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Clare, Solicitor
Category: Law
Satisfied Customers: 35059
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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In 2009 my husband and I separated, at this time we could not

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In 2009 my husband and I separated, at this time we could not sell our property which was valued at £300K. At the time our mortgage was £60K, we agreed to release equity in the property by increasing loan to interest only at £160K; £100K was my husbands share. I have taken over the repayments, maintenance and associated costs since 2009. My husbands name remains on the deeds. He has used this money to re-invest into another property.
We are one looking to sell the property and working out how much I still owe him; property is now valued at £500K, I believe I owe him the balance of £300K - £60K mortgage and £10K agency and solicitor fees = £15K with interest from % of property. Is this correct?
HiThank you for your questionMy name is ***** ***** do my best to help you but I need some further information firstWas there any written agreement at the time?
Customer: replied 2 years ago.
Yes, we both agreed and signed a document along the lines above.
Does the agreement say how the balance should be calculated?
Customer: replied 2 years ago.
Section of the agreement has the following points:
'At some point in the future the property will be sold, at which point both parties to be in agreement. In this event the following is agreed:-
1. £100K to be paid to F Sinapi
2. £162K to be repaid to Halifax (outstanding mortgage)
3. The cost of any major maintenance or upgrade expense to be split proportionately between both parties
4. Balance of any increase in the property's value when sold in the future to be shared proportionately between B Sinapi and F Sinapi
Customer: replied 2 years ago.
Attached is copy of agreement.
How much have you spent on repairs and upgrades?
Customer: replied 2 years ago.
This is difficult to say, I have added a new wooden summer house/gym at end of garde, new brick built garage, new bathroom and shower room, external wall thermal coating. General maintenance and decoration.
Customer: replied 2 years ago.
In total max £20K
Customer: replied 2 years ago.
I don't know if this is of any significance, out two children have been living with me in the family home, now aged 28 and 24. I have not asked for any contribution towards food bills or anything towards house hold bills. I have kept house running and children/young adults watered and fed.
Are you intending to have a divorce?
Customer: replied 2 years ago.
Well, this is the reason why we are in this position; my husband wants to move forward with divorce and settlement of finance.
Under the terms of the agreement your ex is entitled to half of the increase in the value of the property - less £10,000 (his half of the costs of the improvements) - so roughly £100,000The only basis on which you would not have to pay this is if there is an alternative agreement negotiated within the Divorce Proceedings - which would take into account the equity he how has in his new property - purchased after all with funds from the matrimonial home.I hope that this is of assistance - please ask if you need further detailsClare
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