Housing decisions after Marriage failure

[Skyedriver]

Joey Deacon said:

First thing is do you have any children? If not then my advice would be to go see a solicitor and get this all tied up as soon as possible. If you do not do this then you are leaving yourself wide open to her making a claim against you at a later date. I know you don't think this will happen, but trust me there is a good chance once she gets talking to friends and family.

I get the impression that you feel guilty for walking away and that for some reason you need to ensure she has the same standard of living she currently has? You seem to be happy to pay the mortgage on the house and let her live there, will you still be that keen if she moves another man in eventually?

You could sign the entire property over to her, but don't forget your name will still be on the mortgage. If she defaults on the mortgage then the bank are going to start coming after you for the money. You are jointly named on the mortgage and the bank really doesn't care who pays the money.

If the marriage is truely over then you need to get divorced and separate all financial ties from her. This means selling the house and going your separate ways. You will also find it much easier to get a mortgage once you have no financial ties to the other property.

You live with your parents or rent a furnished place until your house is sold and the finances are sorted out. Then you buy your own place and move on.

+1

[Skyedriver]

Sarnie said:

Three quick points;

To be removed from the current property, your ex would need to apply to NRAM for the mortgage you already have, as if it was a new mortgage. On £20k a £94k mortgage is not far off 5x income which sounds tight once you add in bills and even worse if she has any credit commitments. It doesn't matter if the mortgage has been paid for 30 years and you THINK she can afford it, if it doesn't fit and they think removing you increases their risk, they won't let you off the mortgage.

You would not be allowed to take a loan for a house deposit.

No chance of Interest Only at 90%.

Again +1


Could you not stay there and offer her cash as her share of the house
Alternative is put the house on the market I'm afraid

[Tiggsy]

its not automatic that the wife gets a slice of salary.....if she can get by fine on her income there would need to be a BIG difference to just "get given some salary"

best thing to do here is that you buy her out or sell up and properly go your seperate ways.....whats round the corner is you trying to "be nice" and her new boyfriend just happening to know what her rights really are - then you're in court!