How long ago was the transfer from joint names to your sole name and your payment of £20,000 effected?
Did you have solicitors at the time?
Was this payoff done as part of a breakup of a relationship or divorce and if so, did you have any children?
What was the value of the house time and how much was outstanding on the mortgage? Thank you
It would be worthwhile speaking to a solicitor about this who could advise you in depth as to whether you were taken advantage of and either sign this under duress or were coerced into doing it or didn’t know the nature and quality of what you were doing.
If you didn’t have legal advice on the effect of the transfer and she simply put the papers in front of you to sign, there is a good chance that you could have this revisited.
At the time, it appears there was £105,000 of equity and that would have given you £52,500.
However you have a child and you are both under a duty to provide a home for dependent children until aged 18. If she is going to have residence of the child and provide the roof for the next number of years until the child reaches 18, you may have had to wait a considerable number of years before the house was sold because the child was no longer dependent having reached 18, before getting your money.
Hence, if the child is, for example, 4 years of age now, would have had to waited another 14 years to get your money. The alternative in many cases like this is that a partner will settle for a much lesser sum to get the money now.
Because we were not party to the negotiations the time, we don’t know whether that’s the case but if she is providing a home for the child, it could account for why offered £20,000 rather than 50% of the equity.
However regardless of the above, if you didn’t know what you were doing the time because of your health issues, you do need to get it revisited to make sure that you have not been treated unfairly.
Can I clarify anything for you?
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