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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 32086
Experience:  Over 5 years in practice
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In a separation settlement, (partner of 17 years, two children

Customer Question

In a separation settlement, (partner of 17 years, two children under 16) with respect to joint property is it possible to:
1. Agree terms of financial entitlement\settlement with respect to proceeds of house sale after a maximum time period (in this case 8 years when both children are over 18)?
2. Can that agreement be made legally binding to safe guard an agreed settlement?
3. Do the terms of such agreements (if they are possible) typically require the person departing the property to remain on the mortgage and liable for the property in terms of essential maintenance etc? (Thus making it difficult to secure another mortgage).
4. If it is possible to get legally binding settlement agreement, for example determining a % equity in a property after a certain time period, would such a document be recognised by a lender as means of securing a mortgage?
Further detail. Joint property is worth approx £680,000, with approximately £560,000 equity. There is an existing Declaration of trust that determines equity split of 26% percent to myself and 74% to my partner (although she has not met the terms stipulated by her solicitor on that document). She does not want to sell the property. She does not want to buy me out. She is using her perception of the children's need to keep their existing home as emotional leverage. All of my money has been invested in the property so I have limited funds to start again. I am trying to determine if there is a realistic way to meet her requirements but have some means of keeping a roof over my head.
Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 years ago.
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
How old are the children and how much does a cheaper three bedroom property cost to buy?