Subject: Would a court order the sale of the house Posted: Monday, January 19, 2015 - 18:37:08
My situation is I moved out of the fmh in April 2014 voluntarily and currently rent. I know my rights do not change because I left the fmh and it was the right thing to do for everyone involved, especially my 10 year old son. The house is worth £210k and the outstanding mortgage is £38k. It is a 4 bedroom house and it is just my wife and son living there. Spousal maintenance is not applicable and I am paying child support. I am prepared to be fair and reasonable and have suggested the equity in the house be split 60/40 in her favour. I have a pension worth £27k which I am willing to equally share with her, She has an endowment policy worth £20k, pension worth approx £10k and car worth £13k which will come into the negotiations at some point. She wants to stay in the house and has offered me £40k for a clean break settlement which is somewhere in the 80/20 region - I rejected this offer. If the house was sold her 60% share of the equity would give her £103k which would allow her to purchase a perfectly suitable 2 bedroom property in the same area for schools etc and be virtually mortgage free, a 2 bedroom property which is a 2 minute walk from the fmh is on sale right now for £99,995. The problem is she only works part time and earns £9k per annum so would not be able to raise my share with a mortgage. Her only option to do this is by asking her family to help which she clearly already has as she was willing to pay £40k. So I have been advised that I am being more than reasonable and if it ended up in court an order to sell the house would be made as there is enough equity available for us both to purchase smaller houses and start again and a 4 bedroom house is much bigger than she and my son need. I'm keen to avoid a lengthy and costly court process. Do you think a court would order the sale of the house ? Any other suggestions as to how this can be settled fairly ?