I left my wife and the house where we lived, in May 2013, and I wanted this jointly mortgaged property sold. (I have not paid anything towards the mortgage since).
However my wife would like to buy me out but only has about a third of what my share should be, but we would leave the remainder as equity in the property for me.
I think I am agreeable to this, however she has stated that my unpaid share of the mortgage payments would need deducting from the equity once the property is eventually sold when she retires in 5 years time.
Question - as I am not resident in the house should my back mortgage payments (when the house is sold) really be the full 50% (or 40% after initial payment from her) as she has full use of the house and I don't? (i.e. I'm looking to reduce these back payments)
Also any general comments about the viability of her proposal would be appreciated and can I use what you say in discussions with her or her representative. Thank You
house is worth £400,000
outstanding mortgage £120,000
we have already split assets (furniture/possessions)
as our pensions are similar we will not pursue this matter
I've retired early on one pension at moment of £4000pa and another from 2016 of £6500pa
my wife works, about £30,000pa
we were together for 15 years
yes to draw up this proposed agreement and to deal with last registry.
Hi Clare, yes my thoughts exactly, however with rising property values and the reducing value of the mortgage it seems to make sense to proceed on her terms. Do you think I need my own legal representation to proceed with her agreement and land registry matters?
Many thanks, Harry
Hi, yes it is. Harry
Hi, over say the 5 years I calculate £28k. Thanks, Harry
Hi Clare, thanks, ***** ***** balance I think I can off-set my mortgage payments with the capital reduction and increase in property value. I don't think my wife would go down any other path. before I rate your answer as excellent is there a possibility of you viewing the agreement in August? Thanks, harry