1050
Hi. Needing advice on property buy out options. We have been living apart for 10 months now since march 2021 and beginning plans to divorce. Current childcare arrangements working well. With Dad (2-3 nights a week). The main thing we need to agree on is the house. We both want me and the kids to stay in the family house long term, or at least have the option of kids growing up here still. But I'm unlikely to be able to afford a full buyout through remortgage any time soon and no significant savings to help out. I am currently covering all of the house mortgage and upkeep costs. We're not sure of our options here. Can amicable help with this?
Replies (1)
Hi Natalie, thanks for reaching out to amicable. There are lots of options for you and in order to be able to give an accurate answer, we would need a full outline of your financial position. In short, there's something called a Mesher Order which forms part of your consent (financial) order and allows you to postpone the sale of the family home until your children have completed their secondary education (sometimes extended to cover their university education). Crucially, it sorts out what will happen to the proceeds of sale when the property is eventually sold and allows one parent to remain living in the property with the children (without the other parent having rights of entry). The property remains in joint names throughout and usually you have a clause setting out who is responsible for running costs, and how structural repairs will be dealt with. I would suggest booking in a free 15-minute advice call to understand your options.