No access to proceeds to house for 12 years?

Wife just been to solicitor who says most likely that she will be awarded house and I would have to wait 12 years until my daughter is 18 before seeing anything.
Without any funds I could not buy and in 12 years time I couldn't take on any lengthy mortgage and will never own my own home again.
Can this be right?
If she did get awarded the house she couldn't pay the mortgage and would also need SM, which means a Clean Break is surely impossible. I'll be trapped.
She won't downsize as she wont move to a dodgy area, especially as I would not rent in such areas (I wouldn't want this for the kids either)

Surely she can't get everything?
How can this be?

Hi Canary. This could be a good thing. You will get a large bung in 12 years. Think of it as an investment. Lots of things can happen in 12 years. You should get it writen in that if she re-marries you get your dosh. Not sure that you can do this mind.

I am 52 and I have a 25 year mortgage so it is possible. There is no one to leave it to now anyway so I dont give a sh1t. I am using my house as a pension. When I retire I will sell up and live on the money.

SM doesent last forever. Its only supposed to be so that she can get on her feet. Nothing is forever mate. Chris.

I'm in a similar situation, but am fighting the proposition as we can sell and get her a smaller house.
Some points to consider:
You would effectively be letting her live rent-free in your share. Typical rental yields are 4-5%, so if your share is £50k now, say, you are giving her £2,000-£2,500 per year. It's only fair that this support is recognised in any SM decision.
Is 12 yrs OK for you? In my case, I'll be retired by then and I want the money to spend on the kids now when we can all enjoy it.
Watch out for capital gains tax. I'm not sure what the latest position is here, but careful wording is needed otherwise you'll lose a lot of your money (40% on any gain?).
How amicable is the divorce? If she's hostile now, what will it be like in 12yrs time - will she fight to keep the house?

Good luck.

JLGsDad wrote:

How amicable is the divorce? If she's hostile now, what will it be like in 12yrs time - will she fight to keep the house?

Good luck.

JLG got a good point. Can she didle you out of your money in 12 years time?

I was told I would have to wait 7 years until the youngest was 21 before I got anything. There was no way I was going to do that as I just plain old didnt trust her. She would have found some hair brained scheme to keep me from my money. So I took what I could now. I am still shy of about 17K but at least I have about all that I am going to get. Chris.

hi canary i just been 2 mediation,and my ex was told he would have 2 wait 12yrs til our youngest was of age 17. I cant afford to pay him off due to low income,and selling the house to pay him off would leave me and the kids not enough to re house our selfs. He has a choice now whether 2 contribute half 2 the house and then he would recive half in 12 yrs time or to take a percentage in 12yrs,i dont no what he goona decide and our next app is next week. I do feel for u as me i will be tied 2 my ex for next 12yrs cant cohabit,move or,remarry,he will have full contol of my life,i only wish i could pay him off and move on with my life,12yrs is a long time,i no how u feel.