We had been together for 34 years before we split 3 years ago.
The matrimonial home is worth around £180k and there is a £60k mortgage on it.
There are no other assets or debts, I have a small pension of £45 per quarter and another one of £400 per year. We decided to cash my small pensions in to realise the lump sums which were used for holidays etc as the plan was that my estranged mothers house would be our pension pot. My husband has about 4 pensions which will add up to a decent pension when he's 65, I don't know the exact amount.
He came to own the property because his father died, left his mother with the house and with about £40k in the bank, it was decided to put the house into his name so that if she became ill they would be able to avoid selling the house to pay for care. She squandered the money in the band and took out loans to the value of £25k, she got in trouble with the repayments and then it was decided that they would get a £50k mortgage on the house to pay off her debts and have some money in the bank which my husband now controls.
I forgot to say in my last note, I earn £30k and he earns around £45k
No his father died in 2003 and the property was transferred into his and his sisters name shortly after, but when his mother got into financial difficulties and they had to raise some cash against the house it couldn't be done with his sisters name on it as she has bad credit, so her name was taken off it and he applied for the loan himself, however there is a legal document that says that upon his mothers death, his sister is entitled to half of the house along with my estranged husband.
Not sure about a one bedroom property, there aren't many in my area that aren't council owned, but I would guess around £60k however that is a pure guess. Why are you interested in a one bedroom property, I have grandchildren that stay with me on a regular basis.
I'm not willing to give up any share of his pensions that I might be entitled to as I have stated earlier that my pension provision is paltry.
Would I have to give him actual cash out of his share because by my calculations his share in his mothers house almost negates his share in the matrimonial home. My thinking is that he could sign the matrimonial home over to me and then his mothers house would be his when the time comes or he could raise a mortgage himself against it whilst she is till living in it, would this be feasible do you know