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Hi, myself and my partner are splitting up. we have 2 children and a property that we jointly own with a 50/50 split. The children and my partner are looking to stay in the property and she is asking for no financial support other than child maintenance, meaning that I will not be directly paying anything to the mortgage and I am concerned that this may affect my rights with regards to the property. Will this arrangement effect any of my rights with the property?
Hi welcome
As far as I know, you can have your assetts in the property frozen, so what ever the property is worth and what ever equity you have in it now is frozen your share stays the same.
as your name is on the mortgage you are still responsible for it though, if your ex has agreed to pay it in full and doesn't they will look to you to cover the payments plus any back payments, or they will be able to reposess the house as per the mortgage agreement.
do you have a solicitor?
If not I can ask the legal team to advise in more detail.
Darren
Hi Darren,
Thanks for the swift response, I understand that with my name being on the mortgage if she fails to meet repayments the lender would chase me as much as herself, although I don't see this as too much of an issue as she should be able to cover the repayments without any problems. I am more concerned with the interest I have in the property as the equity is pretty healthy and I had not heard of freezing the assets so I will look to investigate this further and no I don't have a solicitor at present but think I may need to get one.
Ok well if you want an agreement written up to ensure it's legal I would recomend a solicitor to advise fully,
After looking to get you some advice I don't think we have any legal teams that are able to coment in this area I'm afraid.
I do know from when I seperated I was told the assets could be frozen but to be careful as I would be liable for the mortgage still, this had other implications like being liable for house insurance and up-keep ect but not house hold bills how much of that was 100% accurate i'm not sure so would be worth checking it out properly.
Most solicitors will give an interim interview and answer some questions for free before you sign up with them so you may be able to do this.
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