My wife left the matrimonal home in August. She had two affairs and currently still sees one of the men. As a serving police officer she was given a police house which is rent free but loses her housing allowance of £300 month. We have a 11 year old child who stays week about with each of us.At present I pay the mortgage £1400 month in its entirety and all bills associated with the house. Our salaries are similar her 40k mine 45k. Pensions similar with hers slightly better. We have a car each mine cost £2k hers £3.5K. There are some unit trusts three in my name and 1 in hers.
Basically she wants her share of the house. I have had two valuations with local agents both state £300 - £320k. She has had 1 valuation from national agent who states £350k.
She has stated today she is seeing a solicitor on MOnday about a Financial Order. I have no monies at this time to see a solicitor because of the outgoings.
This was the family home and I have spoken to my child who states they want me to keep this house because of their local best friends etc etc.
I want to keep it for stability. The house is on 17 year repayment term fixed at 4.39% until June 2008.
Do I have to sell the house immediately or can I remain in it whilst I seek financial advice on increasing the mortgage to buy her out.
I believe it is tough on me that I pay the whole mortgage but I felt it in the interest of my child to maintain some sort of stability when my wife left.
Does a financial order force me to raise the monies immediately or is there some reasonable time scale.