Current value of house is £450K....and there is a personal loan of (£30,000 Tracy and £20500 her husband.)attached to the house.
Selling costs are likely to be £13500 leaving total equity £386000. Can we deduct also repurchasing costs expected to be some £11500 for stamp duty and legal costs ?
Also all estate agents (3) say that to sell it would be necessary to renovate existinh house at a cost of some £12000.-£15000 Does this come off nett equity.
Her husband has NEVER paid for any mortgage (married 2009).and Tracy has always paid household bills (apart from weekly food).
He may claim that he need a house to have his son stay, but in fact he has only recently taken an interest in him, and has been renting since he was asked to leave and his parents refused to allow him to move back in.!!
He is unlikely to get a mortgage as his declared income is considerably lower than his actual income(allegedly).
SPECIAL NOTE.......when Tracy separated from her first husband it was on grounds of irreconcilable differences and he agreed by contract (Deed of Separation to provide her with funds from sale of house to enable her to purchase a Three bedroom property subject to an overriding agreement that she would continue to provide accommodation for HIS children until such time as they each elected to move out(he provided at that time £240,000). He currently lives in his parents house and occasionally the oldest girl stays overnight.
As Tracy is currently runing at a loss all of her limited savings have been used up , he does NOT pay her any maintenance ( the boy receives £55.00 per week.) He does NOT support his stepchildren and never has.
Carl 17 (is unfortunately a severe Crohns suffere and gemma 21 is a severe asthmatic and allergy sufferer, as result of which she has been hospitalised on more than one occasion. It is unlikely that she could manage if she moved out as she often needs medical care. Also Scott the boy of present marriage is alo a severe asthmatic and needs constant care.
It is likey that it will be essential to sell anyway as Tracy cannot afford outgoings as she has only a part time job Special needs teaching assistant) and tax credits. Part of tax credits may be reduced if Carl gets an apprenticeship.
If E forms are exchanged is it usual for the two Solicitors to come to an agreement or does it go before a court anyway.......Whilst I accept your advice NOT to mention his 'actions' on the E Fom, if it goes to Court then surely a full disclosure would be in order.
Tracy was prepared to consider a reconciliation , despite his admitted adultery but the other factors were too horrendous to accept in a heterosexual marriage.
If a amount is agreed by the parties or the Court based on current valuation what is situation is selling price varies + or - . Does he have the right to claim more if it increases. Alo if Gemma did decide to move n with her own Father (or elsewhere would that affect matters.)
Tracy' solicitor has been advised of maximum that could be provided( if I as her father withdraws from my pension fund) up to a max of £44000 and I could forgo my loan of £20,500) meaning he will get about 65000 which is double his total contribution.
In the event of greater award to him Tracy would have to move to a cheaper area some considerable way away, and this would be totally unfair to the child as he would lose contact with not only his friends but both maternal and Paternal grandparents(none of us GPs want that !!.) Can you kindly advise of your thoughts with this info.?