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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33946
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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I am getting a divorce. Rather than sell the house and split

Resolved Question:

I am getting a divorce. Rather than sell the house and split what will be either limited or negative equity I have suggested that my husband leaves his half in trust to the children 17,17 and 19 years old. I will take over legal responsibility for the mortgage which I have paid it its entirety since he moved out over two years ago. Are there risks for the children if I do this given that they will all soon be 18? Will they be seen as being responsible for the mortgage. Will it interfere with their ability to buy a house in due course. I am 50 years old.
Submitted: 3 years ago.
Category: Family Law
Expert:  Clare replied 3 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.
Which part of the UK are you in?
How much is the house worth and how much is outstanding on the mortgage?
What other assets and debts are there and what income do you each have
Clare
Customer: replied 3 years ago.
I am from the North West. If the house was in good condition it would be worth approx 115K. It is in very poor condition (needs new roof, needs repointing, damp proofing, rewiring etc etc). It has also been flooded twice in the last 18 months and 3 times since we moved in so it is difficult to put a price on it. It may also be difficult to get a mortgage for it. There is also the remains of a loan secured on it which I am also paying. My income is 65k his income is 35k.
Expert:  Clare replied 3 years ago.
Hi
how much is outstanding on the loan?
Clare
Customer: replied 3 years ago.
There is approximately 6K outstanding on the loan.
Expert:  Clare replied 3 years ago.
HI
Are there any other assets and debts - including pensions?
Clare
Customer: replied 3 years ago.
Yes. I will have a full public sector pension. He will have a small public service pension. He is more than ten years older. He had health issues for approx 18 years and did not work during our time together. He has no pension prior to that. He worked for approx 3 years of the mortgage life out of a total of 21 years. I paid for child care. He currently works and is secure in his job. I want to avoid raking over the considerable unreasonable behaviour which continues. Maybe I cannot do that. He made no contribution to the children until one went to College. One now spends a few nights with him.
Expert:  Clare replied 3 years ago.
Hi
is your ex willing to agree to this - or does he wish to receive his share of whatever the house is worth?
Clare
Customer: replied 3 years ago.

If I do not pursue him for child maintenance and the loan secured on the house etc then he is willing to gift his portion of the house and therefore future equity in the house preferably to the children as long as it does not compromise them.

Expert:  Clare replied 3 years ago.
Hi
You cannot do this as you suggest i am afraid.
In order to change the recorded ownership of the property you will need the permission of the Mortgage Company and it cannot be done until they are all 18.
If they are then linked to your mortgage then they will have difficulty getting a mortgage in the future - and could also face Capital Gains Tax when the house is eventually sold.
One compromise is to have the property transferred into your name with a Declaration of Trust set up stating that you hold it on behalf of yourself and the children.
I hope that this is of assistance - please ask if you need further details
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33946
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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