Separation and quick financial advice, buying own property.

[NeilPot]

Is there anyone on here would could give me some quick guidance re divorce and finances, and when a new property can be purchased?

[interstellar]

What’s the questions? A fair few have seen it all so ask away.

[Welshbeef]

Isn’t the first advice if you can fix it do it as it’s never easy hugely emotional

[NeilPot]

We’re getting divorced. I’m wanting to make an offer on a new property (for me). The divorce papers haven’t been received yet. The financial separation will require taking me off the mortgage and OH re-mortgage to ‘buy me out’.

We’ve agreed in principle a value. She’s been adviced she can not apply for a mortgage discussion till I respond to the divorce request.

But in the mean time am I allowed to apply for a mortgage (formal offer) before papers etc received?

[NeilPot]

Welshbeef said:

Isn’t the first advice if you can fix it do it as it’s never easy hugely emotional

Unfortunately it’s beyond that I’m afraid. Ideally there is no apportion of blame but that can’t be documented till late 2021 when the law changes. Until then divorce law requires one party to be at fault.

[Welshbeef]

NeilPot said:

Unfortunately it’s beyond that I’m afraid. Ideally there is no apportion of blame but that can’t be documented till late 2021 when the law changes. Until then divorce law requires one party to be at fault.

Hope it works out for you (fairly for both)

[interstellar]

NeilPot said:

We’re getting divorced. I’m wanting to make an offer on a new property (for me). The divorce papers haven’t been received yet. The financial separation will require taking me off the mortgage and OH re-mortgage to ‘buy me out’.

We’ve agreed in principle a value. She’s been adviced she can not apply for a mortgage discussion till I respond to the divorce request.

But in the mean time am I allowed to apply for a mortgage (formal offer) before papers etc received?

Don’t see why not, worse they can say is no. If the offer you are putting in is conditional to the vendor due to your circumstances then fair enough.

Not knowing the detail and timings makes it harder but 99% rent until the dust settles. I did even if it was for only 12 weeks it helped make decisions easier without the pressure.

[NeilPot]

Thanks all. It’s for the best and the kids will then benefit from 2 separate, but happier parents.

I’ll speak to the mortgage lender and check they are ok.. then the estate agents.