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  • jillyjb63
  • jillyjb63's Avatar Posted by
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08 May 12 #329331 by jillyjb63
Topic started by jillyjb63
finalised divorce in January, I am to remain in the family home and Ex to remain in our second property, both to try and get equity transferred. I intended to pay off a lump sum from the divorce off my mortgage enabling my mortgage to become affordable and the transfer of equity to be approved.
I approached my lender, but as it stands, they debt is too large for them to consider me to take it over in my sole name......
I could use the lump sum, approx 35k, but since the divorce, my ex has stopped all CSA payments,( this has not come as a surprise to me) stating that he has been laid off work, and i have found out he intends to work and live abroad ( not within the EU)
so am now reluctant to use this lump sum, as i will then be left with No cushion, and have two teenager daughters to provide for 100% on my own and altough i work full time, not guarantee of any future job prospects.
I am intending to put the house on the market to sell and downgrade, and can then release my ex from the mortgage, but can the court force me to pay this off, as it was an intention not a definate proposal?

  • LittleMrMike
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09 May 12 #329348 by LittleMrMike
Reply from LittleMrMike
It''s a funny thing ( funny peculiar not funny ha-ha ) how many times I answer two enquiries where the point is substantially the same and it''s happened this morning.
I think you need some pretty careful financial advice here.
In the first place, I would always advise anyone in your position to get advice on benefits, especially tax credits. You can get this easily enough from a CAB.
Secondly, I could not offer clear and definite advice as to whether you have to use the lump sum to pay off the mortgage, without seeing the order. However the chances are, quite definitely, that you are free to do with it as you like.
Downsizing is clearly one of the options that you need to consider. But there is something else.
Any lump sum payment exceeding £6000 will affect your entitlement to means tested benefits. This may be an issue for you, or it may not. I don''t have enough information. The house in which you live is not counted against you as capital, therefore you should at least consider the possible merits of ploughing your lump sum into bricks and mortar as a home for you and your family.
I imagine the order will contain some obligation on your part to '' use reasonable endeavours '' to secure a release of your ex from his mortgage covenant. The Court wouldn''t expect you to downsize for that reason alone, but if you do downsize, then you probably need at least to attempt to get him released.

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