How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Clare Your Own Question
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34275
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
13262538
Type Your Family Law Question Here...
Clare is online now

My divorce is almost complete, but I have remained joint owner

Resolved Question:

My divorce is almost complete, but I have remained joint owner of our house and it still has 3 years remaining on the mortgage. What will my rights be once the mortgage payments have finished?
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 long have you lived together and are there any children involved?
How much is the house worth and how much i soutstanding on the mortgage?
What other assets and debts are there and what income do you each have
Clare
Customer: replied 2 years ago.

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

Expert:  Clare replied 2 years ago.
Hi
Is there any reason why the house cannot be sold immediately and the equity divided between you?
Clare
Customer: replied 2 years ago.

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.

Expert:  Clare replied 2 years ago.
Hi
Does your ex work?
Clare
Customer: replied 2 years ago.

Yes, she has been employed as a carer at a sheltered home run by Swindon Borough council for at least 20 years

Expert:  Clare replied 2 years ago.
Hi
How much will a one bedroom property in the same general area cost to buy?
Clare
Customer: replied 2 years ago.

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

Expert:  Clare replied 2 years ago.
Hi
It has to be a purchase - so a two bedroom property in a reasonable area would cost £50,000 or so - is that correct?
Clare
Customer: replied 2 years ago.

Yes I would say so

Expert:  Clare replied 2 years ago.
Hi
You are being exceptionally generous in continuing to pay the mortgage and in not forcing a sale of the property at this stage.
When the house is sold the starting point for division of the equity is 50/50 - and from what you say that would be sufficient for your ex to adequately rehouse herself.
However if there is a substantial difference in your incomes your ex may still get more than 50%
Your remarriage does not affect your right to 50% of the equity - it simply means that you cannot claim more than 50% of the equity
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