Hi, just seperated with 3 kids and want to stay in family home. We have paid off about 30,000 on the mortgage since we bought it in 2004. If we sold we would probably get enough to just pay off what is left at a push but I would rather stay there with kids as its their home and I am also happy to stay. Problem is ex does not want to sign it over to me and if we sell I would not get another mortgage although I am well able to pay this one. What is the next step for me???? Do i stay put and pay the mortgage for next 15 years, then what happens, will he be entitled to make me sell and get half of the sale price? Any advice appreciated!
Ex wants to stay on mortgage
- Thread starter zippidydo
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Steven Barrett
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Are you going to stay separated for the next 15 years?
Don't be in a panic or a rush. If your marriage is over, you have to wait 4 years to get a divorce (which is an incredibly long amount of time to force people to wait before they can get on with their lives). Everything will have to be sorted out from a legal point of view if you get divorced so there is no way he will be able to lay claim to the house in 15 years time.
Steven
www.bluewaterfp.ie
Don't be in a panic or a rush. If your marriage is over, you have to wait 4 years to get a divorce (which is an incredibly long amount of time to force people to wait before they can get on with their lives). Everything will have to be sorted out from a legal point of view if you get divorced so there is no way he will be able to lay claim to the house in 15 years time.
Steven
www.bluewaterfp.ie
Guns N Roses
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Is your ex currently paying his share of the mortgage?
PaddyBloggit
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No wonder he wants to stay on the mortgage. He's looking forward to the time when he'll get his cash out of the sale and it will have cost him nothing.
Steven Barrett
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Go to a good family law solicitor and get proper advice.
Was planning on going to solicitor, just putting off because of the costs I suppose. I will make an appointment for a consultation but would like an idea of what is best before I go there.
Was just looking for idea of what would happen in this case, even if I wait for divorce would a judge calculate his entitlement as of the split date or would he benefit from all the payments I would make in the four years? Could I go for a legal seperation now and have a judge sort it out?
Ex wants to sell now and we will both be left with nothing or he is happy to leave it as it is (an investment for him he reckons). I would like to take over mortgage and keep things as normal as possible for kids.
Was just looking for idea of what would happen in this case, even if I wait for divorce would a judge calculate his entitlement as of the split date or would he benefit from all the payments I would make in the four years? Could I go for a legal seperation now and have a judge sort it out?
Ex wants to sell now and we will both be left with nothing or he is happy to leave it as it is (an investment for him he reckons). I would like to take over mortgage and keep things as normal as possible for kids.
Is the bank likely to allow you take over the mortgage? Might be worth finding that out before you go to solicitor as even if you make an agreement if the bank won't agree to you taking it over in your own name then he will stay on the mortgage regardless. He could be removed from the deeds by agreement but is unlikely to agree to that if still on the mortgage. If you can take over the mortgage could you afford to buy him out as well ?
I seriously doubt he would benefit from any future payments you make however it would all be dependant on other things as well like maintenance and income on both sides.
I seriously doubt he would benefit from any future payments you make however it would all be dependant on other things as well like maintenance and income on both sides.
Steven Barrett
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I don't think you are going to be able to avoid that. It is better that you get things formalised sooner rather than later.
Yes, the bank would allow me to take over as its only a small mortgage needed. What we would sell for would just about pay off the mortgage so if I was to buy him out with no equity in house how much would be reasonable and would this be a practical way to sort it out?
As far as maintenance goes he does not pay any, he takes the kids 2 days and has said if I have a problem with this he will have them fulltime (which is not happening), he has about the same income as myself, both have low paid full time jobs.
As far as maintenance goes he does not pay any, he takes the kids 2 days and has said if I have a problem with this he will have them fulltime (which is not happening), he has about the same income as myself, both have low paid full time jobs.
Have you asked the bank would you qualify to take it over? As you say in your first post that you wouldn't get another mortgage, the criteria are usually the same for new or existing switch overs. Apologies if you have but I come across this the whole time, plans and agreements made and then the bank won't allow.
Yes, bank will give me a mortgage. It is only a small mortgage but to sell up and start again I would not qualify for a larger mortgage to buy somewhere else. Problem is my ex does not want me to take it over as no equity in it at the moment for him to gain anything and he thinks he will gain if house prices go up while I pay the mortgage in the meantime, so just confused as what I should do or how do I hold onto the family home.
Ok, I can see what he is trying to accomplish and his thinking may have some merit in the normal run of things if prices were to increase but it would hardly be fair for him to benefit from the increase if you solely make the payments. Legal advice I'm afraid is the only option.
Steven Barrett
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It doesn't sound like a great situation, but try collaborative law or mediation method of separation, which keeps it out of the courts and the costs down.
I know we're only hearing one side of the story here, but he needs to stop being angry with you and start thinking about what is in the best interests of his kids.
If you own half the house, he can never sell it anyway without your ok. If it gets messy, the courts will get involved, it will cost more and he may lose it anyway.
I know we're only hearing one side of the story here, but he needs to stop being angry with you and start thinking about what is in the best interests of his kids.
If you own half the house, he can never sell it anyway without your ok. If it gets messy, the courts will get involved, it will cost more and he may lose it anyway.
Brendan Burgess
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Hi Zipp
I wrote a Key Post on the topic
A guide to splitting up when in negative equity
and this piece is particularly relevant:
What if John moves out and point blank refuses to contribute to the mortgage, or even discuss it?
You would need to provide the figures to get a more comprehensive answer:
1) Mortgage amount
2) Mortgage rate
3) Mortgage term
4) Value of house
5) Who paid the deposit on the house?
Why do you not sue for maintenance? It seems odd that he wants you to pay all the costs of your children, including their accommodation and that he wants to benefit from the capital you are paying off the mortgage.
I would imagine that as part of separation agreement, a judge would order that the house be put in your name. But now is the time to do it, in case house prices increase and you end up in positive equity.
The judge cannot order that the bank let him off the mortgage, but if the judge orders him off the deeds, then it is likely that he would be delighted to be off the mortgage as well.
Brendan
I wrote a Key Post on the topic
A guide to splitting up when in negative equity
and this piece is particularly relevant:
What if John moves out and point blank refuses to contribute to the mortgage, or even discuss it?
You would need to provide the figures to get a more comprehensive answer:
1) Mortgage amount
2) Mortgage rate
3) Mortgage term
4) Value of house
5) Who paid the deposit on the house?
Why do you not sue for maintenance? It seems odd that he wants you to pay all the costs of your children, including their accommodation and that he wants to benefit from the capital you are paying off the mortgage.
I would imagine that as part of separation agreement, a judge would order that the house be put in your name. But now is the time to do it, in case house prices increase and you end up in positive equity.
The judge cannot order that the bank let him off the mortgage, but if the judge orders him off the deeds, then it is likely that he would be delighted to be off the mortgage as well.
Brendan