out?

The sooner I can get my share of the equity the better as well, as I have a house which I am buying and the vendor is getting twitchy over how long the divorce is taking (my solicitor has been shockingly slow, and the service has been very poor ISON Harrison in Leeds FYI).

Thank you for your advice (not legal of course) and any guidance you can help with.

Cheers
Reply
#2
(02-07-2017, 12:14 PM)Robert Owain Wrote: Hi All,

I'm just looking for some advice really on quite a specific scenario, so any help would be GREATFULLY received.

The background is me and my wife have separated;
- We have agreed all the elements of finances and childcare, relatively politely (some issues at first, but common sense won through)
- We have two children 6 and 3, they both live the majority of the time with her and weekends and one day a week with me
- We have agreed for her to buy me out of the marital home, she has a mortgage in place and will be giving me a cash payment for my share (13.5% of the equity.... that's another matter, but I can settle for that to help move on)

However the divorce is currently at the decree nisi, and she is pushing for me to complete the re-mortgage to buy me out prior to the decree absolute to ensure her mortgage promise doesn't expire (she has used a financial adviser to organise it and tagged her Child maintenance, tax credits and her salary to make the mortgage).

My question is, If I agreed to this, could she look to make a claim that I would have to pay half of her new mortgage if she couldn't afford it at a later date? although she got financial advise when taking it out?

The sooner I can get my share of the equity the better as well, as I have a house which I am buying and the vendor is getting twitchy over how long the divorce is taking (my solicitor has been shockingly slow, and the service has been very poor ISON Harrison in Leeds FYI).

Thank you for your advice (not legal of course) and any guidance you can help with.

Cheers

Once she buys you out, your liablity ends.
Posts made by me are my opinion and any factual information should be checked out. If you do not have a Solicitor, often your local CAB can get you some initial advice.
Reply
#3
(02-07-2017, 12:31 PM)MarkR Wrote:
(02-07-2017, 12:14 PM)Robert Owain Wrote: Hi All,

I'm just looking for some advice really on quite a specific scenario, so any help would be GREATFULLY received.

The background is me and my wife have separated;
- We have agreed all the elements of finances and childcare, relatively politely (some issues at first, but common sense won through)
- We have two children 6 and 3, they both live the majority of the time with her and weekends and one day a week with me
- We have agreed for her to buy me out of the marital home, she has a mortgage in place and will be giving me a cash payment for my share (13.5% of the equity.... that's another matter, but I can settle for that to help move on)

However the divorce is currently at the decree nisi, and she is pushing for me to complete the re-mortgage to buy me out prior to the decree absolute to ensure her mortgage promise doesn't expire (she has used a financial adviser to organise it and tagged her Child maintenance, tax credits and her salary to make the mortgage).

My question is, If I agreed to this, could she look to make a claim that I would have to pay half of her new mortgage if she couldn't afford it at a later date? although she got financial advise when taking it out?

The sooner I can get my share of the equity the better as well, as I have a house which I am buying and the vendor is getting twitchy over how long the divorce is taking (my solicitor has been shockingly slow, and the service has been very poor ISON Harrison in Leeds FYI).

Thank you for your advice (not legal of course) and any guidance you can help with.

Cheers

Once she buys you out, your liablity ends.
Hi MarkR,

That's brilliant thank you, I just wanted to be sure.

Cheers
Reply


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