The house is worth about 275000 and we have a mortgage of 113000. which is on an interest only basis . There is also a secured loan of about 10000.which is reducing. There is also a third charge of about three thousand which was a debt owed by my ex wife.
We are both 54 and she has been claiming her pension for about four years which I believe is around 400 pounds a month before tax. I recall when we divorced that we discussed whether we should pay about a thousand pounds to the pensions actuary to calculate its actual value but due to the prohibitive cost we didnt do this. .
James is 15 next month and she has legal custody. His bedroom is in the larger part of the house with his mother but there are no boundaries where he is concerned as he can come and go between the two parts of the house as he pleases. This is less disruptive fr him and seems to work well.Because we have shared the costs and his care fairly evenly there has been no need fr an agreement fr maintainance.. Thanks
Hi im not sure if my reply went back or not so im sending it or something similar again.
We agreed some years ago to sell the house once the market improved and this remains my wish though Karen is now talking differently and appears to be making long term plans to remain here.
The house is a 4 bed detacthed former mining assay house and is hard to compare with others but zoopla value it at around 300K though i think 275K is more realistic. Neither Karen or her husband to be have the money to buy my share or as far as Im aware raise a mortgage for this amount. A two bed room cottage in this area would be anything from 150 to 200K depending on the plot size and views.
The house is properly divided with me living in the smaller third with 1 bedroom lounge kitchen and bathroom.(almostr a granny annexe) Her section has three bedrooms lounge bathroom and kitchen. Its on an a 2/3 acre plot so theres loads of breathing space and although irregular Im not unduly concerned over the living arrangements unless it affects me emotionally or financially. I also have to consider the effect this will have on James who is not overly keen on having a new step dad living here but hes 14 and an understandable reaction.
The emotional bit I think i can handle though Im not totally sure how things will be for me in the longer term but i am concerned over the financial implications and its this part i need advice with. I guess my concerns are whether as her husband he has rights once he moves in and whether thisl affects anyclaims I may make make on our jointly owned assets assuming we can agree a financial settlement.
This is starting to get complex as I write it so I hope you can see through the mess and assist with some solid advice as I need to speak to her soon seeing as the wedding is planned to take place in early Setember in the USA and thats less than a month away !
Claiming some of her pension is somethng i have thought about before but have shied away from on moral grounds. I brought up James for many years whilst my exwife worked which at the time made sense as my business had failed and as a trained nurse she had the ability to earn more money than i did - interestingly she still does! I guess in order to maintain a better working relationship with her I havent suggested this to her before but things have now changed.
Added to the fact that I have no pension to speak of and after conversations with others in a similar position, this is something i would now consider though again im not sure where i stand or if her new husband would be entitled to a say in this decision.
Does the fact that she will have remarried prevent me going down the family mediation route or is there a time scale on this ?