UK Family Law
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Hi Claire, thanks for your response. We have lived together for about 4.5 years, 4 of which married for. We got married in South Africa, but permanently live in the UK. The House is 50% owned solely by my wife, 50% rented, with about £110k outstanding on the 50% owned, and house maybe worth £200-£250k. I do not expect any profit in the sale of the house, maybe even a loss - the loan she had was very high interest and we only paid the minimum mortgage premium every month. My car is worth £8-£10k (online valuation was £8100 a few days ago 'We buy any car.com'), and about £5.5k outstanding. My wife has a car, as registered keeper as well, but her mother has the finance on her name - recently bought, and do not expect profit in the sale of her car, as the finance was combined with outstanding finance on the previous car. The other assets really compile of some savings (+/- £2k) and small goods (furniture, tv, etc.), all paid off. We both have pension schemes as core benefit of our employment, and there is also a £100k insurance policy on her life, held as a benefit as part of my employment. I earn £43k gross per annum, and she about £40k gross per annum. I'm entitled to an annual bonus of 5%-10% of my annual gross salary at the end of March every year, depending on company performance. We do not have any children. Please don't hesitate to ask for more details, if required. KR, Derek
Hi Claire, no capital brought into the relationship. Borrowing the funds to pay it off, is a possibility, but both our credit records were not the best at the time, hence the reason her parents helped with the finance. Not sure it would be any different now, but yes, is a possibility. With a question like that, am I to assume I have no legal rights in half of the property, or is it just your advice on how best to deal with the situation?
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