I re-mortgaged and gave the equity to him which gave me a 100% mortgage.The house prices did not change in the 2 years I had to raise the remaining money and still haven't in the almost 2 years since. It was a court agreement but previous advice told me he would need to take me to court to sue for the remaining and that it was very unlikely I would be made to pay the rest as I should never have agreed to the terms in the first place.
I've just dug out the paper work and it's a legal charge which is with the completion of registration - Land Registration Act
And what is the value of the charge?
The agreement not to co-habit etc. where is that documented? What exactly did you give him back then? You said the property was in negative equity so how could you give him anything? Can we have fine details of what was agreed and how please? Thanks
The legal charge was made on 2 July 2009.
1.1.1 the death of the mortgagor
1.1.2 remarriage or cohabitation with another person as man and wife for a period of aggregate periods exceeding 6 months
1.1.3 any disposition of a legal or equitable estate or interest in the mortgaged property
1.1.4 the 2nd anniversay of the date of the legal charge.
New mortgage = £149,524.71
previous mortgage = £134,630.98
paid to former husband = £12,480
remaining to pay to former husband = £15,500
My home has been valued at £150,000 for the last 3 1/2 years.
I appear to me missing what is triggered by 1.1.1 etc
Did you agree to pay him £27,980?
I did - against the advice of my solicitor (I had to sign a document saying I hadn't taken his advice). I naively thought the property prices would rise and I spent the 2 years after the divorce completely rennovating the house to make it more valuable. To no avail as it's transpired.
The thinf is, I know if he took me to court they woudn't make me pay as I've aready been told that. What I want to know os how long this has to drag on for before this agreement is null and void?
I did against the advice of my solicitor but I really just wanted the divorce done and him to go. I naively thought the property prices would go up and I'd be able to pay the remaining even though he had no entitlement to it. I've been advised that a court woud not agree for me to pay him the rest but I have to wait for him to take me to court.
However this is almost 2 years ago and there's no sign of court hearings. Can this just drag on indefinately?
It appears that various events trigger the repayment of the charge.However, even you some of those events have passed (2 years), he isnt pressingit.
The fact that you agreed this doesn't assist you, although the fact thatyou declined legal advice does to an extent.
This could go either way in court so don't bank on not paying him as youdid clearly agree to do so. However, I don't know on what basis he got morefrom the marriage than was actually in it!
The ball is in his court as to whether he presses for payment or not. Can Ihelp further?
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