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advice on the fmh

  • littlegreen
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7 years 6 months ago #394607 by littlegreen
advice on the fmh was created by littlegreen
Hi,

Could someone tell me about the situation around the fmh

If the mortgage is in the x''s name only and he wants to sell the fmh and she does not, what rights if any does she have to keep the fmh by trying to buy him out.

However, the finances to buy him out will not be available for 10 months. Is this an unreasonable amount of time to wait.

If he refuses to wait this amount of time before receiving his half of the equity, would she then be expected to pay all the mortgage until the house sells or again would it be unreasonable for her to ask him to pay half of the mortgage until the sale happens.

Thanks in advance for any information

LG

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7 years 6 months ago #394608 by Fiona
Replied by Fiona on topic Re:advice on the fmh
Married spouse both have the same rights to live in the matrimonial home. When the property deeds are held in one spouse''s name the other spouse needs to register their rights with the Land Registry to prevent the property being sold before there is a divorce settlement. If no agreement can be reached about selling or transferring the property either party can apply to court for a judicial decision.

In the meantime who pays the mortgage depends on the particular circumstances. It could be said that the spouse who enjoys sole use of the property should make all the mortgage payments if they can afford it because they occupy the whole property and the other spouse has their own living costs to meet. On the other hand if that leaves the spouse occupying the property struggling financially and the other spouse has the resources it isn''t unreasonable for them to contribute and pay some or all the mortgage.

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7 years 6 months ago #394611 by littlegreen
Replied by littlegreen on topic Re:advice on the fmh
Thanks Fiona,

I have registered with the land registry which for reasons known only to him have angered him.

Sorry to ask again but is waiting 10 months for his part of the equity an unreasonable length of time to wait.

I live in the fmh , he moved out last October.

LG

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7 years 6 months ago #394615 by Fiona
Replied by Fiona on topic Re:advice on the fmh
10 months isn''t unreasonable if the finances will be available for certain. If you went down the court route it would take that long to a final hearing. However sharing 50:50 isn''t actually that usual and I wonder what the rationale is for halving the equity?

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7 years 6 months ago #394619 by maisymoos
Replied by maisymoos on topic Re:advice on the fmh
I totally agree with Fiona as you have land rights registered he will find the property impossible to sell. The mortgage is in his name only so defaulting on payments will damage his credit history only. 10 months to me seems reasonable to enable you time to gather resources the Court process would take far longer.

If you can afford to take over some of the mortgage this may be a negotiating point? Without knowing full details of your situation it is impossible to say if 50% is a fair and reasonable split in your case. Where are you planning to get the buy out money from? Whatever you do make sure ou get a properly drawn up Consent order once an agreement is reached.

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7 years 6 months ago #394626 by littlegreen
Replied by littlegreen on topic Re:advice on the fmh
Hi all,

Thanks so much for the info. My plan is to pay him off and 90% of the mortgage next March, although I will need to speak to the lenders about about this.

My worry at the moment ( I could be knee jerk reacting) is that I had a bit of run in with him last week and thought that we needed to sit and talk about things but now he is not answering his phone or the txt messages I have sent.

He knows that I want to keep the house and that I want to buy him out. I just want to prepare myself for a back lash.

LG

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