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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33318
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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The situation: - Seperated from wife 1 year ago. - We have

Customer Question

The situation:
- Seperated from wife 1 year ago.
- We have 7 year old daughter, I look after her for 5 nights, my wife 9 nights every fortnight.
- I'm paying basically half my income to wife, pending a finanical settlement and divorce which she doesn't want to progress but I'm going to initiate
- Wife has no income except child benefit/credits but is in training
- Wife lives in family home, pays mortgage and bills from her money from me.
- Her retired parents also live at house (part of the house annexed off).
- The house is jointly owned by her parents/her/myself under 25% shares of equitity specified in deed of trust.
- Mortgage is 150k, house value ~650k.
- I am renting flat , house prices in area for 2 beds are ~£210k.
- the trust deed specifies that any party can force sale of house by giving 3 months notice for other parties to buy them out (25%) at market value
- Neither myself or wife has savings other than few thousand each


I want to get the house sold under terms of trust, but concerned that wife/inlaws will not comply. And without a consent order for the financal settlement I'm also concerned that judge might give all my equity to wife as she has primary care of daughter and will need to buy another house without mortgage. (I'm expecting to have to give up a fair amount of my equity for this purpose, but not all of it.)

What is your opinion on the above?
Submitted: 2 years ago.
Category: Family Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare and I will do my best to help you but I need some further information first
What income do you have and how much are you paying your ex?
Clare
Customer: replied 2 years ago.

Hi.


 


50k. Take home us 2700 per month , wife gets 1200 under current informal arrangement.


 


Regards


 

Expert:  Clare replied 2 years ago.
Hi
Given how much a two bedroom property costs a sale is unlikely to give you any immediate cash - do yuo still wish to go ahead?
Clare
Customer: replied 2 years ago.
Hi

By my calculations I would receive about 45k , and i would of course be removed from existing mortgage. Both of these factors are important to me so I would still want to pursue this.

(2bed is actually more like 179k in area wife would buy, which is nearer to my daughters school. 210k in area I would buy which is where I work)

Thanks
Expert:  Clare replied 2 years ago.
Hi
If you start proceedings for a sale of the Property using the Trust Deed I would anticipate that your ex will start divorce proceedings and within those make an application for the Financial matters to be dealt with.
You and your wife together own 50% of the equity - £200,000.
As you are aware the priority for the court is the safe and secure housing of the child until the child is 18.
On that basis your ex is likely to receive something in the region of £185,000 to allow her to purchase an a
alternative property (maybe more) - with you having a Charge Back for an agreed percentage so that over all you eventually receive in the region of 40% of the equity
I hope that this is of assistance - please ask if you need further details
Clare
Customer: replied 2 years ago.

Hi


 


If she refuses to sell based on trust deed what is likely scale of cost legal/court to force that? And timescales?


 


thanks

Expert:  Clare replied 2 years ago.
Hi
On the whole it is likely to cost upwards of £2000 and take between 6 and 9 months
However of she does issue the divorce proceedings the matter will be stayed whilst that is ongoing
Clare

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