Am hoping someone can help me here.
Myself and my wife have separated and have 2 children.
I have now moved out but want to know what options we have with regards to the house.
Due to the fact that she doesn't earn much, the title for the property is in both our names but the mortgage is in just mine.
She does not earn enough to be able to get the mortgage on her own but I still want her to be able to live in the house with the children and keep some normality for them.
Obviously I need to un tie our finances as soon as practically possible.
Can I take over the property in totality, pay her share of the equity and then rent the house back to her?
What would happen with any future equity? Would she then be entitled to any?
i assume the mortgage lender would not transfer the property into her name and she could use the child maintenance
payments to pay this herself
Any help would be greatly appreciated.
You haven't mentioned incomes which is a huge factor to consider.
The most likely outcome from what you have said is that if the costs of running the house are affordable on her income from all sources she will get to stay there until such time as youngest is 18, she re-marries etc.
Mortgage will stay in your name with her giving best endeavours to release you from it. Until such time realistically you will have to rent.
At whatever trigger point occurs first she has to pay you the percentage that is agreed as your share either by raising the money or selling the house.
You say you could buy her out but don't say how much you could raise or what you think her share would be. Could you raise enough so that she can buy a suitable three bed house with her mortgage raising potential?