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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33827
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I bought a house with my partner in joint names. In 2008 we split up, we wrote an ag

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I bought a house with my partner in joint names. In 2008 we split up, we wrote an agreement by hand between us that he would take £5000 as full and complete payment in settlement of equity and property and that he would have no call or claim on present or future money value or any equity in the property, as part I would undertake full responsibility the mortgage and all other costs property I am now in the position to get a buy to let mortgage in my sole name and he has been asked to sign the transfer documentTR1 etc, but he has come back with he wants more money to sign, this agreement between us is typed out and we both signed it and had it independently witnessed can he is this agreement have legal standing
my solicitor says she cant help as she just deals with property
kind regards Sue
Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 years ago.

Thank you question.

I will do my best to help you but I need some further information first.
Did either of you have legal advice at the time?
How much is the property worth and how much is outstanding on the mortgage?
Clare
Customer: replied 2 years ago.

clare

no neither of us took any legal advice, the property has just been valued mortgage application at £220k the outstanding mortgage is about £164k

Expert:  Clare replied 2 years ago.

How was the purchase funded and what was the value of the property at the time?
Why has it taken you so long to obtain his release from the mortgage?
Clare
Customer: replied 2 years ago.

Clare

the purchase was funded from the sale of a previous property that I had in my sole name when we meet them I put his name on the mortgage that was sold and we bought this property we paid £205k, at the time of our split we put the house up at £185k best offer was £170k but was not able to sell it so we made this agreement. the time scale is purely down to the economy I have not been able to get a mortgage in my name only, now I can do that. I have paid the mortgage and all other bills last 6 years as per the agreement

Expert:  Clare replied 2 years ago.

Do you have any evidence of the extent of the equity at the time of the payment?
Clare
Customer: replied 2 years ago.

no don't think so I may be able to get a copy of the estate agents paper work sale price?

Expert:  Clare replied 2 years ago.

How much has your ex asked for?
Clare
Customer: replied 2 years ago.

another 5k

Expert:  Clare replied 2 years ago.

That is a very cleverly chosen sum.
I say that because the time and cost of fighting it through the courts means that paying him £5000 could well be a good option.
The Legal Agreement that you both signed could well be enforceable - BUT your ex could argue that the seven year delay in releasing him from the mortgage was not anticipated at the time and has caused him problems over the years and that accordingly he is entitled to a further share of the equity.
Please understand that that argument may not be successful - but it is a reasonable argument to put forward when you apply to the court to enforce the agreement using the Trusts of Land and Appointment of Trustees Act
I appreciate that this makes matters less rather than more clear - but understanding your options is an important first step
Please ask if you need further details
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33827
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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