Dividing up assets when have multiple properties.

Thank you . yes, the CGT is a bummer.

I am looking at other peoples settlements and it seems some people do not sell the FMH until the youngest child reaches 18 or so. I wonder if that is an option. Is that a Mesher order?

If that is agreed, how is the percentage split, is it an agreed amount at the time on the split, or a percentage on the value at time of split or either when the time comes to sell?

And if both are still on the mortgage for years, who pays it? And what about redecoration and repairs etc?

snowbird123 wrote:

Thats for your detailed reply. I will try to answer your questions. I think my income needs would be around £2300 a month. It is hard to guess... I think with my income, even without my rent income, with child benefit and tax credits plus maintentance i would have enough to live on. Yes, Around £2300 without rental income and with £400 maintenance from him.

My husband earns around £70k without the rental income i think. He puts around £700 per month in his pension and pays around £500 for kids other kids. I dont know what that leaves him with each month after tax.

If he is paying £500 per month CM for two children via CMS it suggests his salary is nowhere near £70k or he puts a lot into his pension. If his current liability is £500 for two children then for four children it would be about £630 which as you have two children each would be split 50/50 so maintenance may be closer to £300 than £400

He does pay a lot into his pension. precisely to avoid paying more for CMS.

snowbird123 wrote:

I am looking at other peoples settlements and it seems some people do not sell the FMH until the youngest child reaches 18 or so. I wonder if that is an option. Is that a Mesher order?

If that is agreed, how is the percentage split, is it an agreed amount at the time on the split, or a percentage on the value at time of split or either when the time comes to sell?

And if both are still on the mortgage for years, who pays it? And what about redecoration and repairs etc?

Usually all costs for repairs, the mortgage etc are met by the person living there from their own resources. Usually it is a percentage split agreed at the time then it's down to whatever the value is at the time of the trigger.

One of the issues is that if house prices rise significantly when the trigger does occur you will have to sell in order to have the money to pay him off and your share may not be enough to rehouse you.

You also need to bear in mind that he may claim you are over housed as you don't need four bedrooms so shouldn't get a Mesher order.

I dont think he would do that, as he would get a higher amount of money from the sale of the FMH which would increase in value (hopefully) .

snowbird123 wrote:

I dont think he would do that, as he would get a higher amount of money from the sale of the FMH which would increase in value (hopefully) .

Equally he would be stuck on a mortgage for years limiting or even preventing him from getting a residential mortgage to buy his own home.

Ive got a feeling the 3 bed is a residential mortgage. And he could live there anyway.