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Ask Clare Your Own Question
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34105
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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I left my wife and the house where we lived, in May 2013 and

Resolved Question:

I left my wife and the house where we lived, in May 2013, and I wanted this jointly mortgaged property sold. (I have not paid anything towards the mortgage since).


 


However my wife would like to buy me out but only has about a third of what my share should be, but we would leave the remainder as equity in the property for me.


 


I think I am agreeable to this, however she has stated that my unpaid share of the mortgage payments would need deducting from the equity once the property is eventually sold when she retires in 5 years time.


 


Question - as I am not resident in the house should my back mortgage payments (when the house is sold) really be the full 50% (or 40% after initial payment from her) as she has full use of the house and I don't? (i.e. I'm looking to reduce these back payments)


 


Also any general comments about the viability of her proposal would be appreciated and can I use what you say in discussions with her or her representative. Thank You

Submitted: 3 years ago.
Category: Family Law
Expert:  Clare replied 3 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
How much is the house worth and how much is outstanding on the mortgage?
What other assets are there and what income do you each have?
How long have you lived together
Clare
Customer: replied 3 years ago.

Hi Clare,


 


house is worth £400,000


outstanding mortgage £120,000


we have already split assets (furniture/possessions)


as our pensions are similar we will not pursue this matter


I've retired early on one pension at moment of £4000pa and another from 2016 of £6500pa


my wife works, about £30,000pa


we were together for 15 years


 


many thanks,


 


Harry

Expert:  Clare replied 3 years ago.
Hi
Is she using a solicitor?
Clare
Customer: replied 3 years ago.

Hi,


yes to draw up this proposed agreement and to deal with last registry.


 


harry

Expert:  Clare replied 3 years ago.
Hi
Since she is the one who has the benefit of living in the property whilst you incur housing costs elsewhere there is no reason why you should make any payments towards the mortgage.
You should politely point out that she should regard that half of the mortgage payment as "Occupational rent".
If she is not willing to accept that then I see no reason why you should agree to remain on the mortgage and delay the sale
I hope that this is of assistance - please ask if you need further details
Clare
Customer: replied 3 years ago.

Hi Clare, yes my thoughts exactly, however with rising property values and the reducing value of the mortgage it seems to make sense to proceed on her terms. Do you think I need my own legal representation to proceed with her agreement and land registry matters?


 


Many thanks, Harry

Expert:  Clare replied 3 years ago.
Hi
Is it a repayment mortgage?
Clare
Customer: replied 3 years ago.

Hi, yes it is. Harry

Expert:  Clare replied 3 years ago.
Hi
How much is likely to be paid off the capital in this time?
Clare
Customer: replied 3 years ago.

Hi, over say the 5 years I calculate £28k. Thanks, Harry

Expert:  Clare replied 3 years ago.
Hi
In that case you could offer to give credit for half of any capital reduction prior to the final payment
Clare
Customer: replied 3 years ago.

Hi Clare, thanks, ***** ***** balance I think I can off-set my mortgage payments with the capital reduction and increase in property value. I don't think my wife would go down any other path. before I rate your answer as excellent is there a possibility of you viewing the agreement in August? Thanks, harry

Expert:  Clare replied 3 years ago.
Hi
Yes that would be fine - just ask for me in the question heading
Clare
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