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Staying on the same mortgage - possible?

  • siriusB
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24 Mar 08 #17552 by siriusB
Topic started by siriusB
This is my first visit here so be gentle with me.

My ex and I are starting the process of divorcing. He was unfaithful and as such he is going to be the petitioner.

I know it sounds a bit odd but we do still get on in many ways, though we tried relate and we both feel that the marriage can't be saved and we both want to divorce.

Is it possible to both stay on the same mortgage even though we are divorcing?

I am not so good at all the legal stuff but if we make a binding agreement during the divorce regarding what we will do when we do sell the house (ie one person can instigate the sale of the house, or buy out, and the assest split as and when that happens is set in ink)would that be possible?

Or does the court force you to entirely split all ties like that?

  • Fiona
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24 Mar 08 #17581 by Fiona
Reply from Fiona
You need to be careful, there is potential for capital gains tax liability at 40% (minus an allowance) on the gain of your husband's share in the former marital home after 3 years. The way round this is for the house to be transferred into your name with your husband retaining his interest in the form of a charge (Mesher) until the youngest child reaches 18, your remarriage or your death triggers a sale. Both names could remain on the mortgage but the consideration then your husband will have his ability to take out his own mortgage reduced.

It's not a bad idea to see a sol early on to find out where you stand and what the options are.

  • siriusB
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25 Mar 08 #17593 by siriusB
Reply from siriusB
I am a bit confused. I thought capital gains only applied if it wasn't your primary home? It would still be that for both of us.

We both know that the chances are that we will move on in a couple of years wanting new houses with new partners, we get along well enough to share the same space but the marriage pre se is passed.

There are no children involved, and we have no financial ties together other than the mortgage.

Maybe I do need to see a solicitor - that raises the question of how to get a good one - and one that I just want advice from, not someone to take me through the divorce process!

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