I have been separated from wife for over 7 years (from May 2007) and she has been living in the jointly owned home whilst I moved in with my Mother. We did try to sell the house on two occasions but due to the property market this did not happen. I am know in a financial position (due to inheriting following the death of my Mother) to buy out my wife from the house as I would like to move back in . She is in a temporary contract job and is refusing to move. I have tried to keep this as amicable as possible , even to the extent of buying her a car (£7,500) as she needed transport. There are 2 children concerned aged 24 and 29 whom live at the house as well. I have already, in anticipation of her agreement to accept a buy out, repaid apprx £71,500 of the mortgage. Can you advise what my options are please ? Thanks James XXXXXX
Thank you Clare.
I estimate the house to be worth between £380,000 and £400,000. The outstanding debt was £130,600 of which I have recently repaid £71,500 . There is also CCJ against my wife which is set against the property for about £14,000.
I inherited apprx £275,000 out of which I have settled all other debt (credit cards etc) that I had. I'm not sure exactly about my wife but she has advised that she has credit card debts of circa £11,000.
I am unemployed at present since late July and my wife is on a temp contract which she is paid something like £27 per hour. This, I believe, is due to end in Nov/Dec but may continue.
A 1 bedroom flat in the same area would be circa £230-250k. The area concerned is Crenshaw, near Fordham in Surrey. For your information a 3 bedroom house in Woking, Surrey is about £1300 per month to rent.
I have already paid for a car for her at £7500 and was offering her circa £120,000 for her share of the house. At the time of purchase we both put in £100,000. Please let me know if there is any other info you need.
Hello again Clare, for some reason the area has come out as different to that typed in in. It is actually Frensham near Farnham in Surrey.
We met in Sep 2001 and I left the family house in Frensham in May 2007. I wonder where filing for divorce would simplify matters although obviously I want the fact that I have repaid the bulk of the mortgage off with my money whilst we were not together to be recognized.
I has calculated the residual value of the property and divided by 2 . Whether it be 120 or 132k is actually immaterial as she appears to be set on not leaving the house. I am prepared to give her a fair share but I would like to know what my options are as agreement between us seems unlikely.
What would legal action be likely to result in please ?
Just so you are aware I think the likely amount should the house be sold be no more than £380k , subtracting the outstanding debt would leave a figure of circa £250k and this is without factoring in any legal or estate agent fees, should the house be sold.
I really want to know what course of action to take please - what's my legal position please ?
Good Morning , yes I am . Could you outline what that would entail please and how it might affect my financial situation and the house .
I just want to be able to get back/buy back the house.
Thank you very much for your response. Would you recommend me instructing a solicitor or, once mediation has been done, can this done by myself, ie forms for divorce etc.
Thank you again