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Joint Expenses Payment

  • WYSPECIAL
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1 month 5 days ago #512683 by WYSPECIAL
Replied by WYSPECIAL on topic Joint Expenses Payment
Either party can freeze the joint account. Just tell her your doing it and explain it is to protect both of you.

Why does she need visibility of your bank account? You are still thinking as a couple. You no longer are.

The house is bigger than she needs with a lot of equity. Can she afford to run it? At what stage do you plan to move out?

Are you sure pension valuations are accurate. They look extremely low given your incomes and ages.

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  • Hurk
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1 month 5 days ago #512684 by Hurk
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I have spoken to the bank and they need her consent to freeze, so i will need her permission.

Well i guess she doesn't need visibility, but it is almost then a case that i am prepared to pay for the joint expenses until everything is resolved. This is why i was against doing this.

Yes the house is bigger than she needs. She cannot afford it, but i am assuming she will get support from her parents.

I plan to move out once i have agreed financials and have funds to buy another place.

Yes pensions are accurate as I have only made minimum contributions since auto enrolment.

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1 month 4 days ago #512685 by WYSPECIAL
Replied by WYSPECIAL on topic Joint Expenses Payment

Hurk wrote: I have spoken to the bank and they need her consent to freeze, so i will need her permission.


I'd check with them again on that. Tell them you are separated and the account is in dispute. They won't close it without permission but they should freeze it.


From what you have said there is a mortgage of about £200k on the FMH? If your ex is on £30k a year and especially if it is on a self employed basis the lender is highly unlikely to release you from the mortgage. This would seriously limit you mortgage raising capacity to buy another house for yourself.

Given the difference in incomes she is likely to get the majority, if not all, of the equity in the house anyway so it would be in your interest to get it sold and release you from the mortgage.

How much are suitable 3 bed houses by you?

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  • Hurk
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1 month 4 days ago #512686 by Hurk
Replied by Hurk on topic Joint Expenses Payment
Yes that is the remaining amount. A 3 bed house is approx £450-500k which I will also not be able to afford if I get hardly anything from the equity.

I will check with the bank again.

Sounds like I need to go to a solicitor to determine the exact position.

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1 month 3 days ago #512692 by WYSPECIAL
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Plenty of assets plus mortgage raising capacity for two houses at that sort of price.

Your ex could be in a suitable home with no mortgage.

If she stays in the FMH, which is bigger than her needs, then there is £800k tied up in equity, your tied to a £200k mortgage meaning you can't buy somewhere and her outgoings for the mortgage and running costs will be far higher.

You should consider putting forward the argument that the FMH needs to be sold.

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  • hadenoughnow
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1 month 3 days ago #512693 by hadenoughnow
Replied by hadenoughnow on topic Joint Expenses Payment
If her housing need is for a £500k property, she could be mortgage free and you could be housed in a similar property with a mortgage the same as you have now.

Having the mortgage and a child maintenance liability will reduce your income but it is possible there would still be a difference so SM may be an issue. It would make sense for you both to increase your pension savings.

If you want a legal opinion without engaging a solicitor to represent you, have a look at the fixed price services offered by this site including legal financial consultation or call the helpline to discuss.

Hadenoughnow

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