Hi Clare. We lived together for 29 years of which we were married to 24. Due to problems with the endowment the mortgage has 3 years to run, so probably about £14k to pay on a monthly basis followed a shortfall of £18k due to Endowment problems.The house is valued at £170k at the moment. My wife (soon to been ex) lives there with my son aged 22, so he is not a dependent. I currently pay the mortgage without any assistance. My income is a take home £2300 per month and after paying all bills inc the mortgage I am left with a net £900. I'm unsure about my wife's financial status, but my son contributes to the running costs. I agreed to give up the car and most of the assets i.e. furnishings and Electricals, however we did split the remainder of the savings. I also took on the repayment of a joint loan. I am comfortable with my new partner, so was happy to weight the split of assets in favour of my wife. Note. our pension funds are similar, so I don't expect a challenge. My only real concern is that I could pay the mortgage for the next 3 years and then be told I have no rights when our discussions whilst we were communicating related to a buy me out option or pay me rent for my share. so to summarise - what rights do I have, does she know something I don't. Note. I am close to my son and I gave my word that I would continue to make the payments as they can cope on a day to day basis, but would struggle to make the monthly payment of £450. Kind Regards Mark
Hi Clare Only that I gave my word to complete the payments a review the shortfall situation at the end as my son is studying CIMA from home and I didn't want to disrupt his life at an important stage. He will be fully qualified accountant at around the time the monthly mortgage payments have finished, so that is due to be the time to sit down and review the situation, however although I'm loyal to my son I'm not sure my wife will ever want to talk.
Yes, she has been employed as a carer at a sheltered home run by Swindon Borough council for at least 20 years
Not many one bedroomed properties available, but 2 bedroom flats/apartments start at £40k. Flats and houses can be rented from £75 per week, but £100 per week would maintain the same living standard
Yes I would say so