tell me about releaseing equity from a home..
ok so the bigger picture.ive split with my wife.she currently doesnt work, i do.i need somewhere to live and she owes me some money from our marriage.approx 45k.if i had this now it would be a good deposit for a mortgage and thus a secure home for my two young kids when they visit.the only asset is the house. if she had a good salary she could remorgage and get some more cash to buy me out, but she doesnt and i think she would need to earn a lot to do that which wont be for years.we could sell the house but she again cannot raise a morgage at all and will loose a lot in fees etc.once the fees are gone and im paid there wont be a lot left and certainly not enough to get a big enough house. the house is worth 400k with a 100k morgage, bed you cant get a 4 bed house round here for 200k plain and simple.(she has two older kids as well as our two little ones)Posted 7 years ago
Help! any possible ideas…?5labMember
so she ‘owns’ the house, but owes you 45k of it, or you both ‘own’ the house, so she owes you a total of £195k?
either way, looks like she needs to get a job unless your child support payments are going to cover the mortgauge on her behalf.. or sell up, put her in a smaller flat (or make her rent) and spent whats left on a deposit for youPosted 7 years ago
well its marrital home.both names on mortgage and the deeds.Posted 7 years ago
she had the house when i met her but she was on benefits.in the 10 yrs together she has worked but not much.been raising kids for lots of it.i worked throughout. i paid the mortgage outright for 6 years that i do know as we had joint accounts then. but i was sharing money with her from the start (unofficially)
the 45k comes from the increase in value of the asset during the time i paid to maintain the asset split 50/50.
it sounds kinda dissjointed but thats another grey areauplinkMember
I maybe a bit behind the times with these things but IIRC she can simply sit tight until the youngest nipper reaches 16 before being forced to sell up
as I say though, I could be way off as it was 15 years or so ago that it happened to my brother & they’ve only just sold the housePosted 7 years agocinnamon_girlSubscriber
I have no knowledge of this but would strongly suggest you get some decent legal advice from a solicitor. Have also seen your other thread.
You have a very difficult situation to deal with and unfortunately when it comes to money, people can act quite nastily (as I found out following marriage breakdown).
Do see a solicitor without further ado. I wish you well.Posted 7 years ago
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