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Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.
may I ask if he is in a position to buy you out at this stage please?
Hi, he might be but it would be a stretch as his salary is lower than mine, he has child support payments every month and I don't think he has as much in savings as me. He has always said that he doesn't want to buy me out but if he does I'm OK with that, I don't mind moving, I just want to get a resolution to the situation as soon as possible.
We've not had the flat re-valued; if it's increased much in value then I don't think he'd be able to buy me out but I'd still be able to buy him out, I've confirmed with my lender that if I need to increase the value of the mortgage to cover an increase in his share of equity I will be able to do this.
Thanks. If you or for that matter your ex-partner wish to force the other to sell the property or by the other party out of the property, either if you can bring an application to the County Court under the trusts of land and property Trustees act to require that the other party either buys out your share or that the property is sold as price agreed between you will have any which determined the court.
ideally, you would of course be able to agree how to proceed between you without recourse to the courts but if you are not able to do so, then the above remains an option for you. Initially, you would wish to consider a valuation of the property for the purposes of calculating the amount you are prepared to pay or he you.
just as with any other property sale on the open market, it is a question of which of you is prepared to pay more to buy out the other parties share. if he is prepared to pay you more than you are prepared to pay him, then he will be able to buy you out unless you can show it would sell for more on the open market to a third party. The position is exactly the same vice versa
accordingly, you have presumably from what you say already made him an offer for his share and starting point may be to ask him if he is prepared to pay more than you have offered. If he is, and he can demonstrate that he is financially able to do so, then you can give consideration to increasing your offer for his share though you would likely wish to ensure that his offer is genuinely viable before you did so and involve a valuer to ensure you are not paying over the odds.
if you are unable to reach agreement, you may propose initially mediation and if that is not successful or he refuses to cooperate, ultimately you may need to consider litigation by issuing a claim under the trusts of land and appointment of Trustees act as referred to above. This would require the assistance of a solicitor as such claims are not straightforward
You can find a local specialist solicitor using the following link:http://www.resolution.org.uk/find_a_specialist/
You will need to just tick the box that says "Advocacy: Preparing and presenting cases in court"
is there anything above I can clarify for you?
Hi, if I do have to go down the route of the County Court application how long is this process likely to take, and how costly is it likely to be?
From start to finish it is likely to take 3-6 months depending upon court time and whether the parties pause for further mediation.
A straightforward TLATA claim can cost £1500 but if it is contested significantly this cost can escalate to several thousand pounds or even more. for this reason, if amicable resolution can be reached it is generally far better for both parties than litigation as your ex-partner would have his own legal costs to consider if he were to contest the matter in court
is there anything else I can help you with?
Hi, no I think that's all clear, thanks.