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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34236
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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My wife and I are separating and Im taking over the property

Customer Question

My wife and I are separating and I`m taking over the property but can`t afford just yet to pay her half the equity on the property , only in about 9 months where I`ll be able to remortgate the property , and she has agreed to it . Is there paperwork that we can both sign to say she only gets half the equity on the present day valuation not the valuation when I remortgate in about 9 months time as I`m now the sole bill payer , she is not paying a penny towards any of the bills . Please advise
Submitted: 3 years ago.
Category: Law
Expert:  Alex J. replied 3 years ago.
Hi,

Thank you for your question and welcome.

My name is AJ and I will assist you.

If you are transferring her ownership of the property to you for an agreed sum this is a simple contractual arrangement. You are buying here beneficial and legal title for an agreed sum.

All you need is your solicitor to write up a contract that has "deferred consideration" payments. That means that the transfer of the property will be effective today and your obligation to pay is deferred to a later date.

Does the property currently have a mortgage on it?

I look forward to hearing from you.

Kind regards

AJ
Customer: replied 3 years ago.

Yes there is a mortgage on the property. Would the solicitor require the value of property plus ,what`s left of the mortgage and what ever is against the property i.e loans to get the present day equity .


 

Expert:  Alex J. replied 3 years ago.
Hi,

Thank you.

A solicitor will not value your wifes beneficial interest. It is up to the two of you to agree what is the price you are willing to pay and she is willing to accept in order to come an agreement.

Simply deducting the outstanding mortgage balance from an up to date valuation is certainly a sensible way of starting to formulate a price.

Do you have an up to date valuation?

Kind regards

AJ
Expert:  Clare replied 3 years ago.
Hi
Thank you for your question.
My name is Clare
In fact given your situation the most appropriate way forward is to have a Separation Agreement drawn up setting out the financial arrangements that you have made
Even more effective would be to have a Consent Order made within the Divorce Proceedings which is then enforceable.
Otherwise no matter what commercial agreement is signed the Family Court has the power to ignore it if they do not agree that the division of the family assets is fair
Clare