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Hi all,
I've recently split with my long term partner who I have two boys with aged 9 & 2. We are not married, but have a joint mortgage and I'm named on the birth certificates, so have parental rights. I've always worked away and have a rental to allow me to do so. I see my boys every weekend, Saturday and Sunday. Originally she wanted to sell the house, but now informs me she is going to keep the house untill the youngest is 18.
This now presents me with the problem of how do I move on and get a decent deposit for a place so my boys can come and stop. I can't do this in a one bed rental.
I've read a few threads but these appear to be married fathers. So my question is do the things like 60\40 apply to me or do I have to stay on the mortgage till the youngest is 18. I currently pay her about 20% of my salary and I've given up everything material wise. But I would like 40% of the equity for a deposit on a new home, can I force this? Of course I would continue to pay 20% to her and have my boys every weekend and holidays, making this an affordable option for her.
Many thanks in advance
I am in a similar situation in that I am unmarried and am told that the split is 50/50 unless you agree otherwise.
I believe that both parties have to agree to a sale so your ex may not wish to in which case offering 60/40 may change her mind or she may use the fact that you want off of the mortgage as leverage to extort more or just stay put and inflict financial hardship upon you.
Regards,
Dave
thanks for the reply Dave. I guess if thats the case I'll need to get an agreement that freezes the equity and that it goes to my boys should something happen to me or she enters another relationship where my own boys could end up getting nothing.
I'll just start again :dry:
You need to find out: are both names on the title deeds or just you? is it Joint Tenants or Joint Tenants in Common? Joint tenants your sole signature can sell it but she can get a court order to stop you, in common you need both signatures, Most in common are 50:50 'equal shares'. If so stick with that unless she buys you out.
She needs a court order to live their till your youngest is 18.
Maintenance due is less the mortgage paid as far [censored] I am aware. Also expenses to travel to see your kids.
You can retain 50% equity until sold then you get the inflationary growth on it (but if you buy another property you may get hit with capital gains in 16years!).
Write a will that sends your equity to your kids via a trust (trustees your parents friends siblings solicitor) that way if you snuff it before she does your share passes to independent people who manage it until your kids benefit ay 18 only (& she needs their agreement to sell up too).
Does she pay some of the mortgage? Work out if 50% the mortgage & buildings insurance + maintenance for 2 kids 5/7th's the time is about 20% salary (I suspect its more!) pay that.
Offer to buy her out at 50%? or what ever share she owns by virtue of contribution & deeds.
Remortgage to interest only so when its sold years later she only gets her share of equity over the mortgage outstanding. Send the balance of the std mortgage payment to a pension fund.so that in 16 years 25% of that fund covers a good slice of your share & the rest provides a pension.
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