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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33806
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I have a house that me and my wife lived in with my 3

Resolved Question:

I have a house that me and my wife lived in with my 3 children, I recently moved out of the house and in with my parents as our marriage has broken down, the house is mortgaged in my name solely but we have another property which is currently rented which is mortgaged in both our names, this is the property that I will be moving into when its vacated by the current tenants. How do I stand legally going forward as I wont be able to get a mortgage on a new property if the one I am moving into is sold as I have the mortgage on the house she is in and she doesn't earn enough to take it over. The property im moving into is only a 2 bed so I will be selling it to enable me to buy a larger place to have the children so also need to know if I will need to give her half the profit from the sell of the joint property even though she is living in my property?
Submitted: 5 months ago.
Category: Law
Expert:  Clare replied 5 months ago.

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further information first

How much are the two houses worth and how much is outstanding on the mortgages?

What other assets are there and what income do you each have?

Customer: replied 5 months ago.
the house with the mortgage in my name has mortgage of 195,000 and is currently being extended as I re-mortgaged before I left to pay for this the value will be around 340,000 once finished. The other property in both our names is mortgaged for 117,000 and worth around 250,000. i am self employed and have a LTD company last year with dividends I took home 40k. My wife has a salon and pays her self 10,600 a year. there are no other assets
Customer: replied 5 months ago.
Hi will I get an answer to the questions answered above? Thanks tim
Expert:  Clare replied 5 months ago.

My apologies for the delay

How much would a suitable cheaper three bedroom property in the same school area cost to buy (for your ex and the children)

Customer: replied 5 months ago.
About 290k
Expert:  Clare replied 5 months ago.

Could your ex take more from her Salon if she wanted to?

What Pension provision do you have?

Customer: replied 5 months ago.
She probably could take a little more but not much. The only pension I have Is one that is frozen from when I worked at Airbus but it was only paid into for 8 years so isn't worth much.my contribution were about 12k
Expert:  Clare replied 5 months ago.

That is minimal then which is a relief,

How old are the children and how much time are they likely to spend with you?

Customer: replied 5 months ago.
One week have them Thursday after school for the nite and drop them to school then the next week have them thur Fri Sat and take them back Sunday do try to help out other times if I can though. There 4 , 10 and 11.
Expert:  Clare replied 5 months ago.

I am afraid that both properties will be seen as matrimonial assets and the starting point for division between you is 50/50.

Indeed there is a real risk of her obtaining a larger share of the assets - say 60/40 or even 70/30 in her favour to reflect the substantial differences in your incomes.

The only way that you will be released from the mortgage on the matrimonial home is if a substantial sum is paid off the it - and the only source of that would be the proceeds of sale from the other property.

This is clearly going to have to be the subject of negotiation with your ex using Family Mediation

www.familymediationcouncil.org.uk

I hope that this is of assistance - please ask if you need further details

Clare, Solicitor
Category: Law
Satisfied Customers: 33806
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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