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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33534
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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ok then this is quite a long drawn out thing but, ...my wife

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ok then this is quite a long drawn out thing but, ...my wife and I split about 5 yrs ago , she went off with her new man and bought a house on interest only mortgage using the collateral from the marital home to obtain a loan.
we placed the marital home on the market ,meanwhile I remained in the property and am to this day.
the recession followed very shortly and we found it difficult to obtain the price it was 1 st valued at.
we agreed to split all our assets down the middle which we went about doing over this period to date , we also got our divorce finalised over this period.
as we were not getting the kind of offers we initially anticipated we agreed to lower the price to sell .
still no joy so I proposed to let my ex buy the property at a vastly reduced rate from us and again we split the proceeds.
she then had to put her property on the market and wait for a buyer , ..all these things took 4 years to happen, she has now got a buyer and is due to move out on exchange of contracts, she wants to move back in here and then apply for a new loan for half the value of the property to pay me off, ..meanwhile I would have to find alternative accommodation .
the time is looming now and as I am 70 yrs old I will have a massive job getting a mortgage while I have to wait for my ex to sort out her finances and give me my share
it seems time has caught up with all of us as her boyfriend is 54 shortly and him getting a long term mortgage is also very remote it seems then forcing an application for a shorter term loan and therefore higher payments which will be out of reach.
I need to bring this to a closure for my sake and all concerned and all our agreements so far are verbal which has worked for us both to now but is now grinding to a halt.
I don't wants things to turn nasty as we have a family to think of but need to get some advice as to my next move , we obviously need to find a solicitor to get these arrangements put into writing. I feel like I would like to put this property on the open market again ,do I have to have permission from my ex spouse ? sorry its so complicated and so many questions at once but need closure on this
I would welcome questions from you so we can move forward with this. alan
Submitted: 2 years ago.
Category: 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 any mortgage?
What other assets do you have separately or jointly
What income do you each have?
Clare
Customer: replied 2 years ago.

I clare , how much is the house worth? well it was originally valued at offers around £400.000 or near offer 2 yrs later we agreed £350,000 , 1 yr later i proposed to offer it to cath my ex for £300,000 as i needed closure , there is no mortgage on the property at the moment , i did agree to put my name to a mortgage agreement for purchase of her present property using the collaterall in this house. our other assets we shared between us my mutual agreement and have been legally transferred to both of us .


we both have asssets of very roughly £400,000 in rental properties we had previously , again no mortgage , again very roughly profits are around £20,000 per year each

Expert:  Clare replied 2 years ago.
Hi
best case on how much the house would actually sell for today
How much is her current house worth?
How long were you living together?
Clare
Customer: replied 2 years ago.

I think it would sell for £300,000 but I need her to agree to that or buy it herself ,

her current house is sold now and the buyer is wanting to move in ..its sold at the same price she paid for it and as she had an interest only mortgage she ends up with zero .

we had been married for 18 years and living together 4 or 5 before that...

Customer: replied 2 years ago.

I think it would sell for £300,000 but I need her to agree to that or buy it herself, her current house is sold now and the buyer is wanting to move in ..its sold at the same price she paid for it and she had an interest only mortgage so she ends up with zero


we had been married for 18 years and living together 4 or 5 before that...

Expert:  Clare replied 2 years ago.
Hi
How much was invested in the house she is selling - which was released form your current property?
Clare
Customer: replied 2 years ago.

she borrowed £130.000 and £10,000 top pay off the small amount we had left on the marital home mortgage , so as to be able to get another mortgage as they would not give her a mortgage why her name was on another mortgage


I realise of course I still owe half of this ammount, the £10.000 that is .


and we agreed again verbally that if she paid me £145.000 it would settle this score


 

Expert:  Clare replied 2 years ago.
Hi
I am sorry I am a little confused.
The house in which she lives - how much is that being sold for?
Clare
Customer: replied 2 years ago.

£130,000 that's what she borrowed in the 1 st instance for it ,and she borrowed also £10,000 for to pay off the small mortgage we had on this house .


that house is not an issue with me apart from I agreed for her to use the marital home for collateral

Expert:  Clare replied 2 years ago.
Hi
Has she made any profit on that property?
Clare
Customer: replied 2 years ago.

no nothing at all

Expert:  Clare replied 2 years ago.
Hi Alan
It is perfectly reasonable for you to say that you now wish the property to be sold on the open market so that you can each take your share of the equity and move on
If she does not agree then you can apply to the court for an order for sale and it WILL be granted
You have been incredibly patient - especially as she had other assets she could have sold to facilitate the purchase - and it is time that your needs are prioritised
Please ask if you need further details
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33534
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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