Yes he has paid the CSA rate.
Yes I would give him 18% of the market value of the property at the time of the draft agreement. He has paid absolutely nothing into the property since that time.This includes Mortgage,service charge and insurance, maintenance of the building, decorating and repairs. I also stupidly put a cash deposit of £28,000 down at the time of purchase and I paid £7,000 in the rental of a property while we looked for a flat to buy. I have paid for all works carried out on the property including repair of the boiler and windows and fittings such as curtains and carpet. He now has a two year old son with a new partner and this has definately influenced his change of mind mind on what percentage he now wants. I hope this helps.
Yes please i do need further clarification. Last year he asked me for an increase in the agreed 18% to reflect that he has had to wait for his money. I agreed to 20% of the previous market value.
Presumably He cannot force me out of my and my sons home when my son turns 18 in two years time and If I can't buy anywhere because of the high percentage he is demanding then it's not quite so straight forward. I cannot get a mortgage until I have at least two years self employed accounts to present showing a profit of £30K (I'm in my second year of self employment and have been unable to work much due to chronic illness.) So I don't have the money to rent either. Thanks
The property has had an offer of £550,000. There is £92,000 left on the mortgage. There is £25,000 debt attached to the flat and 2 bed properties in the school area in are £379,000 - £400,000. I have been looking for over two years. I recently found a flat for £379,000 and I proposed to my ex that he allow me to make the move and we sign a legal agreement to continue negotiating on percentages through mediation if necessary. I am very surprised at the offer on the flat because it is falling apart and I do not have the financial means to do anything to repair it anymore since I lost my job to illness. It needs a lot of money throwing at it and it is very clear to see this. Nevertheless the buyers fell in love with it inspite of this. They are a childless middle aged double income couple. My home does have huge potential for anyone who has money to put into it. But having struggled to hang on to it for the past ten years and to the detriment of my health I am tired and wanting to move to a smaller place so that I can build up my buisiness and have two years of accounts (to present my mortgage company) with the energy I save not worrying about the debts and the state of repair the flat is in. I asked my ex to consider that a move to a place that is in a good state of repair and likely to increase in value would be a way of keeping the capital safe rather than it decreasing as this flat devalues. He says he will only agree if I have his name on the deed of any new property.
Thank you Clare. What have you calculated that figure £76,000 on is ? Can I check one more thing? If his name is ***** ***** deed of a new property and I release some of his equity at this stage, which I'd dearlt like to do if I can, and the rest in two years time ,what would the situation with the deed be ?Would it be simple to remove his name once this is done?
Hello Clare. Please can you explain how a 'charge' on the property would work and what it is exactly. many thanks
sorry I still don't understand?It sounds like a guarantee?Please explain as if to a 10 year old start at the beginning so to speak. Also, If I buy another property there will not be a mortgage. Thanks
Hi Clare. I see, thank you this seems like a good idea and I hope that my ex will feel this too as he should feel more secure. Thank you you have also helped me to see that he is not as bad as it has felt, just scared and in need of security. When I work this out definatively can I take moving costs i.e conveyancing, estate agents fees etc off the equity sum?
Thanks so much
Clare many thanks you've been very helpful. Basically I can propose what you've suggested to him directly as my terms? He has a solicitor but I haven't because I don't have the funds and there is no legal aid for these matters. Best regards Caroline
I think that's it, Have I asked everything that I should? Sorry I'm just trying to be thourough. I can stand my ground on the 18% you think?
Yes will do. I feel calm and that's thanks to you!! Many thanks again, and all the very best to you Clare.
Many thanks again Clare you've really helped.
Hi Clare. I forgot to ask you. I have paid the insurance and service charge on the property in total £18,000 over the past 9 years, my ex has paid nothing of this or any of the upkeep of the property over the past ten years, i.e boiler maintenance, re-decorating, replacement of carpets, window repairs. Am I entitled to take this into consideration? Also when we bought the flat I put £28,000 cash down as a deposit, is there no hope of claiming this in my terms?