Apologies for the delay in coming back to you. I think it best to start again with this.
I am using the form downloaded from the government website. My wife is accepting of the basic proposals but she has a few stipulations. I am now in the position where i am looking for suitable wording to cover different situations that could occur.
The basics are as follows:-
1. The title deeds and mortgage contract will stay in mine and my wife's joint names but I will pay the mortgage payments monthly of £528 until it is repaid in full - another 13 years. The rates and payments coukd vary.
My wife will live in the property, I live with my partner.
Could you please provide some wording which would ensure that I will pay in good faith but only while I have the income to do so ie: my death, disability or loss of income would mean any outstanding payments thereafter would revert back to my wife (then ex-wife). Or if I am still alive, some arrangement to share the responsibility of payments would also fall back to her.
I would also want her agreement that she would be reasonable in granting her permission as joint mortgage owner to re-negotiate the loan to a shorter term or lesser interest rate to make the payments more manageable for me or when I am in a position to afford it, get the mortgage finished earlier than the current term if possible.or alternatively move to another lender offering a better deal.
2. My wife does not want any part of the house value to revert to my current partner or any other in the future.
Could you please provide wording to adequately explain that on my death, the property would be left to my current wife entirely if she is still living. On her death, the property would be sold and the proceeds split as follows - 20% to me, [email protected]
% to our first daughter and 40% to our second daughter. I assume that if I am no longer living at that stage, my wife would leave the estate to someone if her choice and as above, she would take on any outstanding mortgage payments if I died while the mortgage is still outstanding as she will remain in the property if she chooses.
We would want this written in to the agreement but I realise that to protect any other assets I have and my current partner, I should probably make a will? My current partner is accepting of the fact that she would not want any entitlement to the value of the property.
3. I have a concern that I could be paying the mortgage for a long period but in the meantime my then ex-wife could re-marry or co-habit on a long term basis or some other significant event could happen whereby she could afford to contribute to the mortgage repayments. Basically, I could be paying the mortgage while she has someone living with her who could contribute and they could potentially inherit the property value in the future.
Coukd you provide some standard wording to cover this off so that I can enter this as a codicil to the papers.
Finally, I understand the divorce paper work is lodged with a Court. Is this definitely legally binding and would my ex-wife have any claim to future joint holdings I may have with my current partner?
I have been paying the mortgage since I left 8 years ago and I have been paying my wife money each month. I have stopped the payment to her and have paid 10k off of the mortgage but I am willing to continue on the basis as above, even though my wife's pension fund was larger etc because i left her so I want to appease her wish to stay in the property and she does not have the income to support the mortgage at the moment.
I hope you can help with this. There is probably standard legalised wording which I hope you can provide. I just want to keep things simple but at the same time ensure that I am not left liable for something in the future that I may can't meet contractually or continue to pay if she has another income earner living with her or perhaps comes in to some money which could entitle me to be released from part of the burden.
I am 58 now, so I would need to work for another 13 years to support the mortgage, unless I can afford at some point to pay more and reduce the term outstanding. I have no intentions of leaving work early to side step the responsibilities of paying the mortgage.