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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33942
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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Dear Sir/Madam, Bacground - I split from my partner at the

Resolved Question:

Dear Sir/Madam,
Bacground - I split from my partner at the time (we have no children together) in June 2010. The relationship had become quite toxic and without blaming any party we thought it best to split. We had a house together with a reasonable mortgage and a loan that isn't secured against the property.
We agreed to put the house on the market and sell it, while this was happening I agreed to pay half of the mortgage and half of the loan. I did ask the mortgage lender whether I could take on the mortgage on my own but due to my financial position at the time turned the application down.
It sat on the market until approximately 2012 when we received an offer 5% below the asking price. I was told by my ex partner that she would agree to the sale if I paid her £4000. I didn't have this kind of money and as far as I was concerned all debt and assets should be split 50:50. I looked into the situation and found the only way out to be a forced sale, the approximate cost would have been £2000 (which I didn't have) but also when forcing a sale the chance of acheiving a reasonable offer is low.
I agreed under duress, to let my ex partner stay in the house until her youngest daughter had left school.
My ex partner drafted an agreement with help of a friend for an agreement whereby she pays the mortgage and the loan (the majority of which paid for house refurbishment) until the house is sold.
The agreement ends next year, but there is a part which states the house has to go on the market November this year unless either part wants and can buy the other out.
I started communication in December about her plans so I can make mine. Her initial reaction was to say she wanted to buy me out by an agreed percentage. She then asked if I could buy her out to which I answered 'this depends on how much she wants'. She dropped me an email to say she is getting advice and we were to meet over a month ago via her work email. I responded to the message confirming date and time. on the day of agreed meeting I asked for the location and was told she couldn't make it she was still waiting on advice. since then I haven't had a response from emails sent on the 16/04 and 22/04. We work for the same company and I obviously don't want to cause issues and appear to hassle her but I am concerned there is more going on in the background.
Can you give me advice on the best way to handle this situation and would the agreement still stand, am guessing yes as I signed this of my own volition even if I felt I had no other choice?

Best regards
Martyn
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 your best assessment of the current value and the amounts outstanding on the mortgage and the loan?
Clare
Customer: replied 3 years ago.

Hi Clare,


 


My ex partner agreed to come with this information to the meeting. If necessary I can find this out Monday.


As a best guess Mortgage is approximately £115K house value £145K and loan has £5-6K outstanding.


 


Martyn

Expert:  Clare replied 3 years ago.
Hi
Can you now raise a mortgage to pay these off and give your ex half the equity?
Clare
Customer: replied 3 years ago.

Hi,


 


I should be able to now yes. Would you include the loan at the full amount and half the equity? In the agreement I signed it mentioned 60% for the other party. I would assume this still stands or is this agreement not really valid?


 


Martyn

Expert:  Clare replied 3 years ago.
Hi
Did you have any legal advice before the agreement was signed?
Clare
Customer: replied 3 years ago.

Hi,



No, not in relation to the agreement, the only advice I received was to go for a forced sale if my ex refused to sell. As mentioned, I wasn't in the best financial situation at that time and could see no way out but to sign it.


Martyn


 

Expert:  Clare replied 3 years ago.
Hi
Then she will struggle to enforce it since she has done nothing to "earn" that 10%!
Since you are still named on the mortgage and the loan you can contact the lenders and find out the outstanding amounts.
You should also be able to get a reasonable idea of the house value from the local estate agents.
You should then write and make an offer based on that and confirming that you will abide by the timing of the agreement but see no reason why she should receive a larger part of the equity
I hope that this is of assistance - please ask if you need further details
Clare

Customer: replied 3 years ago.

Hi, thank you for your advice, would it be unreasonable to assume that the time frame is not enforceable as well? Martyn

Expert:  Clare replied 3 years ago.
Hi
I fear a court would be more minded to accept the tie frame as it is linked to her daughters schooling so that is not an issue you should press - unless of course she refuses to deal with the matter in November
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33942
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.

Hi, thanks again for your help.best regards Martyn


 

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