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ukfamilysolicitor
ukfamilysolicitor, Solicitor
Category: Law
Satisfied Customers: 846
Experience:  Qualified Solicitor Currently specialising in Family. Also experienced in Corporate, Employment, Civil Litigation, Debt Recovery
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My daughter and her husband are splitting up. They own a house

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My daughter and her husband are splitting up. They own a house 50/50 worth about £160,000 and have an outstanding mortgage of £70,000. Her husband will accept £45,000 for her to buy him out, but she has no money. I, however, am about to inherit £100,000 from a relative. I would like to buy half her house, i.e. pay off her mortgage and pay her husband off. What do I need to do?
Submitted: 1 year ago.
Category: Law
Expert:  ukfamilysolicitor replied 1 year ago.
Hello
Thank you for your question.
I am sorry to hear about your daughters difficulties. I note that you want to help her financially. Before you do this your daughter needs to follow the procedure I will detail below. If this is not done then her husband might argue your money was a gift and seek a claim of it. Your daughter might also be able to negotiate to pay him less than 50 /50.
The correct process for dealing with the matrimonial finances and division is for them to go through a process known as full and frank financial disclosure. They need to exchange full details of all assets ( including pensions) and liabilities before negotiations take place in relation to settlement.
The normal rule for division is 50/50 however the matrimonial causes act sets out factors which could lead to a departure from this rule. A few examples are the likely earning capacity of both of them for the future, health needs etc.
They should consider making a referral to a mediation service. They can assist in relation to the process of disclosure and also in relation to negotiations about division. One such mediation service is the National Family Mediation service. www.nfm.org.uk
If agreement cannot be reached then an application would need to be made to the court. You can not make an application to the court until they have at least attempted mediation first.
I note that they have already reached an agreement but it is unlikely that you have followed the process detailed above. You daughter won't know if the offer that has been made to her is fair until you follow this process.
It is important that no division takes place until a court order is obtained. If division is agreed without the need to apply to court then they should submit a consent order for Judicial approval prior to division and obtaining decree absolute. Not doing so could leave your daughter open for a future claim. There is no time limit so claims could still be made in decades to come if not resolved by court order.
Your daughter needs to have obtained decree nisi in divorce proceedings before the court can approve a financial order - so she will need to issue divorce proceedings.
Kind Regards
Caroline
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Expert:  ukfamilysolicitor replied 1 year ago.
I would be grateful if you could kindly rate my answer.
Customer: replied 1 year ago.
I am sorry but I don't think you have answered my question. The couple have been through mediation. I wanted to know what I needed to do to purchase half of her house and ensure that my 'investment' is protected in the future. I could buy a flat and rent it out, but my daughter would still be paying off a huge mortgage in that case, so buying half her house makes sense. I need to protect the money because I have no idea what the future holds.
Expert:  ukfamilysolicitor replied 1 year ago.
Good Morning
I do apologise for mis reading your question.
You could protect your interest by being added as a joint owner on the title deeds. You can also prepare a deed of trust confirming the share that you own.
Please don't hesitate to ask if I can assist further.
Kind Regards
Caroline
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