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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33311
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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Hi Clare, Ive split up from my husband 3 weeks ago and want

Customer Question

Hi Clare,
I've split up from my husband 3 weeks ago and want to file for divorce. We have 2 kids (7 and 2) and also 2 properties. When they were originally bought we had a very good income which now I don't. We rent out one of the properties which he now wants to move back into. The equity on that property is nearly £100,000. I want to stay in the property where we currently live with the kids where the equity is no more than £50,000. I will be the main carer for the kids but my last year profit was only £3500 (self employed, mainly looking after the kids). How do I proceed from here? Would the bank let me keep the flat where we are now although my income last years has been very low?
Submitted: 3 years ago.
Category: Law
Expert:  ExperiencedLawyer replied 3 years ago.
Hello,

My name is Mac. I can help you with your question. First I need a bit more information:

1. when did you marry?
2. if earlier than the above, when did you start living together?
3. what is the value of the house (and any mortgage)?
4. what are the monthly mortgage payments on each property?
5. what is the total value of the other assets you and he hold (a total value rather than individual values is fine)?
6. what is his income (after tax)?
7. do either of you have any pensions?

Regards,
Mac.
Customer: replied 3 years ago.

Hi Mac, thank you for getting back to me.


Here are the answers:


1. 2002


2. The value of the flat the we currently live in is approx £230,000 and the one that we rent out is approx £175,000.


4. Mortgage on property 1 is £930 and property 2 is £650.


5. No other assets really.


6. His income for last year (profit from self employment) is approx £10,500


7. No

Expert:  Clare replied 3 years ago.
Hi
Thank you for your question
Can you actually afford to pay the current mortgage on the home you wish to remain in?
Clare
Customer: replied 3 years ago.
Hi yes I can I get tax credit and my job now I Better than before but would the bank see it this way?
Expert:  Clare replied 3 years ago.
Hi
Whether the Bank will agree or not is not a problem - they are unlikely to be involved.
If you wish to remain in the property with the children and can afford to do so your ex cannot force a sale - or you to remove his name from the mortgage
The problem of how you receive your share of the equity in the other property does have to be considered however
Clare
Customer: replied 3 years ago.

Hi and thank you for your response. If I want his name removed from the property and and mine removed from the other one (hopefully he can get a loan and pay me a part of the equity on the other one) would that be achievable? Do we have to notify the banks? Can we start the divorce proceedings despite the property issue?

Expert:  Clare replied 3 years ago.
Hi
You can start the divorce proceedings whenever you wish.
Given the figures it is highly unlikely that the mortgage companies with release either of your from either mortgage
However that does not mean that you cannot have a court order setting out what has been agreed between you so that the actual transfers can take place when the financial picture is better
Clare
Customer: replied 3 years ago.

Hi again


so if we agree on all the finances, have the court order and agree on everything else, the divorce can be done? What happens if we don't get released from either property? No one can remortgage the house without the other one before it has been paid off, is that correct?

Expert:  Clare replied 3 years ago.
Hi
The divorce can go ahead even if you do not agree anything - it is just safer for you if you deal with the finances first
If neither of you are released then eventually the properties will have to be sold - in your case not until your youngest is 18
Clare

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