The difference between a three bed house and a two bed house may not be that material when you take into account:
- early mortgage repayment penalty
- estate agents' fees for selling old property
- conveyancing fees for new properties
- stamp duty
She will be able to raise a mortgage around £70K-£80K. Majority of banks would discount
as income source, and single parents of primary
aged children will be considered to have extra expense re childcare etc.
My ex tried to force me to sell
on the basis that we were overhoused (there was an extra box room surplus to minimum requirements), the court sided with me and ordered mesher instead (but there are other relevant issues in my case).
No, he was never on the mortgage, never contributed towards it and the house was bought exclusively with my savings pre-marriage (followed by a very short formal marriage with two children). I foolishly put him on the deeds though after the marriage. As I said, there are other issues but the over-housing element of the argument was effectively the same. The suggestion that I could rent with my released equity was also presented but not taken seriously by the judge.
He asked for 50% and immediate sale but got awarded 25% by the judge with a 16 years deferment and ability to remortgage independently if any bank would take 25% of house as securitisation, which I am pretty unhappy about, but alas what can I do. I was also ordered to pay \"occupation rent\" at 25% of the market rates, to be reassessed annually, to live in my own home. In case if you are also on the mortgage, the usual thing to do is to offset this occupation rent against the mortgage liability.