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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 32086
Experience:  Over 5 years in practice
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My son has just returned home after leaving s wife and 12

Customer Question

My son has just returned home after leaving his wife and 12 year old daughter. Apparently he has had issues with his wife and revealed that he has had to sleep on the sofa with a sleeping bag for the last five years. The final straw was on on going argument which carried on until 2 am. He looks very stressed and very unwell and alongside a stressful job looks decidedly ill. He is seeing his boss and his GP today.
His wife told him that she would put the house up for sale if he indeed walked away.
They owe £22k approx on his mortgage and despite him having a reasonably paid, responsible job, and her working part-time at a garden centre, he tells us they have no real financial assets and often rely on an overdraft. Things must be really bad for him to leave his daughter like this.
It seems he can't afford to buy her out but was hopeful to organise some accommodation in their town to be close to his daughter, who desperately and naturally wishes to remain in their family home.
This in my opinion , will be financially impossible as he cannot afford to run two homes and pay maintenance for his daughter. Likewise his wife has rheumatoid arthritis and would be unlikely to maintain a household to current status.
I am in a position to offer some financial support, up to £60 k which could be used to pay off their mortgage, in which case this would be good for my granddaughter, subject to them both having enough income to maintain their current status.
Alternatively this could pay off the mortgage and leave funds if the home was sold and the proceeds were split between them. There is than consideration for my £22k investment.
The other alternative, possibly, is that the £60k could be a down payment on another home for my son, or thirdly pay off the £22k and have a £40k deposit.
Obviously there is a consideration of any investments and also tax obligations to consider.
I would be using a retirement lump sum and some live savings which I had intended to enjoy after 50 years working. I also have a daughter and two more grandchildren and this would have been their inheritance too.
My wife and I are mid sixties and my son is 42 and his wife is 43.
I would be very grateful if you can help us in anyway.
Thank you,
Desperate Dave.
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year 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 is the property worth and how much does a cheaper two bedroom property in the same school area cost to buy?

Customer: replied 1 year ago.
I not sure , it's a 3 bed semi in DE7 Derbyshire.There are two terraced houses further up the street on sale at £118k and £120 k
respectively. So I would estimate circa £130k
Customer: replied 1 year ago.
A cheaper property , sees a minimum price of £70 to £80 k
Customer: replied 1 year ago.
Hi Clare, did you receive my response(s) ?
Desparate Dave.