I am the Petitioner in a divorce and am currently working on how i can afford to stay in the marital home with my two children. I am part time self employed and my ex has a very well paid job. Im hoping to have the home transfered into my name by way of a charge on the mortgage, which will free up my ex to get his own place.
My question is, in aditionto child maintenance and spousal mainteneance, can I still get him to pay half the mortgage? Does this mean that if we agree his percentage of the equity, that when the charge becomes due he will get a percentage of its current market value, or the value at the time of the divorce setlement.
And, does the charge have to be organised before the Consent Order and Decree Absolute, or can it be done afterwards, as there are some home improvements that desparately need doing, and my only way is to raise an adittional loan on the mortgage, which my ex agrees to, as otherwise damp is going to cause major problems to the house and affect its value.
You want the property and you want him to pay half the mortgage. You are effectively talking about a maintenance order.
The court tries not to make a maintenance order as it is considered to be an unfair measure. However, the finances in some cases do not allow the flexibility to achieve parity without a maintenance order.
Normally, when you have a mesher order where there is a deferred charge, it is on the understanding that the person who remains in residence can take on the mortgage or obtain a mortgage that they can afford to service in order to allow the non-residence party to ''do their own thing''.
Such arrangements do not always allow the non-resident party to be released from their mortgage obligations in which case the resident party will use "their best endeavours" to transfer the mortgage into their sole name.
Remaining on the mortgage in such circumstances is not a complete bar on obtaining a further mortgage - mortgage lenders are aware that this happens a lot and can adjust their risk accordingly.