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Another house and equity question (5 Posts)
Started By:
16 June, 2017 12:42PM
Another house and equity question
sadlady - 16 June, 2017 12:42PM
My husband and I have been married nearly 3 years the end of this coming August and bought a house last year. We are joint owners of the home and also have a nearly 2 year old. Due to my husband's alcholism and his choice not to do anything about this, we are about to divorce.

The mortgage on the property was initially for 308k and it is now just under 300k, although the property is valued at approx. 325-330k.

I cannot afford the property on my own along with childcare etc, as I work full time.

What would be the likely outcome of me getting the equity in the house when it is sold so that I can get something smaller for just my daughter and I? As obviously with his alcoholism he wouldn't be seeing our daughter unsupervised, so will be allowed to see her (if and when he is able to not drink) but obviously not for any overnights etc.

He earns approx. my salary plus 50% more, so he would be in a better position to start over than I would. I also gave up my council flat that I had right to buy on (with a 104k discount) so that we could get a bigger property than the council flat we were living in.

Any advice/thoughts on this really would be much appreciated.
Re: Another house and equity question
HatMan - 16 June, 2017 03:10PM
There won't be very much equity by the time you have paid estate agents, solicitors etc...but I would imagine that you would get the lion's share of whatever there is left...

The bigger issue will be making sure you get a sensible maintenance schedule agreed.
Re: Another house and equity question
sadlady - 18 June, 2017 01:48PM
Even if I plan to transfer a chunk of the mortgage to another smaller property?

The plan is to not use a traditional estate agent but an online one, where I show the property myself etc to save money.

I basically only need enough so that I have deposit for somewhere else for my daughter and I.
Re: Another house and equity question
HatMan - 18 June, 2017 05:59PM
There is a good reason that online estate agency is cheap.....you don't get a service or any sense of negotiation re price - you may be wildly out one way or another in your estimation of price - an agent would vet buyers properly etc etc etc, you are trying to save £3K or so and it could cost you that by not getting best price for your house or ending up with a time waster, seriously use a proper agent but negotiate hard on the fees, you might find that you are better off in the end.
Re: Another house and equity question
Bubblegum - 21 June, 2017 03:26PM
£20k equity doesn't sound like the kind of case one goes to court for. You potentially have around £20k to get out of the home. What's the best outcome you can negotiate? If he buries his head in the sand I'd probably go to court as a LIP.
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