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Ask Clare Your Own Question
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34890
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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I want buy the equity of my husbands equity in the house

Customer Question

I want buy the equity of my husbands equity in the house
Submitted: 4 years ago.
Category: Family Law
Expert:  cityguru replied 4 years ago.
Hi can you explain what you would like to know about this?

Customer: replied 4 years ago.
Hi my husband was mad bankrupt 3 years ago now 2weeks ago the trustee said he had the house valued at 460,000
And my mortgage and charges comes to about 410,000 so they want 24,000 my partners share .
I write back and got 2 valuations which came to 425,000 and offered them 8000
They automatically applied to court they have only given me 5 days to sort it out
What do I do next
Expert:  cityguru replied 4 years ago.
Are you saying they have applied for an order for sale? The trustee has to do this within 3 years of the bankruptcy or he will lose the right. You need to try and reach an agreement. you should at ten court anyway and see if an agreement can be made otherwise the court is bound to order sale unless you are currently in the course of divorce proceedings when you may be abel to get a postponement for a period.

You cold also consider defending the proceedings if you could show you contributed more than half and you ought to have a greater share.
Customer: replied 4 years ago.
Yes as they want 24,000at there valuation
So do you say I should just pay what they asking for
I'm due in court 27 February
So do I agree with there demand are make another offer
Customer: replied 4 years ago.
Can I pay them weekly over a period of time
Expert:  cityguru replied 4 years ago.
The difficulty for them is they have to show they are getting full value but equally they have to be sensible and if you have other valuations they should pay some account of those. Certainly you should try and negotiate - you do not have to accept their figure. It is a matter for negotiation. Certainly I would not go the figure they are asking for.

What they will accept is up to them. I doubt if they would accept weekly payments. Given the size of the mortgage etc if you cannot fund the buyout there must presumably be a credit risk to them.
Customer: replied 4 years ago.
I mean 12 months to pay back
Customer: replied 4 years ago.
The house next door took 2 years to sell
Expert:  Clare replied 4 years ago.
Thank you for your question.
My name is Clare and I will do my best to help you
If you have clear evidence that the house is over valued on their part then you should write to them again setting out that evidence and asking them to agree to a further joint valuation to establish an agreed figure
However please be aware that they will NOT accept payment by instalments - so if you cannot raise even the £8,000 there is little point in arguing the matter
If you can raise the money and they will not negotiate it is worth taking the paperwork with you to the Court in February and saying that you are willing to negotiate - but that the Trustee is not.
I hope that this is of assistance - please ask if you need further details