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JustAnswerKM, Solicitor
Category: Law
Satisfied Customers: 42
Experience:  Court of Protection, civil litigation, divorce and inheritance
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I bought my husband out of our house and we used a figure of

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I bought my husband out of our house and we used a figure of K217,500 after getting 3 valuations. I remortgaged and paid him all but £9,500. I sold the house last week but only got £210,000 but my husband is still wanting the full £9,500 whereas I think we should split the money "lost" I.e the 7,500 less I obtained. Surely if I gave him the full amount I and my son have lost out?
Good evening Thank you for your message. I will do all I can to help.Before I can answer your questions fully, may I ask was this agreement with your husband recorded in a written document, Court Order or Consent Order?Is your son under 18? I look forward to hearing from you. Kind regards Krystel
Customer: replied 2 years ago.
No it was purely a verbal agreement. No, my son is 22.
Thanks for that.Lastly, are you and your husband going/gone through divorce? Do you know if you owned the property with your husband as joint tenants or tenants in common?
Customer: replied 2 years ago.
Hi No we divorced in 2014. I'm not sure how we owned the property.
Customer: replied 2 years ago.
Looking at the definitions however I would think it was joint tenants.
I will go on the basis that you owned it as joint tenants as most married couples do when they purchase property together. You are therefore correct that as joint owners, you both bear the profit and the losses of a property when sold. If it is found that you held the property as tenants in common, then he would be owed his percentage share of the property. It will be difficult for him to argue a variation because he is relying on a verbal agreement whereby adjustments in the property value had not been taken into account plus he permitted you to proceed at his own risk. If he was to take this matter further in the family Courts, he would face difficulty justifying why he should receive more knowing full well there was a loss. The Judge in the family Court has the power to share the property in a way that is fair to the parties and children (or adult-child in this case). If £210,000 was the sum you managed to sell the property at, in reasonable time and marketed the property correctly, then the Court will take that into consideration when making their decision as to what is fair to avoid any party losing out. I hope that helps. Best of luck, Kind regards Krystel*Please rate my answer so I can be credited for it.
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