+ Reply to Thread
Page 1 of 2 12 LastLast
Results 1 to 10 of 11
  1. #1
    Join Date
    Mar 2013
    Location
    Newcastle
    Posts
    653
    Thanks
    817
    Thanked
    217
    Reviews
    0
    Achievements:Topaz Star - 500 posts

    Default So I get the house.. Now what?

    My DH has decided he is going to leave, & leave DD & I in the family home.

    I've been on the phone all day, & have done all the sums, I now have an idea of what my income will be post married life.

    I now can't decide which I am better to do, obviously DH & I own the home 50/50 but still paying off the mortgage. do I rent it from him? Or pay the rest of the mortgage myself/buy the home?

    Basically to rent the house from him & I put his child support payment towards rent, id only need to come up with an addition 130 a week. for an extra 100 (230p/wk total) I could pay the mortgage myself, but I don't have an capital to buy his half off him right away. Refinancing the loan would mean repayments would go up, I can't afford to pay much more per week.

    WWYD?

  2. #2
    Join Date
    Jun 2013
    Posts
    53
    Thanks
    20
    Thanked
    31
    Reviews
    0
    Would you look at selling and using your half of the profit to buy a new home?

  3. #3
    Join Date
    Jun 2010
    Posts
    8,806
    Thanks
    7,267
    Thanked
    9,720
    Reviews
    5
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    I'd pay the extra if possible and buy him out at some point, otherwise sell and buy something smaller.

  4. #4
    Join Date
    May 2012
    Location
    Perth
    Posts
    204
    Thanks
    11
    Thanked
    101
    Reviews
    0
    Is there any equity in the house ? If so, then yes you will need to pay him out, according to the correct % split. If there isn't any equity in the house, then you could pretty much just refinance the house into your name, with you as the title holder and mortgagee etc. However this would still need to be stamped through the courts (and you should still seek legal advice on this also), in order to get the house over to your name without any stamp duty etc.

    But the decision is ultimately up to you, if you want to stay in the house, with the mortgage, or if you want to move on and have a smaller house or rent etc.

    Please take into account as your income side of things, and affordability, child support (if any), and any rent assistance from Centrelink and any FTB A and/or B.

    Good luck

  5. The Following User Says Thank You to 4LeafClover For This Useful Post:

    Mummy Potato  (10-10-2013)

  6. #5
    MilkingMaid's Avatar
    MilkingMaid is offline Winner 2009 - Mod Award - most supportive member
    Question those who don't question authority
    Join Date
    May 2005
    Location
    Home
    Posts
    9,661
    Thanks
    3,787
    Thanked
    2,144
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    Awards:
    100 Posts in a week
    I was in this exact situation, we paid 1/2 the mortgage each, (which in effect meant he paid the mortgage, and then paid me only a remainder of c/s every week) and I used the PPS to live off.

    We put the house on the market, and split the proceeds, and I have luckily been able to buy my own place now.

  7. The Following User Says Thank You to MilkingMaid For This Useful Post:

    Mummy Potato  (10-10-2013)

  8. #6
    Join Date
    Apr 2012
    Posts
    206
    Thanks
    88
    Thanked
    47
    Reviews
    0
    You don't pay stamp duty if you buy him out. Keep that in perspective. Go see a mortgage broker... And a solicitor. You don't pay 50/50. At worst 60/40. You only give him 40% maximum of the equity in your home, if you have custody of your child.

  9. #7
    MilkingMaid's Avatar
    MilkingMaid is offline Winner 2009 - Mod Award - most supportive member
    Question those who don't question authority
    Join Date
    May 2005
    Location
    Home
    Posts
    9,661
    Thanks
    3,787
    Thanked
    2,144
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    Awards:
    100 Posts in a week
    @mumtobe36yo what would the split be with the mum having custody of 3 children? (I did 50/50 with my ex, I know I was soft on him, I want some ammo next time he tells me I ripped him off!)

  10. The Following User Says Thank You to MilkingMaid For This Useful Post:

    Mummy Potato  (10-10-2013)

  11. #8
    Join Date
    Jun 2013
    Posts
    181
    Thanks
    25
    Thanked
    100
    Reviews
    0
    I think you will probably have to sell the house

  12. #9
    Join Date
    Jun 2013
    Posts
    2,936
    Thanks
    1,741
    Thanked
    1,273
    Reviews
    6
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    If the split is amicable I'd see if you can both continue to pay it off together. Get more equity in it. Also who knows if the split might make you both realise you want to be together? Then you still have the family home.

  13. The Following User Says Thank You to SpecialK For This Useful Post:

    Mummy Potato  (10-10-2013)

  14. #10
    Join Date
    Apr 2012
    Posts
    206
    Thanks
    88
    Thanked
    47
    Reviews
    0
    Quote Originally Posted by MilkingMaid View Post
    @mumtobe36yo what would the split be with the mum having custody of 3 children? (I did 50/50 with my ex, I know I was soft on him, I want some ammo next time he tells me I ripped him off!)
    My solicitor started off 80/20. They played it hard ball. And I settled against my solicitors advice 60/40, and I only had one child. My solicitor at the time was fantastic, he since passed away. But every time things get difficult, I thank him for looking after my better interests at the time.

    At the time my ex and I were almost amicable, he didn't want anything other than money, he gave me full custody of my son at 18 months old...he really didn't want a child, was just too immature at the time even though he was 35. Enter his new partner 6 years later and my ex wanted 50/50 custody. My solicitor had passed away by this stage but his legal paperwork and paper trail, have got me through the past three years. My son is now 9 years old. I don't mind my ex seeing my son, in fact that's what I originally wanted, but he didn't fight the custody arrangement at the time. He sees his dad regularly now of course. But my solicitor forewarned me of this, and had prepared something of the kind if circumstances change. Bless him! Saved me heaps in solicitor costs when things turned ugly.

  15. The Following 2 Users Say Thank You to mumtobe36yo For This Useful Post:

    MilkingMaid  (10-10-2013),Mummy Potato  (10-10-2013)


 

Similar Threads

  1. how do u get out of the house!!??
    By Little Miss Muffet in forum General Parenting Tips, Advice & Chat
    Replies: 19
    Last Post: 07-03-2013, 15:26
  2. Share House/Student House
    By αληθη in forum General Parenting Tips, Advice & Chat
    Replies: 75
    Last Post: 21-01-2013, 11:42
  3. town house or house?
    By Littleboyblue2014 in forum General Chat
    Replies: 14
    Last Post: 05-11-2012, 07:00

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
free weekly newsletters | sign up now!
who are these people who write great posts? meet our hubbub authors!
Learn how you can contribute to the hubbub!

reviews
learn how you can become a reviewer!

competitions

forum - chatting now
christmas gift guidesee all Red Stocking
Tambo Teddies
Visit our online store and select your individually handmade natural sheepskin teddy bear. Our soft and loveable bears come in a range of styles and colours. Created in Outback Queensland each bear is unique individual. 100% Australian made!
sales & new stuffsee all
Pea Pods
Buy 2 Award Winning Pea Pods Reusable One Size Nappies for only $38 (in your choice of colours) and receive a FREE roll of Bamboo Liners. Don't miss out, we don't usually have discounts on the nappies, so grab this special offer!
Special Offer! Save $12
featured supporter
ProSwim
ProSwim Rostrevor runs learn to swim classes for children and adults. Lessons are run during the Summer months (Oct-Mar). Our indoor centre at Plympton Park has lessons all year round, including school holidays.
gotcha
X

Pregnant for the first-time?

Not sure where to start? We can help!

Our Insider Programs for pregnancy first-timers will lead you step-by-step through the 14 Pregnancy Must Dos!