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Ask Clare Your Own Question
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34106
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 in the process of getting divorced diy, the house is in

Customer Question

I am in the process of getting divorced diy, the house is in joint names mortgage has been repaid considering to apply for equity release to give my partner financial settlement.would it be better lf I changed ownership to myself before applying and how much would this process cost.
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 is the house worth and what other assets do you both have
How long have you lived together?
Clare
Customer: replied 2 years ago.

At present house is valued at £105.000, we have been married for 14 years I have a small pension also a little money in savings my wife still works but has no savings. We have discussed situation she does not want me to lose the house so that's why considering equity to give her financial help. I am 64years old my wife is 55 years old.

Expert:  Clare replied 2 years ago.
Hi
In Order to achieve an equity release the property will have to be in your sole name - but there is no reason that this cannot be dealt with at the same time.
You and your wife need to negotiate a settlement - using Family mediation if necessary
www.familymediationhelpline.co.uk
I would suggest that you have a deed of separation drawn up setting out the financial agreement between you if you are not going to have an early divorce
I hope that this is of assistance - please ask if you need further details
Clare
Clare and other Family Law Specialists are ready to help you