Should I Charge Rent?

Posted on 18 November 2011 by Megs


My husband and I have seperated after 44yrs, he still lives in the marital home which is mortgage free... he doesn't want to move out, but as he is retired cant afford to buy me out.. he suggested equity release of which I dont want to do.  As the market is poor at the moment its not a good time to sell .....So I am willing to let him remain in the house till the market improves... but should I be asking him for rent.... I have rent to pay myself and find it a struggle ... the house was changed into tenants in common a few years ago...

Megs

As the home is registered in your joint names and he is living in a house he owns, I do not see how you will get your husband to pay you rent?  You could try asking him nicely, but I think we know what the answer will be.

I am not sure why you do not want him to arrange an equity release mortgage to buy your share of the property?  If he can raise sufficient funds then the property could be transferred in to his sole name and you would walk away with your share of the equity.  Your husband by way of a contrast, would have a large mortgage debt with the interest rolling up until such time as he sold the property or died.

I recommend that you speak to your local Citizens Advice Bureau or seek independent legal advice to examine what options are open to you.

Peter

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