her and the two children, although they spend some time with me, when the mortgage was taken out it was in joint names
No, that is the whole point, she wants to effectively buy me out. I don't want to give the share up, for a number of reasons including my credit file history
All I want to know is there some way she can force me against my will ? I have no history of violence etc, and no criminal record at all.
I presume then it can work the other way, I can force her for me to buy her out?...she has also told me that she has got her child minder accreditation based on the fact of the environment of the house, ie if the house was sold and she would have to move she would loose her accreditation, I find that so hard to believe...is this true? So if that is the true there would be no child minders living in really poor areas. This is her argument for wanting to stay in the house. Surely if she lost the house (if it is sold) then the accreditation would not be lost, just because the house was sold? and she could start up elsewhere?
approx value of house 160,000
approx outstanding mortgage owed over 10 years 70,000
outstanding balance at the end of 10 years 35,000
endowment due 2018 approx 20,000
She earns £K15,as a childminder, I am earning c£101K as a Company Director of a Limited Company, 100% mine. No other assets.
She wants to take out a mortagage with my brother as a guarantor.
One boy 16, One girl 14
So what happens when the youngest gets to 18? And why can she force me when I cannot force her? Yes I agree that a property would need to be assessed, but if it is three bedroom reasonably nice terrace house that would surely mean she can carry on her work and does not need a 4 bedroom detached house. So who makes that decision and what is it based on
so why can she force me and I cant do the same back? just due to income? Yes I know she will get 60% of the equity, who determines that? she has told me she will get 70%, based on what? If I then buy a house will she be able to claim the equity on that if it is sold?
I get that I know the children need a decent home, that's not the issue. I know I have a liability for spouse maintenance, I have no issue
Then if a new house is approved, and her clients move on, why is that my problem, and secondly what is this stopping her getting new clients? And clients go to her anyway, so what is stopping them going to another house?
Another question, can she make any claim on my business ? the company is in my sole name with no other directors. ?
Of course the approval issue is an important factor as I explained before. She is using the house as a way of being an accredited childminder, so therefore as this is tied up with the assessment of the house she is using this as a means to block the house being sold as he would have to be assessed in a new property. So are you saying that this is "simply not relevant" or my argument is not relevant...can you clarify please. No the business does not have a sale value, but she has never been involved in it. It is almost the other way round, I helped her set up her child minding business in the house we jointly own, but there is obviously no value in that business either.
thank you for the clarification, she has told me hat her solicitor has said that if the business is in the house and as it is a childminding business...in her words (not mine or her solicitor) she has said "so you will never ever be able to sell the house"..I know this could just be a stupid thing to say and maybe not the words of the solicitor but are there any grounds at all for her to basically be immune from the house being sold...? I appreciate the children would both have to be 18, fully understand that..and I would not consider it until then anyway, but am I missing something?