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Hi…bit of an unusual ‘story’ which I’m hoping someone might be able to offer a view on. (also not sure if this is in the right section on the forum)
My wife and I separated last summer, she moved out of our matrimonial home with our son (14) and into a flat with her new partner. We’ve actually been getting on very well since we split and all arrangements have been very amicable. Her partner has an ex and 2 kids and they have an arrangement that in 2 years time, once exams are out of the way their house will be sold and proceeds split (you need to bear this in mind for what’s coming next), they indicated that when that happens they would look to buy me out
A week or so ago my ex called in to say that the flat they were renting was too small and that until his house was sold (in 2 years) they would have to continue to rent but that it needed to be a bigger property. She also said that he had just had a policy mature and they had a rather unusual offer / request for me to consider
Basically they want to swap properties ie I move in to their flat and they move in to the house. The rental is actually c£500 more than my monthly mortgage payment so I declined her kind offer. This is where it gets interesting – she / they said that they would basically use his policy payout to fund me for the next 2 years paying me to rent somewhere and also taking on the mortgage payment!! I know it does sound a bit weird and it took me a while to get my head round it, but they are deadly serious. They want to take over my mortgage payment and also give me the equivalent of what they pay on rent each month (so in effect 2 years free of rent or mortgage for me). I suggested that they were mad and that it would be cheaper for them to just rent a bigger place, but she really wants to move back in to the house, she/we spent a long time doing it up and he is a builder so they now want to do even more stuff to it and that will save them having to move again in 2 years.
The sticking points are a) I don’t want to move now unless I have to b) in 2 years time when it comes down to its unlikely that I will be able to affords to buy a place where I live (too expensive) and c) why should I. There’s also the formalities of it all I don’t know how that would work formally and I don’t want to end up committing to rent somewhere and they pull a fast one once they have moved in etc. I'm aslo worried about me moving out and 2 years later when it comes down to it i end up somehow losing out on what is rightfully mine
just interested in people's view / thoughts on what is a rather unusual position
cheers
forrest
This is indeed an unsual one...when it sounds too good to be true, it probably is. My sixth sense says they want to get move back into the house and you end up paying for the mortgage and your own rent :). I'ld mind my own business and let them sort themselves out 🙂
Remember the old saying - if something is too good to be true...
Hmmm...as your son is only 14, once she moves back in she could take you to court for a divorce and as part of the proceedings ask to be allowed to stay in the property with you paying the mortgage. Plus she would be entitled to a larger share of the equity because she is the primary carer of your son.
I'm not too sure how legally binding any " arrangement" might be... If you were to consider it why wouldn't you just agree to a 50/50 split of the equity and allow them to take over the mortgage now. You could ask for a separate lump sum payment for the inconvenience of having to find somewhere else and having to downgrade to a different area. If they are prepared to pay your rent for the next two years, that would equate to a few thousand pounds.
The best advice is to get some legal advice.
I would not entertain the idea for one minute !!!
She has gone and got another man. Let him cater to her needs and wants.
Look after your own position, if you do, you will be better placed to care for your son.
My view would be sit tight! She moved out so it's her problem not yours and don't get tangled up with any financial arrangements that are suggested. I think if you did you could find yourself the loser and in a mess financially.
Have to agree with Mojo. Get some legal advice before proceeding.
She has gone and got another man. Let him cater to her needs and wants.
Look after your own position, if you do, you will be better placed to care for your son.
My view would be sit tight!
Spot on...co-habiting with a new partner has big impact on the finances !!!
You need to engage a good ancillary relief solicitor (financial settlements) but we are ALL advising you keep to the status quo.
Hi There,
This is a very odd one, on one hand it could be straight up and they are making a sound offer that suits everyone, on the other it could be an under handed way for you ex to get what she wants.
One thing to remember is that it's her new partner that will be paying for your rent from his pay out, what if the worst happens and they break up, he won't continue to pay then, it's a very risky move and as said I would get some legal advice, I would imagine that advice would be telling you to stay on the terms that you are currently and wait until the 2 years has passed and then sort the house as has already been suggested to happen.
The only way I could see this working would be for a divorce to be placed now agreeing the final settlement figure from the house (in 2 years time) and the money for your rent to be paid in a lumo sum (as mojo suggested) if you could get them to agree to this then actually you wouldn't be too badly off, you would have the money for your rent, free of the mortgage and then n 2 years time would have the money released from your property.
That said you also have to factor in the way they are looking to pay you in 2 years time is from the sale of his old home, so again, what if your ex breaks up with him you would need something written into the agreement that in 2 years time if there were no means available to pay you then the house woud need to be sold.
GTTS
Just thinking out loud: If the agreement is broken, could she get an occupation order thereby stopping the sale in 2yrs time?
... It's more likely that she would get occupation as part of any divorce proceedings, as Mojo suggested, but it is possible. She could do that at any time.
Better getting some legal advice as has been said.
Forrest, I have re-read your post and quoted all relevant financial factors that are important when courts examine MCA 1973 for settlement.
My wife and I separated...She moved out of our matrimonial home with our son (14) and into a flat with her new partner.
Her partner has an ex and 2 kids and they have an arrangement that in 2 years time, once exams are out of the way their house will be sold and proceeds split
She also said that he had just had a policy mature
They want to take over my mortgage payment and also give me the equivalent of what they pay on rent each month (so in effect 2 years free of rent or mortgage for me)...she really wants to move back in to the house, she/we spent a long time doing it up and he is a builder so they now want to do even more stuff to it and that will save them having to move again in 2 years.
Including the fact that in 2 years time your child will be 16 or 17 - you have a significant chance of capitalising a better settlement.
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