Newbie and confused

Hello,
Started divorce proceedings about a month ago. We are still at the Petition stage.

Husband owns the flat we live in. He bought it with Thames Valley Housing help about 12 yrs ago. They gave him 50k for a 25% share in the property once sold.
I moved 11 yrs ago. We have been married for 4 yrs and have a 3.5 yr old daughter. I have been paying house bills most yrs except when I was on maternity leave.

I have got a solicitor but still confused about what to do. HUsband wants to buy me out with 60k. I have 30k savings so that totals to 90k. 2 bed properties are around 300k here so I would need a mortgage of around 200k.

I applied for a mortgage back in Januray as I panicked about losing my full time job in December and wanted to see whether I could still get a mortgage. I gave the broker my last 3 months payslips and it seems now all they are asking for is the total deposit.

Solicitor is saying it is not wise I buy a property before the divorce is finalised because it leaves no room for negotiation. Husband has a large pension. And apparently this can only be sorted out at the last stage of divorce.
Spoke to another solicitor and they are now saying all financial maters can be drawn up at the Decree Nisi stage..which is about 6 weeks time.

If I can come up with proof of deposit from my husbands side then I could potentially buy a property and move out in the next few months.

However my solicitors advice is ringing in my ear.

My worry is that in 5 months time when the divorce is finalised, I will not be in a position to get a mortgage as I am now self employed. I do not plan to go to work full time as I enjoy looking after my daughter 3 days a week and working 3 days a week suits her better.

I am going crazy living under the same roof as him!

Because TVH own 25% then I have ben told by solicitor that the courts hands are tied and they cannot just transfer the property in to my name.

If we sell the house I end up with 90k same as if he bought me out.

Therefore I would only be staying till the end for part of his pension.

WHAT should I do???

Sorry you find yourself in this position and you will get the help and support you need from the wikis.
I''m no expert and am sure the wise wikis will help - from experience I wouldn''t recommend buying another property until finances are sorted - it is very difficult living under the same roof as your stbx - I managed 18 months until I couldn''t do it any longer as it was affecting my health and the kids. Unable to work or get a mortage I had no option but to move into rented. Everyone''s case is different I had a very awkward ex who dragged everything out as long as possible and it took a long time to sort things out.
I wouldn''t recommend moving out or getting a mortgage - if you get a mortgage and then go self employed how will you afford the repayments and the bills??? You could receive child maintenance which would help depending on what your stbx earns. Have you calculated that on the gov.uk calculator? Maybe you could receive other benefits working tax credit etc?
To ensure the wise wikis can help you they would need more info regarding ages, income, debts, assets, pensions etc. of both parties. Your stbx may say you ought to maximise your income - you still have a long way to go and hopefully someone can offer the advice you need. Best Wishes.

Is £60k the total of the equity in the house after TWHs share?

Well no after Tvh share and mortgage it''s 240k
But I have 30k savings. So 240 divide by 2 is 120 but minus my 30 is 90?

Have not included solicitors costs! Also we are now not in agreement with joint custody. He wants joint but I want sole. I know he only wants joint to bring down my share of assets and maintenance. I want sole because I don''t want to be let down with arrangements which I know he will do.

If he wants to keep all of his pension intact then you should expect to get more than 50% of the equity. If he built his career while you cared for your child then you should expect a higher percentage to compensate for your loss of potential earning etc. etc.

As an example - a 66:33 (of a total pot of the 240k + 30k) would give you £180k. There may be more to add to that pot. Taking the money and getting a mortgage now might be the best option for you but investigate fully the potential financial settlement first.

Thankyou yes I just don''t want to be in situation 5 months down the line with assets but no way of getting a mortgage and having to spend it all on renting!
Bank is holding my application for a month only now.
180k is a lot more money though. But how is he going to pay my share of the pension? I thought the pension can''t be released until a certain age? He''s 44. I''m 37. I do to have pension. Solicitior wants to fight for lump sum?