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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33948
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I split up from my partner 5 years ago. We had two properties

Resolved Question:

I split up from my partner 5 years ago. We had two properties and I agreed a settlement which was paid following valuations of both properties.

However, 5 years on I have been unable to obtain a mortgage as my name has been on two mortgages and have had to incur substantial rental income therefore resulting in depletion in the amount paid.

I did ask my ex to have my name removed from the mortgages on several occasions, but was told that if my name was removed, he would have to remortgage properties which would mean an increase in the interest rates which he could not afford. Therefore he has benefited from my name being on two mortgages over the 5 years.

One of the properties has sold and the net sale proceeds are being held by a local Solicitor until I agree to release of them. However, I have asked my ex partner for a further sum to compensate me for the inability to purchase a property and him having the benefit of my name being on two mortgages resulting in him having preferential interest rates.

My ex partner has declined my offer and is only offering me a "good will gesture" and has taken legal advice (even though he said he did not want to).

What are my legal obligations. I did not sign anything when the payment was made 5 years ago (only verbal).

As indicated one of the properties has sold therefore the sum he paid to me 5 years ago is reflected in the net sale proceeds.
Submitted: 3 years ago.
Category: 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.
What is happening with regard to the mortgage on the other property?
Clare
Customer: replied 3 years ago.


Nothing at the moment. Still in joint names.

Expert:  Clare replied 3 years ago.
Hi
Have you said that you will not release the funds until this is changed?
Clare
Customer: replied 3 years ago.


Yes and I have asked him for a further sum of £20,000.00 but he has said not entitled to it.


 


He says he has not benefited from my name being on the mortgages. If I agree to release the net sale proceeds then he will get the sum he paid to me plus the net proceeds of sale on the current property which will be in the region of £100,000.00

Expert:  Clare replied 3 years ago.
Hi
You can certainly say that you will not release the funds until your name has been released from the other mortgage.
There is no way on which he can challenge this successfully.
With regard to the £20,000 that is harder to assess but since you did not sign anything and he did not release you from the mortgage he is in some difficulty
He will have to apply to the court to release his funds, whilst you can simply do nothing and I do in fact believe that a court will grant you a further sum to reflect your inconvenience and loss
I hope that this is of assistance - please ask if you need further details
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33948
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
Clare and other Law Specialists are ready to help you
Customer: replied 3 years ago.

Thank you for your assistance.

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