Seperation

I'm going through a seperation (we are not married) and would appreciate any help or advice. Last year my partner stated that she wanted to seperate and since then we have continued to live together.
Recently she said that she wanted me to move out, and had contacted her brother in law who is a financial advisor, who said he would assist her with remortgaging the property.
We had an evaluation and I have agreed with the figure and said I would take my half. This meant she would end up with a bigger mortgage and said she has already been turned down by one mortgage lender as her salary is not enough. We both agree that we want to keep the house as it would be too disruptive to the children if we move.
She has now suggested that I move out but keep my name on the mortgage, stating that she would sell the house when our daughters are 18 (about 11 years time), and then we split the money. As I said I want what's best for our children so I'm considering this route but are there any issues regading this set up. Do I need to get an agreement drawn up, would it affect the amount of money I'm owed as she would have ended up paying more money towards it.
If you've got this far thanks for taking the time to read this and any advice would be greatly appreciated!

Nao,

It would be adviseable to have any agreement you reach formalised...people change their mind over time...best of luck, hope things remain amicable for you all.

Elle x

Thanks..would I go to a soliciter, and if so do they charge a lot for this?

Nao,

If possible, I personally would bypass the sols and have the courts stamp of approval...peeps here can help you draft/tidy an agreement.

Elle x

Not sure what you are suggesting the court will approve, Elle, if Nao isn't married? There is no order the court can make between them.

You do need advice: have you considered for example that there will possibly be Capital Gains Tax to pay by the time you get your share? This sort of arrangement needs to be formalised, or you may discover you can't recover what you expected.

If you keep your name on the mortgage you will be keeping your name on the property. That may affect your future mortgage capacity.

Who is paying the mortgage? If she is, does what she pay come out of the value of the house at the time of division? Or is it treated as a fair price for her keeping the house in the meantime?

Who pays if there is a big uninsured loss/damage?

what is the mechanism for ensuring you actually can get your money when you expect it?

What if she cohabits or indeed marries?

These, and several other things, are all points I routinely see as a solicitor, often when people didn't sort them out in the first place and then end up in dispute later.

A house is a big investment, only do this on the cheap if you are prepared to risk losing on your investment. It shouldn't be a complicated agreement, but it does need someone who understands property law (not necessarily a family law lawyer).

Thanks Active, I am confusing the SFLA 2006 re Cohabitees...soz Nao.

Active...how would an agreement such as this be formalised?

Elle x

A written Separation Agreement works fine.

Because there is no statutory jurisdiction dealing with co-habitees, as such, they are free to contract with each other as they see fit, in a way that spouses haven't been able to do in a binding way to the same extent (altho recent case law suggests that is now potentially changing: McLeod v McLeod.

A deed saying what everyone's respective entitlements and obligations are in respect of the house will do it.