When I got divorced 14 years ago from very abusive H, he was awarded a charge over the marital home and I managed to keep the house payments up by taking in a lodger. When my youngest daughter finishes uni in May next year, my X will be entitled to get his money from the house and he has made several comments to the children that he'll be doing just that.
What is this process called ( redeeming the charge? )and how does it happen i.e. does my X have to apply and how long would I have to sell? The reason I ask is that I have 3 problems:
- I have been looking for over at year at properties but the market is dead and I need a much smaller property as he is getting a substantial payout, so I am also up against first time buyers who can move very quickly.
- I am about to be made redundant again (never work in financial servies) - 3rd time in just over 4 years i.e. will probably only get month in lieu of notice
- I have an opportunity (if I havent found anything more permanent) to work overseas between April and October next year and I can see it will be very difficult to buy and sell before I went. (Two friends in the same area who recently moved took 8 and 11 months respectively to complete their sales).
ANY HELP WOULD BE VERY MUCH APPRECIATED - I've googled and goggled (maybe not using the right terminology) and can't find out how the payout process works.
Some further background that probably has no bearing but just in case ...
Since the divorce, as his earnings power is much greater than mine, he has gone on to buy a house of about equal value, married a woman who also has a house and inherited 2 properties from a parent.
THANKS!