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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34289
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I have my name on two property's, I pay the mortgage on both,

Resolved Question:

I have my name on two property's, I pay the mortgage on both, since my divorce I have continued to pay as agreed, during the divorce it was agreed that the marital home was to be sold at a selling price was agreed, my
ex wife lives in one property and I live in the other which is to be sold, the property has been on the market for just over 12 months, in which time she has changed her name by deed poll without informing the mortgage companies, I have since received a letter informing that she now wants to reduce the sale of the property that we have agreed to sell, I feel that if I do reduce the cost of the selling price I will no longer able to afford to buy another property as I am on wrong side of 60 and therefore be made homeless, due to the fact that I was left with debts and A ccj hangs over me, she will be in the other property mortgage free and debt free.
What can I do?
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.
Is there a Financial Order sealed by the court?
How much are the two properties worth and what share of the equity is she due from the house to be sold?
Clare
Customer: replied 2 years ago.

Morning Claire

The property she currently lives in is worth £102488.36 she pays no mortgage or rent on it, I do pay the mortgage and have done for the last 20 years, this prophecy is to remain in her name and my name taken off.

The property I live in is worth £435000.00 and I also pay the mortgage on this, this is the property to be sold, the current mortgage left on this property is approximately £200,000.00

There is a court order which states that the property I live in is to be soled and she is to receive 50% after costs and I to receive the remainder.

My problem is if I reduce the sale of the property I will have less equity to be in a position to buy a smaller property .

We all know that the property market at the moment is not good , she and her solicitor seem intent to push this. Either she or her solicitors are in contact on a weekly basis with the estate agents questioning progress, in turn he then contact me.

I myself am at the point to walk away and make myself bankrupt I've had enough

les


Customer: replied 2 years ago.

Morning Claire

The property she currently lives in is worth £102488.36 she pays no mortgage or rent on it, I do pay the mortgage and have done for the last 20 years, this prophecy is to remain in her name and my name taken off.

The property I live in is worth £435000.00 and I also pay the mortgage on this, this is the property to be sold, the current mortgage left on this property is approximately £200,000.00

There is a court order which states that the property I live in is to be soled and she is to receive 50% after costs and I to receive the remainder.

My problem is if I reduce the sale of the property I will have less equity to be in a position to buy a smaller property .

We all know that the property market at the moment is not good , she and her solicitor seem intent to push this. Either she or her solicitors are in contact on a weekly basis with the estate agents questioning progress, in turn he then contact me.

I myself am at the point to walk away and make myself bankrupt I've had enough

les

Expert:  Clare replied 2 years ago.
HI
When are you allowed to stop paying her mortgage?
Clare
Customer: replied 2 years ago.

Hi

Im Not !

I have to continue to pay the mortgage until this property is sold

Expert:  Clare replied 2 years ago.
Hi
Was there any deadline set for the sale of the property - and do the Estate Agents say that it is overpriced?
Clare
Customer: replied 2 years ago.

Hi Clare

No dead line set.

The estate agent has reviewed the property and said for a quicker sell he would drop the price by £50,000.00 because she keeps on at him.

Les

Expert:  Clare replied 2 years ago.
Hi
That is a substantial drop.
Have you spoken to other agents?
Clare
Customer: replied 2 years ago.

Hi

Yes, two others thay seem to think if I was to drop the price to between £385000.00 £395000.00 that it might invite moor byers, that would not put me in a strong position to bye, because the offers would be lower than that, as we all know,

les

Expert:  Clare replied 2 years ago.
Hi
So they agreed that at present it is overpriced?
How much is outstanding on the mortgage on the property that she live sin?
Clare
Customer: replied 2 years ago.

Morning Claire

Time is getting short as I have to give an answer to the estate agency my ex-wife solicitors are threatening to put it in the hands of the courts, and quite frankly I'v not got the time to waste in court.

The outstanding mortgage that she lives in is £102,000 and is worth if sold £145,000 .

Les

Expert:  Clare replied 2 years ago.
Hi
Do not let them hassle you - applying to the court will not guarantee success for them - they are simply using it as a stick to beat you with
So there is no loss to her as things stand.
You are paying her mortgage - and in fact she will only just receive enough to pay it off if there is a sale.
Unless she can show that the property is overpriced for sale in a reasonable length of time then the fact that you will not be able to purchase an alternative property will mean that the Court will b e reluctant to reduce the sale rice by more than is strictly necessary.
So you need to find out how much is justified -and agree to that and no more
Please ask if you need further details
Clare
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