Concerned for mother in law

[Kosenurm]

My 63 year old mother in law is in the process of getting divorced after 30 years of marriage. She will get approx £150k from the sale of the house. This is not enough in the area to purchase a 2 bed flat which is the minimum required. In addition, it is looking particularly unfeasible to rent in the area either. She cannot relocate due to poor health and her part time work at a school.

any advice please?

[Amethyst]

Re: Concerned for mother in law

Have your parents in law agreed financial arrangement/clean break order etc between themselves , mediation, or have they sought legal advice ? IT really depends how far through the divorce process they are.

Its hard to help specifically without more detail but she may be entitled to some form of maintenance from her husband. If splitting the equity of the house equally in half isn't going to suffice (and yes it would be difficult to top that amount up with a mortgage at 63) and she isn't happy with any financial arrangements then she will need to seek advice on what she may be entitled to.

( also, why a 2 bed flat rather than a one bed ?)

[wales01man]

Re: Concerned for mother in law

Can she try for a shared ownership property

[Kosenurm]

Re: Concerned for mother in law

Have your parents in law agreed financial arrangement/clean break order etc between themselves , mediation, or have they sought legal advice ? IT really depends how far through the divorce process they are.

Its hard to help specifically without more detail but she may be entitled to some form of maintenance from her husband. If splitting the equity of the house equally in half isn't going to suffice (and yes it would be difficult to top that amount up with a mortgage at 63) and she isn't happy with any financial arrangements then she will need to seek advice on what she may be entitled to.

( also, why a 2 bed flat rather than a one bed ?)

Thanks both for your replies. They have the decree nisi, and the next stage is 6 weeks and 1 day after this (End of march).

She needs a 2 bed as her other son is in an IVA, and cannot afford rent on his own. He is 21 years old.

Her solicitor has sent an agreement to her husband asking him to confirm that, unless she gets 50% of the sale of the house, the divorce will not go through. He has agreed to this.

The main problem is where she will be living. She needs to stay within the area due to her job and poor health.

In terms of shared ownership, if she say has £150k in the bank and a shared ownership property is roughly £70k, how would this work? Thanks for your help.

[Amethyst]

Re: Concerned for mother in law

Shared Ownership ''To buy through shared ownership you will need to do what is known as 'maximise your affordability'. What this means is that you will be required to take out a mortgage in addition to any deposit you may have. Even if you can afford to buy the minimum share of the property in cash, you will still be required to take out a mortgage. The rule may be waived for people who can't get a mortgage due to age or disability. Before you purchase you will undergo a financial assessment. The financial advisor will calculate the share you can afford to buy, which must be adhered to except under exceptional circumstances. ''

Not something I'd go for in her position and I'm not sure she'd be able to with £70k in the bank. She'd have to have a mortgage on part and pay rent on the other part.

Is the house she owns currently with her husband mortgage free? Has she discussed pensions etc with her solicitor?

[Kosenurm]

Re: Concerned for mother in law

Shared Ownership ''To buy through shared ownership you will need to do what is known as 'maximise your affordability'. What this means is that you will be required to take out a mortgage in addition to any deposit you may have. Even if you can afford to buy the minimum share of the property in cash, you will still be required to take out a mortgage. The rule may be waived for people who can't get a mortgage due to age or disability. Before you purchase you will undergo a financial assessment. The financial advisor will calculate the share you can afford to buy, which must be adhered to except under exceptional circumstances. ''



Not something I'd go for in her position and I'm not sure she'd be able to with £70k in the bank. She'd have to have a mortgage on part and pay rent on the other part.

Is the house she owns currently with her husband mortgage free? Has she discussed pensions etc with her solicitor?

It is mortgage-free, but the house is owned by her husband; not her. How could maintenance work?

[Amethyst]

Re: Concerned for mother in law

By way of example.

On the other hand, suppose a couple have been married for 30 years, with the wife bringing up the children and looking after the home while the husband worked. A fair financial settlement might award the wife half the joint assets, including half her husband’s pension entitlement and maintenance of half her husband’s income until he retires.

This would reflect the value of the wife’s contribution to the marriage as a homemaker and the fact that she would not now be in a position to suddenly start earning a large income.

It doesn't hugely matter if her husband kept the house in just his name only. It would make a difference though if your mother-in-law was the primary income earner throughout the marriage.

If she is getting advice from a decent solicitor they may have discussed through all of this already and decided all she wants is half of the property value.

Is the property currently on the market ?

[Kosenurm]

Re: Concerned for mother in law

By way of example.



It doesn't hugely matter if her husband kept the house in just his name only. It would make a difference though if your mother-in-law was the primary income earner throughout the marriage.

If she is getting advice from a decent solicitor they may have discussed through all of this already and decided all she wants is half of the property value.

Is the property currently on the market ?

She was not the primary income earner at any point. She has discussed property value, but want to split it 50/50. The house has received an offer of £300k and surveyors have completed their assessment.

[Amethyst]

Re: Concerned for mother in law

That's good Well she may have discussed it with her solicitor and decided she'd just prefer a clean break and the £150k from the house to help her start over.

How much is a two bed flat/house where she needs to live?

[Kosenurm]

Re: Concerned for mother in law

That's good Well she may have discussed it with her solicitor and decided she'd just prefer a clean break and the £150k from the house to help her start over.

How much is a two bed flat/house where she needs to live?

To purchase, it would cost around £230 to £250k. To rent, roughly £900 to £1200 pcm.

[Amethyst]

Re: Concerned for mother in law

Ouch.

I forget how sensible prices are where I live sometimes - we'd get at least a 3 bed detached house for £150k here lol.

Well she'd have to use the majority of the £150k if she went for shared ownership and she'd still have rent to pay - probably about half what it would be to rent outright, if the house value was £250k. On a part-time income that's going to be tough to maintain unless she has a decent pension due out later.

I doubt she'd be able to use £70k for the shared ownership, and have £70k in the bank, maybe pay off any debts and keep £10k back for spends, but then she'd have a higher rent to pay.

See what others think as there might be other assistance available.

[Amethyst]

Re: Concerned for mother in law

( personally I'd ask to to ask her solicitor about pensions / maintenance etc on top of the house equity but depends if it's already deal done )

[Kosenurm]

Re: Concerned for mother in law

Ouch.

I forget how sensible prices are where I live sometimes - we'd get at least a 3 bed detached house for £150k here lol.

Well she'd have to use the majority of the £150k if she went for shared ownership and she'd still have rent to pay - probably about half what it would be to rent outright, if the house value was £250k. On a part-time income that's going to be tough to maintain unless she has a decent pension due out later.

I doubt she'd be able to use £70k for the shared ownership, and have £70k in the bank, maybe pay off any debts and keep £10k back for spends, but then she'd have a higher rent to pay.

See what others think as there might be other assistance available.

Thanks very much for your advice. Much appreciated. I think the only option is for them to rent, using the £150k when it comes in, and hope for the best...

[Kosenurm]

Re: Concerned for mother in law

This situation has recently got worse. She has now found out that she won't be able to rent in the current area as she does not earn enough, despite having 150k in the bank. Is there any other option to stay in the area?

[ruthie59]

Re: Concerned for mother in law

Hi, I've not been able to be on the forum for a while but it's good to be back. I find myself in an identical situation except for not having the decree absolute (my solicitor advised against this until the finances have been sorted out and we are still awaiting financial disclosure). I have been married for 39 years and will only have a small pension. My solicitor has said that I would have the option of a clean break or half of my husband's pension. I'm confused as what to do and I'll be following this post with great interest.:tinysmile_hmm_t2: