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Hi
I was with my ex (not married ) for 20 years, we had 2 kids together (7 and 14). Split up few months ago. We bought a house together on joint mortgage 15 years ago. We put both small deposit and house is 50/50 so that ok
My problem is:
She doesn’t want to sell the house, as she will not be able to buy another one. But I don’t want to leave together (if we are not together) for another 10 years until kids get to 18. As that’s the time I can do it through the court.
She cannot buy me out as she can’t afford to do it.
If I pay her 50% out by re-mortgage the house and transferring her 25k, she will get too much in her account and will not be entitled any housing benefits, she needs to spent all money before to get something, as they will treat this as savings, which she will spent on rent in next 2 years and she will run out of money.
Another option
I can I pay her 50% out over the years, but she will not trust me that I will do it.
She is working full time at the moment.
I have another option which is more complicated, but easier for kids, as they will stay in the same house, easier with school etc. I know someone did something similar I am not sure what you think about it.
She will sell house to me, she will not be entitled anything from that moment, ( I will not give her any money, we will just sign something saying that) Next she will rent this house from me under buy to let. I will give her money back by charging 50% rent over 4 years.
Or the worst case, I also interesting what will happened if I call all utilities (water, gas etc) and say I am moving out let say next month, but I still carry on paying 50% mortgage? Will I be still entitled 50% even if I moved out after 10 years because I was paying 50% mortgage? I will move out and rent a flat.
Please let me know
Thanksunmarrd
I would suggest you use a mediator to help you with this. A family financial mediator will know the best way forward. You can find one locally through the Family Mediation Counci. There are also guides on the advicenow.org.uk website which may help
good advice here:
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