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Ask Clare Your Own Question

Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33548
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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How to draw up an agreement when buying up a share of a

Customer Question

How to draw up an agreement when buying up a share of a mortgaged property, eg my son's partner wants to split from the relationship. They are in a property with a joint mortgage, so they either have the option to sell, or (as my son's partner suggested) if I put up the money of half the equity in the house and paid that to my son's partner to buy her out. What is the best way to approach this. Any advice please.
Submitted: 5 months ago.
Category: Family Law
Expert:  Jo C. replied 5 months ago.

In that case, you don't have a positive defence I'm afraid.

Come what may, the reminder at least was received at your address and you didn't respond. There is case law that says that a person away from home should keep tabs on their post and so the fact that you were away does not assist.

You could always ask the prosecution though to accept a plea to speeding alone. Quite often they will do that. It is rare that they pursue failing to identify if a plea to speeding is being offered.

Obviously you can only do that if you can identify the driver truthfully though.

Can I clarify anything for you?

Jo

Customer: replied 5 months ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Jo C. replied 5 months ago.

I'm so sorry. That post was designed for another question. I will opt out for others.

Expert:  Clare replied 5 months ago.

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further information first

How much is the property worth and how much is outstanding on the mortgage?

Customer: replied 5 months ago.
The property has had one valuation so far of £315,000 and arrangements being made for 2 more valuations next week. I will have to find out the amount of outstanding mortgage - I think it was £200,000. My son has today contacted the mortgage company and they have said it shouldn't be a problem to transfer the mortgage solely into his name. If they relinquish the mortgage at the moment, as it has another 18 month period to run, they would incur a £9000 fee. If I go ahead and 'buy out' my son's partner, her share of equity would be approximately £60,000. I hope some of this helps at least. Janice
Expert:  Clare replied 5 months ago.

So you would pay her the money and the property would belong solely to your son is that correct?

Customer: replied 5 months ago.
that's correct
Customer: replied 5 months ago.
Clare I have found out that there is £193,000 owing on the mortgage, which was one of the questions you asked of me. Janice
Expert:  Clare replied 5 months ago.

Do you wish to protect your investment in the property or is it simply a gift to your son

Customer: replied 5 months ago.
It is simply a gift.
Expert:  Clare replied 5 months ago.

Then all that may be required by the Mortgage Company is a signed Gift Declaration from you.

Your son should make the formal applictaion to the mortgage company for her release from the mortgage and be open and honest about how this will be financed.

It should be made plain that there WILL be a lump sum settlement as this needs to be on the Transfer Documentation to prevent and further claims.

I hope that this is of assistance - please ask if you need further details

Customer: replied 5 months ago.
Thank you very much for providing helpful information and clarity to this matter. It will be so useful, especially when there is so much to think about through this difficult time.Janice
Expert:  Clare replied 5 months ago.

You are most welcome I hope all goes well

Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33548
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 5 months ago.
I'm not sure if things are going to go smoothly. It seems that the 'lady' is expecting me to just hand over monies to her and I'm doubtful at the moment if she would agree to signing the transfer documentation that the mortgage company will require. It's a very worrying time as you can appreciate. I will definitely not hand over any monies until there is an airtight agreement.Janice
Expert:  Clare replied 5 months ago.

Under no circumstances should any money pass over until she has signed a TR1!

Customer: replied 5 months ago.
Clare, thank you for that. The lady is proving to be very difficult, going back on previous agreements, emotional blackmail etc., so at this stage I think the offer of buying her out may be withdrawn. It seems that she can't be trusted and this offer if on the table could be risky. I will pass on the information about signing a TRI (could you let me know what that stands for, I guess it is Transfer........). The road ahead is going to be rather rocky to say the least with a lot of hurdles along the way. It goes to show that you think you know somebody, when you really don't.Janice
Expert:  Clare replied 5 months ago.

Yes it is the Transfer. I hope things go as well as they can - it may be best for them to discuss this using Family mediation

www.familymediationcouncil.org.uk

Customer: replied 5 months ago.
Thank you Clare for the mediation link. We may very well need this intervention.Janice
Expert:  Clare replied 5 months ago.

I hope all goes well

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