jimjones Posted November 20, 2008 Share Posted November 20, 2008 i'm not sure why there is any debate here. Her husband owns some business assets, he has more money owed than the value of the assets, shes not interested in getting the assets off him.. It becomes a no brainer, it's his problem not yours. If the houses and loans are jointly in both your names, give him your half and get the hell out of dodge - or are you saying he would want money off you to take over your half? The property value may well come back in realterms in the next boom, but as I'm sure you don't want to be tied to your ex financially (because if he took you into BTL, ie gambling on a rising market, then he's obviously not that financially astute) for the next 10 years, then it's time to split (you could even divide the properties between each other). Quote Link to comment Share on other sites More sharing options...
Matt Bear Posted November 20, 2008 Share Posted November 20, 2008 But you know what .... I have learnt today that it is him who is in do doooooooo. All of the 9 buy to lets WILL be going to him as part of the financial settlement. He has proudly told me how very well he has done with his £200k from the marital home, his car and his buy to lets. He tells me I can enjoy living in a small house and I was welcome to my £140k pension pot as part of the settlement ie of no importance to him - he would prefer his houses. What you have told me is that he will need to use much of his £200k if he wants to get a better deal with another mortgage lender or he will need to subsidise rent monthly. His take home is £2200 pcm, his own rent and rates etc will be c £1300pcm, he will need to pay me maintenance for the children and then subsidise the rent on his buy to lets. He will be bleeding money. he might even need to get a proper job and work full time like the rest of us..... and myself, well I will be renting now too. I am the same as you really. Looks like they have sold up already - STR - and looks like OP's other half has probably made enough money to cover BTL costs for quite some time. He could probably move into one and wouldn't have too much to worry about. But £2200pcm take home pay and he doesn't have a proper job Quote Link to comment Share on other sites More sharing options...
snowflux Posted November 20, 2008 Share Posted November 20, 2008 Depends what the **** is covering. "Fool" would fit adequately for anyone who got into it after 2002ish. The point here, though, is that the OP didn't get into it, although she may possibly be guilty of aiding and abetting. The BTLs are her ex's, not hers. Even so, she accepts that she may be liable for any debts incurred. Why thomasross20 and others are so determined to paint her as a vindictive siren is a mystery to me; surely it is in our interest to help her make sure her ex gets his just deserts. Quote Link to comment Share on other sites More sharing options...
guitarman001 Posted November 20, 2008 Share Posted November 20, 2008 You don't even know if the story is true, she could be playing you for a fool. The story could be warped, she could have other interests. I don't trust it one bit, the way it's worded etc. If she's grown up and has half a brain she can make her own decisions. Just like you wouldn't want to reveal money-making secrets, you should be guarding any 'tips' more safely, not handing them out to the first woman who flutters her eyelids at you. Quote Link to comment Share on other sites More sharing options...
snowflux Posted November 20, 2008 Share Posted November 20, 2008 You don't even know if the story is true, she could be playing you for a fool. The story could be warped, she could have other interests. I don't trust it one bit, the way it's worded etc.If she's grown up and has half a brain she can make her own decisions. Just like you wouldn't want to reveal money-making secrets, you should be guarding any 'tips' more safely, not handing them out to the first woman who flutters her eyelids at you. I appreciate your concern, but: 1) I don't have any money-making secrets or tips; on the contrary, I find making money rather wearisome 2) I swear I didn't notice a flutter. Just a slightly longer than necessary glance in my direction. Quote Link to comment Share on other sites More sharing options...
pharm Posted November 20, 2008 Share Posted November 20, 2008 2. Keep them and make a rental loss (can anyone give a clue whether 7.5% is right) I doubt 7.5% is right: we've had 2% cut in interest rates in the last few weeks. You really need to extract this information from him through your solicitor. Just to comment on this: I believe a lot of B+B fixed rates had a clause in where they revert to BoE rate + smallish percentage (1-1.5% IIRC) after the end of the fixed term. Right now, staying on that rate after the end of the fix is a damn good deal if you've got a high LTV. The OP needs copies of the original mortgage agreements, plus any cover letters & all correspondance between her partner & the bank before coming to any decision on this. On the other hand, the question of whether she really wants to tie her finances to her ex-partner for the next decade is a good one! Quote Link to comment Share on other sites More sharing options...
tiggerthetiger Posted November 20, 2008 Share Posted November 20, 2008 (edited) When I got divorced I was told that all debts go into the settlement to share, the same way that all assets do !! Its a two way street if you are married....share and share alike.This was advice frpm a solicitor and Im sure it still holds true.... During divorce,people show their true colours... Edited November 20, 2008 by tiggerthetiger Quote Link to comment Share on other sites More sharing options...
irishhombre Posted November 20, 2008 Share Posted November 20, 2008 love the bulls assumption that all BTLs are now benefiting from low low rates.wasn't the common BTL strategy to go for staggered fixed rates over recent years? so, in the brilliant new world, BTL LLs access cheap fund at 3% + hardly anything, while banks such as Barclays stay alive use Middle East funding at a guaranteed 14%. BTL's are doing really well now (trackers) from the interest rate drop.....i am paying 2.2% on 3 of my BTL's........and making alot of profit every month.......if the lending rates ease off, things should take a positive turn, especially now prices are lower.....its only the lending rates stopping people from buying/selling.....once they come down we will be off again i was a bit worried in the summer, but now i think there will be a push on prices next year (London only)............the capital values are down, but so are the purchasing prices....... i just bought a house for 70k under last years price.. ..very pleased with property right now, i have never before actually made profit from rentals....until now.... but hopefully this time they will keep loan to values at 75%.....this should slow the sales down and improve rents..... Quote Link to comment Share on other sites More sharing options...
General Melchett Posted November 20, 2008 Share Posted November 20, 2008 Depends what the **** is covering. "Fool" would fit adequately for anyone who got into it after 2002ish. **** was a very rude word, so rude that the rude-word-filter bleeped it out despite me substituting one of the letters for something else. Quote Link to comment Share on other sites More sharing options...
guitarman001 Posted November 20, 2008 Share Posted November 20, 2008 I appreciate your concern, but:1) I don't have any money-making secrets or tips; on the contrary, I find making money rather wearisome 2) I swear I didn't notice a flutter. Just a slightly longer than necessary glance in my direction. No problem! Quote Link to comment Share on other sites More sharing options...
Paddles Posted November 20, 2008 Share Posted November 20, 2008 ..very pleased with property right now, i have never before actually made profit from rentals....until now....but hopefully this time they will keep loan to values at 75%.....this should slow the sales down and improve rents..... Yep, that's right; as capital values continue to fall the yields will go sky high. Great business model. /sarcasm mode off Quote Link to comment Share on other sites More sharing options...
snowflux Posted November 20, 2008 Share Posted November 20, 2008 ....if the lending rates ease off, things should take a positive turn, especially now prices are lower.....its only the lending rates stopping people from buying/selling.....once they come down we will be off again You are joking, right? The main factors stopping people buying are surely: 1) Difficulty of saving a large deposit. 2) Fear of losing their jobs. 3) Able to buy the same house for a couple of thousand less next month. I doubt that a downward blip in lending rates is going to do much to overcome these concerns. Quote Link to comment Share on other sites More sharing options...
R K Posted November 20, 2008 Share Posted November 20, 2008 To OP:- You are Mrs Grant Bovey and I claim my £5 Quote Link to comment Share on other sites More sharing options...
General Melchett Posted November 20, 2008 Share Posted November 20, 2008 To OP:-You are Mrs Grant Bovey and I claim my £5 Although I reckon she could sub you more than a fiver Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted November 20, 2008 Share Posted November 20, 2008 I think they will revert to SVR at 7.5% which will mean rent will not cover mortgage. <snip> Is it just me or does anyone else find those five words utterley vulgar! :angry: Something just sticks in the throat about it. Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted November 20, 2008 Share Posted November 20, 2008 the roof, the roof, the roof is on firethe roof the roof, the roof is on fire we don't need no water let the motherfuc*er burn burn motherfuc*er. Burn! .... Fellow 80's Electro B-Boy in the midst? I'm 40 and I can still pop the odd windmill Quote Link to comment Share on other sites More sharing options...
irishhombre Posted November 20, 2008 Share Posted November 20, 2008 You are joking, right?The main factors stopping people buying are surely: 1) Difficulty of saving a large deposit. 2) Fear of losing their jobs. 3) Able to buy the same house for a couple of thousand less next month. I doubt that a downward blip in lending rates is going to do much to overcome these concerns. i should probably say that i only think that london will do ok over the next few years.....everywhere else is looking pretty bad. this thinking is purley based on my area, there is still a demand for good quality housing and i have seen the rents rise in the last 6 months by as much as 12% on one property and about 9/10% on the others....... ....i was amazed as anyone when the agent told me they could rent them for alot more than I was planning to rent them for.....and they did within a week of putting them on..... every area is different and it is very hard to generalise when it comes to property in the UK and Ireland...... good luck with the renting...... Quote Link to comment Share on other sites More sharing options...
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