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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34233
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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Hello my question is that i have a flat that i rent out with

Resolved Question:

Hello my question is that i have a flat that i rent out with my ex husband of which the mortgage matures next may.He wants to pay off the mortgage and buy me out and keep the flat rented. The flat is valued at about 90 thousand we owe 40 thousand.He wants to offer me 16 thousand and reduce my income from our property business by 50 pounds a month and then sell the flat at a later date. I am not really happy on this offer would like some advice.
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.
Was the flat dealt with as part of the Financial side of the divorce at all?
Would you prefer that the flat was sold immediately?
Clare
Customer: replied 2 years ago.

Hi yes the flat is in the divorce settlement . I would of preferred it to of been sold before next may, because if its not i will have to pay half the outstanding balance out of my own capital, until it is eventually sold. My ex husband really wants to take the flat on so i need to agree with him on a fair price if he was to buy me out.

Expert:  Clare replied 2 years ago.
Hi
What did the Final Financial Order say about selling the property?
Clare
Customer: replied 2 years ago.

Hi the property is to be sold as part of a portfolio that we have mortgage paid off and other expenses then equity shared out. I have contacted estate agents who have valued the property at around 90 to 100 thousand we owe 40 thousand. My ex husband however has only offered me 16 thousand to buy me out and a reduction in my monthly income i receive from the business. My income was to have a variation of decrease from after each property sold depending on the equity made. So i am not sure if this would be the case in this property as he wants to keep the flat with rental income and sell at a later date .

Expert:  Clare replied 2 years ago.
Hi
There does not seem to be any financial benefit to you in this at all.
On that basis you may decide that you would prefer to insist on an immediate sale of the property and the equal division of the equity
You can do this either through the Family Court or using Property Law - but either way you CAN force the sale - and claim costs from your ex!
I hope that this is of assistance please ask if you need further details
Clare
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