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Clare
Clare, Family Solicitor
Category: UK Family Law
Satisfied Customers: 34275
Experience:  25 years experience of all aspects of family law
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Hi there, My wife and I have seperated after 25 years of marrige

Customer Question

Hi there,
My wife and I have seperated after 25 years of marrige and are looking to divorce in due course. We are due to meet with Mediators next week. I am living in the family home with our only son who is 18. We had only moved in to the property in December 2012. We have a mortgage of 210k and the property has been valued last week at 500-515k What I would like to know is as follows

1, If I were to consider buying my wife out what is the process.
2, If I was to buy her out would it just be a case of rasing 105k (50% of the 210k Mortgage) or would I need to raise 50% of the actual value of the property i.e 250k

Many thanks for your help
Submitted: 4 years ago.
Category: UK Family Law
Expert:  Clare replied 4 years ago.
Hi
Thank you for your question.
I will do my best to help you but I need some further information first.
What other assets and debts are there and what income do you each have?
Claire
Customer: replied 4 years ago.

Hi there Claire,


OK so no other debts at all. Only the Mortgage. No credit cards, no loans etc. We have around 20k savings in a joint account, Thats it!


 


Cheers


J

Expert:  Clare replied 4 years ago.
Hi
Your wife is entitled to her share of the equity
The equity is £300,000 - so if a 50/50 division is agreed you would need to raise £150,000 - plus arrange for the release of your wife from the existing mortgage.
If you are able to negotiate a deal with your wife using Mediation then you would need to raise a total mortgage of £360,000 if you wished to remain in the property.
I hope that this is of assistance - but do please let me know if there is further information that you need
Claire
Customer: replied 4 years ago.

Hi Claire thanks for the info.


If I were to raise the 150k via a friend would I then be able to remove my wife from the mortgage deed and add my friend as 50/50 joint owner of the. property to the mortgage deed?


 


J

Customer: replied 4 years ago.
Relist: Answer came too late.
Expert:  Clare replied 4 years ago.
Hi
My apologies for the delay I have been away from the computer.
You and your friend would need to apply for a new mortgage together as you cannot simply swap names in this way I am afraid
Claire
Customer: replied 4 years ago.

Hi


 


Could you elaborate on this please?


 


J

Expert:  Clare replied 4 years ago.
Hi
I am not sure what information you need.
You cannot simply substitute a new person onto an existing mortgage.
You will need to apply for a new mortgage in partnership with the person who is joining you in the property ownership
Claire
Customer: replied 4 years ago.


Hi


what if I were to take on the existing mortgage on my own?

Expert:  Clare replied 4 years ago.
Hi
If the mortgage company will agree to release your ex from the existing mortgage then that is fine.
Claire