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Ask Clare Your Own Question

Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33316
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 wife and i split last christmas we bought a flat for her,we

Customer Question

my wife and i split last christmas we bought a flat for her,we agreed we would not sale the family home till my kids had completed there collage and university my doughtier is starting collage next week for a two year corse she is 16 .i have a son 18 and my eldest is 21 just starting hes last year at university, that all live a at home with me and stay with mum once or twice a week she told me yesterday she wont's her money out of this house which means i would have to sale, could she force me to do this.
many thanks
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 much are both the properties worth and how much is outstanding on any mortgages?
What other assets and debts are there and what income do you each have?
Clare
Customer: replied 2 years ago.

family home is worth between £400,000 & £450,000 with a £200,000 mortgage. The flat is worth £130,000 with mortgage of £100,000. I'm paying mortgage on family home my wife is paying mortgage on the flat. we both earn about £50,000 approximately per year ,there is a small 1 bed flat which we own no mortgage worth about £50,000 there are some credit cards with no more than £7000 owing.


many thanks Blair


 

Expert:  Clare replied 2 years ago.
Hi
How much would a two bedroom property in the same college area cost to buy (and yes I do know there are two other children!)
Clare
Customer: replied 2 years ago.

A two bedroom property in that sara would be between £100,000-£150,000 I'm guessing

Expert:  Clare replied 2 years ago.
Hi
Would you not be able to raise a further £50,000 on the mortgage?
Clare
Customer: replied 2 years ago.

she is after half the value of the family home which would be about 100,000 my question is can she force me to sale before my youngest finshes collage at 18.she also does not won't me to buy her out as she thinks if i have a new house and she does then the kids my decide to live with her as its is a level playing field

Expert:  Clare replied 2 years ago.
Hi
technically since the immediate sale of the property would still leave you with sufficient funds to rehouse yourself and your daughter yes the court could order a sale
However from what you have said there are assets worth £280,000. so a 50/50 division would mean your having £140,000 each.
If your ex receives the third property and keeps the property she has just purchased then you would need to find between £50,000 and £60,000 to pay by way of a lump sum
Assuming you can do that then the court would not order a sale since it would not be necessary
I hope that this is of assistance - please ask if you need further details
Clare

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