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Clare
Clare, Solicitor
Category: Property Law
Satisfied Customers: 33942
Experience:  I have been a solicitor in High Street Practise since 1985 with a wide general experience.
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Hi my husband and I divorced in 2010, part of the agreement

Resolved Question:

Hi my husband and I divorced in 2010, part of the agreement was that I would remain in the marital home with our son who is now 22 for a period of 3 year after which it was to be sold and once all selling costs and outstanding mortgage had been paid off split 70/30 in my favour. The agreement said that all monies needed to be paid by 13th October 2013. The house was marketed and sold subject to contract before such date however the sale fell through. The property has remained on the market and after one more failed sale is now under offer again. My Ex is growing impatient for his money which I appreciate however I am having trouble raising enough funds to purchase another property. I wish to move from my current location to about 50 miles away and have been told that unless I get a job down there first I cannot get a mortgage, however I can't get a job until I am nearly ready to move and working in a school requires me to give half a terms notice. I am now receiving letters from my ex's solicitor telling me that if I have not moved by Easter they will start to charge interest on the money owed.
If the house had sold back in September we would have received an asking price of £215000 however I have just sold it for£250000 an increase of £35000 meaning my ex is already over £10000 better off.
I have had no help from my ex husband with the selling process and have done everything in my power to meet my obligations whilst ensuring that myself and my son have somewhere to live.
If he is to charge me interest surely it is only on the value of the house on 13th October 2013?
and how much will this be charged at?
Submitted: 3 years ago.
Category: Property Law
Expert:  Clare replied 3 years ago.
Hi
Thank you for your question
My name is Clare
i shall do my best to help you but I need some further information first
What does the Order say about interest?
Clare
Customer: replied 3 years ago.


There is no mention in the order of what would happen if the payment was late

Expert:  Clare replied 3 years ago.
Hi
What was the wording which included the deadline date?
Clare
Customer: replied 3 years ago.


It just said that monies were due on or before 13th October


 

Expert:  Clare replied 3 years ago.
Hi
How did that fit in with the fact that the property needed to be sold?
Clare
Customer: replied 3 years ago.

not sure I understand the question


 

Expert:  Clare replied 3 years ago.
Hi
My apologies I am trying to establish the exact wording of the order.
Where a property has to be sold in order to release funds the deadline is usually the date by which the property has ti be marketed - not the date when payment has to be made - and this is relevant to your question!
Clare

Customer: replied 3 years ago.


It just said Monies to be paid on or before and the date. So in answer to your question I have been told the house should have been sold and the sale completed by October 13th 2013 that is the only date mentioned

Expert:  Clare replied 3 years ago.
Hi
That is unfortunate as that does mean that he can claim interest from that date - but yes you should be able to successfully argue it can only be on the monies that would have been due in October
The rate is 8% per annum I am afraid - this is the Court rate
I hope that this is of assistance please ask if you need further details
Clare
Clare, Solicitor
Category: Property Law
Satisfied Customers: 33942
Experience: I have been a solicitor in High Street Practise since 1985 with a wide general experience.
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