Buying a house will still tied to my ex-husband

Discussion in 'The Buying & Selling Process' started by luckyone, 25th Feb, 2020.

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  1. luckyone

    luckyone Well-Known Member

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    Hi Everyone,

    Just wanting some advice. I'm thinking of buying a house to live in. I'm so over renting already, and also because interest rates are soooooo low, it would actually cost me less to buy. I've found one I really like, the problem is that I'm still tied to my ex-husband. We sold most of our properties after we separated (we're now divorced), however decided to keep one investment property each. We have a court order that grants this arrangement, however neither of us have actually refinanced the place we are keeping.

    So this is my question? Is it a bad idea to buy a place without him having taken over the property he is keeping completely i.e. he hasn't refinanced the loan yet?

    Also, the house has a pool. I've never owned a pool before. Is it worth getting a separate building inspection for the pool? It says in the building report that the pool is in good condition, however there is some rust in one part of the pool. It's a small patch about 10cm x 10cm at most. I'm not sure if that's anything to worry about?

    Finally, there's no evidence of termites in the house, or any existing termite damage. However, there is termite damage in the shed which is out the back and stores the pool equipment. The report says there is no evidence of live termites in there. Should I get a more thorough termite test done? Or is it a waste of money? And how much does termite prevention treatment cost?
     
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Plus Member

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    You are probably acting as bare trustee for each other at this point until title is transferred. Your new purchase is not connected to the existing properties but you will be affected any any loans you have, including joint loans of loans over his property.
     
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  3. luckyone

    luckyone Well-Known Member

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    Thanks, I'm aware of that, but my broker thinks it will be fine.

    My father thinks I shouldn't buy until the two investments are sorted out, but I really can't see the big risk that he sees in doing so. Am I missing something? (He's very paranoid though, very risk adverse)

    I'm not planning on buying anything else for a while as I won't have the funds, so I'm not worried from that perspective either.
     
  4. thatbum

    thatbum Well-Known Member

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    Have you not fully complied with family court orders then? Why wouldn't you sort that out first?
     
  5. luckyone

    luckyone Well-Known Member

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    We each have 2 years from the order date to comply with the orders. I've only just got myself into the position where I can comply with my part of the order. I lost my job about 2 weeks before he left me, which is the reason for the lengthy timeframe.

    So yeah, once this is done I will be compliant with the orders, but he won't be. He says he'll get his done "soon". He's been saying that for about six months now though, so I'm not sure when he'll actually get that done.
     
  6. thatbum

    thatbum Well-Known Member

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    It sounds like there's some refinancing to do in order to complete compliance with the orders. So wouldn't you buying a new place seriously affect that?
     
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  7. luckyone

    luckyone Well-Known Member

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    I'll be refinancing the investment house that I'm keeping as part of the buying process. So I'll be fully compliant with the order after that. In fact, i'll be refinancing even if I don't get the loan as I think that I should while I can afford to, just in case my circumstances change
     
  8. Trainee

    Trainee Well-Known Member

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    How does it change things if, for whatever reason, your ex isnt compliant with the orders?
     
  9. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

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    It may complicate things enormously to progress at this time. Your broker wants a sale. Your Father is being rational and I would listen to his wise guidance before you make a mess of your credit file in the process.
     
  10. thatbum

    thatbum Well-Known Member

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    So your ability to do that will be affected by taking on another property + loan right?
     
  11. luckyone

    luckyone Well-Known Member

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    Yes, I guess so. Though that loan (to refinance the investment property) has just gone unconditional, so I'm able to do that now.