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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33946
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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Hi,Wonder if you could give me some advice on a current

Customer Question

Hi,

Wonder if you could give me some advice on a current scenario.

I own a property as joint owner with a partner with whom I have now split. She wanted to take over the mortgage but the mortgage company won't allow. I then proposed whether we sell or I take over and my partner was happy for me to take this over.

She calculated what she was owed from the property and I deducted what I was owed from it (gym membership, car tyres etc). I then paid her a settlement figure as she wanted to move from the property (her choice). I have also now taken on all the mortgage payments etc. I remortgaged another property to place a 20% deposit on this property.

My ex-partner then queried about getting a valuation to see if the price has increased to potentially sell (which I don't want to do as can comfortably take over). This was outside our agreement but I said I am happy for her to do this if she pays back the money I gave to 'release' her from the property and continues to contribute towards the mortgage. She got upset and is now ignoring me.

She had agreed to sign the mortgage and property deeds over to me once I paid the agreed amount which I have but I am worried if I embark on this route and shell out fees she may not comply. Not sure how I approach, do I need to pay a solicitor to resolve? Am I in a bad position and we are joint tenants and have put a larger amount of deposit into the property? I have been fair and given her first option for everything so not sure what else to do.

Many thanks

Kind regards,

Mr N Smart
Submitted: 2 years ago.
Category: Family Law
Expert:  Clare replied 2 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?
How much have you paid her
Clare
Customer: replied 2 years ago.

Hi,


 


Thank you.


 


The property was bought for £222,500 3 months ago (was advertised at £225,000). May have gone up slightly says a local estate agent but not much.


 


I put down £44,500 deposit.


 


I have paid her £3,750 to date.


 


Many thanks

Expert:  Clare replied 2 years ago.
Hi
How much is outstanding on the mortgage and dis you protect your investment with a Declaration of Trust
Clare
Customer: replied 2 years ago.

Hi,


 


I believe there is £178k o/s at the last statement. I can check this.


 


No, did not sign a declaration of trust, just joint owners.


 


Thanks

Expert:  Clare replied 2 years ago.
Hi
has she accepted that you should have credit for the deposit that you put down?
Clare
Customer: replied 2 years ago.

Hi,


 


Thank you for your quick responses.


 


In communications, I sent a text message at the initial stage to her. I said the options were basically, we buy each other out or sell.


 


I sent her a text saying (verbatim) 'If you bought me out it would need to include the deposit I put down (minus what you paid of course).'


 


She replied 'OK. Thanks. We'll do what we can to help each other out'.


 


The deposit was done so we both benefitted from a better mortgage rate. I remortgaged another property to do this and the remainder of these funds paid the stamp duty and solicitors. I calculated what the cost of this additional borrowing was and we split this. I however, paid her back what she paid towards this in the £3,750 payment I made to her to 'release' her from the property (this was itemised in a spreadsheet calculation that she constructed and we subsequently agreed to include deductions for the stamp duty and solicitors cost that I paid from the remortgage).


 


In our communications since there has been no discussion about the deposit. She has merely referenced benefitting from the increase in property value in the 3 months we have owned. I said this broke our original agreement and if she wanted to do this and get a valuation she would need to pay the money back I gave her as that was to 'release' her from the property (she pays nothing towards it now).


 


I now do want want to incur costs in view that she may not sign over the mortgage and deeds. She has recently ignored communications from me.


 


Thanks


 


Nathan


 


 

Expert:  Clare replied 2 years ago.
Hi
Why do you need her to pay this money back first - from what you have said you have already paid her more than her share of the equity?
Clare
Customer: replied 2 years ago.
Hi,
I only suggested she pay this money back if she wanted to get a valuation and then benefit from any market value increase . I was only trying to be reasonable and accommodate her as she complained about the stress she had gone through after moving and I only wanted to be fair.

I paid her the money which we agreed consisted of:-
-mortgage payments made
-contributions towards furnishings and items for the property
-minus what he owed me

It was to essentially release her from the property from completion. By asking for a valuation it seemed she wanted to benefit from the property but had received her contribution back which is not fair. I was essentially saying you can't have your cake and eat it.

In any case, she did not have the money to return and said to 'forget it' she would live with her losses. I have sent 2 messages since and received no replies so not sure how to proceed.

Thank you
Expert:  Clare replied 2 years ago.
Hi
have you asked the Mortgage company if they will release her from the mortgage?
Clare
Customer: replied 2 years ago.
Hi,

Yes, they provisionally accepted me to take it over then just advised that although affordability is fine I was slightly under their credit score, so it was refused formally. I called Experian who said that nothing actually adverse other than a new credit card account and the mortgage which was the reason ironically. I can wait a few months and my credit score will improve or get a new mortgage with another lender.

I was worried that getting a new lender means me having to pay an early release fee and then she may not sign. My mortgage broker is ready to check alternative on my instruction.

I do not want to sell and my ex-partner said she would rather me take it over than sell,

Thanks
Expert:  Clare replied 2 years ago.
Hi
There is still a lot of paperwork to deal with to ensure that the property is transferred into your sole name!
In fact where a transfer of equity is to take place the starting point is to obtain an agreed valuation of the property; deduct the outstanding mortgage (and in your case the original deposit) and then divide the balance equally between you
That is the approach that would be taken by the court.
On that basis , from what you have said, you have already paid more than a court would order.
On that basis and since it would in fact work in your favour there is no reason not to agree that she obtain a valuation - at her own expense - using the Estate Agent nominated by you - if she wishes to dos o.
You can then do the appropriate calculation and show her that she has already benefited fully.
If there is likely to be a delay in the Transfer then you should ask her to sign a Declaration of Trust confirming that you are the only person entitled to the proceeds of sale
Please ask if you need further details
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33946
Experience: I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
Clare and other Family Law Specialists are ready to help you
Customer: replied 2 years ago.
Many thanks,

In view that I cannot trust the individual would you advise getting a solicitor involved to ensure what is agreed can be stuck to as I do not want to incur costs if she does my sign or changes her mind again?
Expert:  Clare replied 2 years ago.
Hi
I would sort the valuations out first then get a solicitor to draft the Declaration of Trust
Clare
Customer: replied 2 years ago.
Brilliant, thank you very much for you help Clare.

Regards,

Nathan
Expert:  Clare replied 2 years ago.
Hi
You are most welcome - good luck
Clare

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