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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33549
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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My estranged husband owns his mothers house there is a £50k

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My estranged husband owns his mothers house there is a £50k mortgage on it but the house is worth about £400k. He wants half of the equity in our marital home but doesn't want me to have any equity in his mothers house. She currently lives in it and nothing could be done until she passes. Do I have a claim on this house, the mortgage is in his name, it's interest only, he pays the mortgage but she reimburses him this money. Our children are grown up and have fled the nest.
Submitted: 2 years ago.
Category: Family Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
How long have you lived together, how much is the Matrimonial Home worth and how much is outstanding on the mortgage?
What other assets and debts are there including pensions and what income do you each have?
How did he come to own this other property?
Customer: replied 2 years ago.

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.

Expert:  Clare replied 2 years ago.
HI
When was the property actually transferred into his name?
Clare
Customer: replied 2 years ago.

Around 2008


 


I forgot to say in my last note, I earn £30k and he earns around £45k

Expert:  Clare replied 2 years ago.
Hi
Was that also when his father died?
How much does a one bedroom property in the same general area cost to buy?
Clare
Customer: replied 2 years ago.

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.

Expert:  Clare replied 2 years ago.
Hi
I appreciate that you have grandchildren but unfortunately the court does not factor them into the equation.
Your ex is wrong - either because he misunderstood or he is deliberately trying to mis lead you
His 50% interest in the property does form part of the matrimonial assets - although the court will take account of the fact that he will have to wait until his mother dies before this interest can be cashed in.
On that basis you will certainly receive more than 50% of the equity in the matrimonial home - whether you would receive it all depends on whether or not you are willing to give up your claim to a Pension Sharing order.
I hope that that this is of assistance - please ask if you need further details
Clare

Customer: replied 2 years ago.

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

Expert:  Clare replied 2 years ago.
Hi
Unfortunately whilst his mother is alive his interest in the property will not be seen as a full cash equivalent of the equity in the matrimonial home.
So I am afraid that you will either have to accept just 50% of the equity in the Matrimonial Home and an Order that he pay you half his interest in his mothers house when that is sold; OR you are going to have to accept that the £175,000 which is currently his share of the value of the other property has to be "discounted" in some way to be balanced against the equity in the matrimonial home
On that basis you could well expect to receive the lions share of the equity in the FMH - maybe even 90% or it - but not all of it if you also want a pension sharing order for the full 50%
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33549
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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