Ask a Family Law Question, Get an Answer ASAP!
Hi, thank you for your question. Just a bit more information required to fully assist you:
-Are you married to each other?
-Was it detailed in the declaration of trust the process you have agreed to sell the property?
Thanks for confirming. Given that the agreed procedure is set out in the declaration of trust this must be followed.
In relation to the amount you need to settle, it would appear that you first need to settle the mortgage - which I would imagine would be in proportion with her share of the property (so 45% of the outstanding mortgage), and then to provide her the remaining equity. I have calculated - her share of mortgage is £60,750 and her share of the total value at current price is £81,000 therefore her share of the equity is £20,250.
If she gives notice to buy your share, but cannot afford it then obviously that cannot proceed.
If your partner refuses to agree to engage, you will need to apply to court under form N1 and a £355 court fee to your local family court to proceed with a sale.
I hope this assists you. If you found this information helpful please provide a positive rating using the stars at the top of this page. I will not be credited for answering your question without a positive rating. Thank you