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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34105
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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My wife and I are separating, divorce no doubt to follow.

Resolved Question:

My wife and I are separating, divorce no doubt to follow. The house is in both our names however she paid (cash) for it 5 years ago. Do I have any entitlement to the house - or the amount it has risen in value over that time?
Submitted: 9 months ago.
Category: Law
Expert:  Clare replied 9 months ago.

Thank you for your question

How long have you lived together and are there any children involved?

Where did the funds come from?

Customer: replied 9 months ago.
We were married in 2005, although living together from August 2004. We have two (adopted in 2012) children ages 7 & 8.
She has a lot of money (mainly it was given to her by her father) and the house was paid for with a combination of money from the sale of her old house (in which we were living) plus she made up the difference for the more expensive new house - i think from her Trust Fund but I cannot say precisely, it could have been from money accumulated from her dividend income.
Expert:  Clare replied 9 months ago.

How much is the house worth and what other assets are there

What income do you each have?

Customer: replied 9 months ago.
the house is worth, i think about £2.4m. We do not have any other major assets other than our own respective savings etc.
She lives mostly off her Trust and has investments which pay dividends. I do not know what the annual amounts are. She is always signing documents for her (v rich) Dad and so i think there is other income too.
I make £80k p.a. - at the moment. I want a career change......am burnt out!! :)
Expert:  Clare replied 9 months ago.

How much would a two bedroom property in the same school area cost to buy?

Customer: replied 9 months ago.
Hi. Depending on the actual locale I would say £500k up to £750k (there are various types, converts or new build and some nice blocks, some not as good.) Sorry id that is a bit vague. i am now renting a 2 bed and I know it cost the landlord £749k
Expert:  Clare replied 9 months ago.

What mortgage capacity do you have?

Customer: replied 9 months ago.
If that means how much can i get then I do not know a specific amount. I am nearly 57 and so , and this is one of the reasons i asked the question, I am not keen to take on a large and "long" mortgage. I paid off my mortgage before i met my wife and after we were married, as we had a house, i invested the money from mine in a business (2006/2007 ish). And lost it :( . I do have enough savings for a decent deposit (£100k) so I imagine could get a 600/700k mortgage (but do not want too!! )
Customer: replied 9 months ago.
I am paying £2k per month rent - and happy to continue renting as I would not want to force a house sale as it might disrupt the girls (children).
Expert:  Clare replied 9 months ago.

Since the house was purchased in joint name you have a claim on it - but it will not be 50% nor anything close.

Even 20% could be optimistic - although not impossible, but there would be no need for a delay in payment - the court would see a mortgage as a reasonable option for her.

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

Clare and other Law Specialists are ready to help you
Customer: replied 9 months ago.
Thank you.