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What to do with the house?!
#1
My STBX can't afford to take on the mortgage even if I let her have all the equity, I am the sole name on the mortgage. She wants to stay in the family home as it's perfect for the children, close to good schools, close to where I am living etc. I sort of agree with her, putting the bitterness of the separation behind me, it really is the best option for the children.

If we sold she would have to go into rented in a poorer area, further away from me and potentially have to move schools.

I was thinking what to do, 

I am in a position where I could maybe do a let to buy scenario. So I would let the house out to her and pull a small amount of equity out of it and together with savings I could afford to then buy my own place. Now I would be on 2 mortgages here, but would be pulling in the 'rent' off her.

I know the risks here, she could come into some sort of financial difficulty and stop paying. But surely if we have a landlord/tenant arrangement then housing benefit would kick in? If it all went tits up I could also pull the plug on paying that mortgage and let the house be repossessed. That is financial suicide I know but I'm credit averse and don't do credit cards or loans so as long as I'm keeping up with my own mortgage then it wouldn't really matter to me.

Am I being too soft? Do you think that could work or has anyone actually done it?
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#2
Sounds far too messy for me.

If she can't afford the mortgage then a Mesher order would be unrealistic as well.

It might be that the house has to be sold and you both have to downsize and move to less desirable areas.
That's what happened to me, the important difference in my case was that she was desperate to reinvent herself with her new man.

That's one of the realities of divorce - both your lifestyles take an initial hit.
Both your solicitors should be advising you of this.
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#3
Huuuuge stamp duty on your second place mate.  I considered all of this because I'm in exactly the same position.  You've got to ensure you can borrow enough. Then you've got to pay a lot of stamp duty.  And lastly, you've got to ensure your ex pays the rent and I've been warned that these arrangements with family always end in tears.

(10-05-2018, 02:27 PM)watsa64 Wrote: Sounds far too messy for me.

If she can't afford the mortgage then a Mesher order would be unrealistic as well.

It might be that the house has to be sold and you both have to downsize and move to less desirable areas.
That's what happened to me, the important difference in my case was that she was desperate to reinvent herself with her new man.

That's one of the realities of divorce - both your lifestyles take an initial hit.
Both your solicitors should be advising you of this.

Oooh this is interesting.  As I'm not married and therefore not divorcing, a Mesher order per se couldn't be done, but having the house awarded to her for the next 11 years was a real fear.  But she cannot take over the mortgage. It is in my name and she would not get the size loan needed. No way.  But she can afford to rent a 3-bed house nearby. Or, if I bought her out, she could afford a house or a large flat in a much cheaper area.

So you think that if she couldn't take over the mortgage, she would be unlikely to get something similar to a Mesher order?

...and also, is there anything that says a mum HAS to be able to buy a place, rather than rent?  My ex has no interest in going back into full-time work and her business doesn't turnover very much.  But she could earn very well and this is what prevents her getting a decent mortgage. She also says she doesn't want a mortgage - too much of a free spirit.  We also share the kids 50/50.  Surely a dad's needs are taken into account if it's 50/50?
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#4
Even though the mortgage is just in your name, you both have beneficial interests i.e stakes in the equity of the house.
You need to see a solicitor as you may have to take her to court to get anything as there's no divorce to force the issue.
Google TOLATA
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#5
In my case we are joint tenants on the deeds so we are 50/50 owners. No doubts about this and I'm not disputing it. I just want to make sure I don't get tied down and forced to rent for the next decade. It won't help either of us. She's done very well. She had nothing four years ago and now has about 65k. Whereas I'm worse off than when I met her! I'll read up on tolata. A mediator told me about this too.
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#6
tolata is piss mate.... as your 50/50 unmarried like me and your partner is able to work and earn a decent wage has her share of the house in cash from you by buying her share plus maintenence and any other benefits.... their entitled too for being victims lol.. it wont be awarded simple as... just because she doesn't want to get a mortgage or work full time that's no excuse in the eyes of judges.. plus your doing as much child care too.... she needs to wake up to reality without the support from you bud....
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#7
(10-05-2018, 01:17 PM)outlook Wrote: My STBX can't afford to take on the mortgage even if I let her have all the equity, I am the sole name on the mortgage. She wants to stay in the family home as it's perfect for the children, close to good schools, close to where I am living etc. I sort of agree with her, putting the bitterness of the separation behind me, it really is the best option for the children.

If we sold she would have to go into rented in a poorer area, further away from me and potentially have to move schools.

I was thinking what to do, 

I am in a position where I could maybe do a let to buy scenario. So I would let the house out to her and pull a small amount of equity out of it and together with savings I could afford to then buy my own place. Now I would be on 2 mortgages here, but would be pulling in the 'rent' off her.

I know the risks here, she could come into some sort of financial difficulty and stop paying. But surely if we have a landlord/tenant arrangement then housing benefit would kick in? If it all went tits up I could also pull the plug on paying that mortgage and let the house be repossessed. That is financial suicide I know but I'm credit averse and don't do credit cards or loans so as long as I'm keeping up with my own mortgage then it wouldn't really matter to me.

Am I being too soft? Do you think that could work or has anyone actually done it?

You could do a sell and long term rent back. They typically pay 65% of the current value, but do the deal in under 3 weeks.
She would then be able to access Housing Benefit if has has under £6000 in the bank, and has a low income. However, be aware that it is capped to how many bedrooms the law says you need.
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.
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