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House been on market for 2 years

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  • #16
    Re: House been on market for 2 years

    Originally posted by stevokenevo View Post
    LoL - It's not the father, or the abandoned children on here looking for help is it?

    I understand what you are saying - and there obviously is more to this than we probably are aware of. Especially if he is paying all of the mortgage and yet the ex-wife is entitled to 50% of the equity . TBH that does not add up.

    In normal cuircumstances I would agree with you and in fact I think as I said above , he can not be forced to sell the house when ther is a 12 year old child living there - which is probably why he is making no effort.

    However in the current circumstances it may actually be in his favour to buy the ex-out at a low price now - it makes sense for him to provide long term stability and have the house valued at a time when prices are dropping - and it saves legal costs ,estate agents , stamp duty on a new property etc and the youngest need not lose freinds and maybe have to change schools.

    I still would advise consulting a solicitor as I do not undrstand on what basis the ex wife is entitled to 50% if she does not look after the children and he is paying the mortgage. But that is what family law solicitors are there for.

    Also would it be less distressing for the children to see their mother more settled as well?
    "What makes the desert beautiful is that somewhere it hides a well." - Antione de Saint Exupery

    "Always reach for the moon, if you miss you'll end up among the stars"


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    • #17
      Re: House been on market for 2 years

      alot of intresting points raised here, i have done a bit of digging in the seperation docs and he has signed an order saying he has agreed to keep paying the morgage and all bills on the property untill it gets sold. I do agree with ste but it wasnt a case of her abandonign the children origonally it was a week on week off with all 3 then it went to the 2 oldest living with us and the youngest living with him and now more recently the olest has decided to go back with her farther because of all the slagging of we do about him and his new girl friend.

      I have spoke to a solictor today about all these issues and been advised the best way is to either get a order to stop him from having anything to do with viewing of the house or to make him an offer to which he would benefit more if the house just got sold.

      So we are going to make an appointment with our solictor to put a good offer towards him just to sort out or finiances in the short term, which for us at the minute is the most important thing.

      But thanks for all the input
      ------------------------------- merged -------------------------------
      also guys where can i start a new thread regarding an unfinished claim about miss sold endowments on his house. Basically the claim all of a sudden stopped when my partner left probably beacuse he didnt want to continue the claim because she would get half the money.
      Last edited by killersla; 23rd September 2008, 14:31:PM. Reason: Automerged Doublepost

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      • #18
        Re: House been on market for 2 years

        Originally posted by killersla View Post
        also guys where can i start a new thread regarding an unfinished claim about miss sold endowments on his house. Basically the claim all of a sudden stopped when my partner left probably beacuse he didnt want to continue the claim because she would get half the money.
        Ive set one up for you here
        Endowment Claim - Legal Beagles

        If you post some details on it and we can change to title to a more specific one

        PKea

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        • #19
          Re: House been on market for 2 years

          alot of intresting points raised here, i have done a bit of digging in the seperation docs and he has signed an order saying he has agreed to keep paying the morgage and all bills on the property untill it gets sold.
          I am assuming this is a consent order signed by both parties, and agreed in court? What is the exact wording? What is the agreed share? It's unlikey there was a complete clean break with children involved, and a family home.

          Usually in a case like this (and its usually the wife in the marital home with the children), a mesher order is drawn up, this is simply like a charging order in favour of the ex and has certain triggers when the property will be sold, for example when the youngest is 18, if the person in the house cohabits for 6 months or more etc. It will have the split of the equity at the time of sale, and will almost always have a clause in the case of joint mortgages who pays and that the person living in the house is responsible for maintenance of property etc and will do their best endeavours to release the other party from the mortgage. It would be very rare for a property to be split 50/50 in these circumstances, 60/40 would be a good starting point but it will all depend on the age of the children and what is in the marital pot, including pensions, 80/20 to the person remaining in the house is not unheard of but 70/30 seems to be quite common.

          Another factor would be if the sale proceeds were agreed on the net equity or the gross house sale value. If the net equity then there will be something that prevents further borrowing to protect the person not living there, and the person paying paying the mortgagewould be well advised to pay interest only for the duration, and save the extra in a repayment vehicle. If gross house value then it doesn't matter.

          Each consent order will be made individually to circumstances, and that is why we need the exact wording to advise further. Of course none of it stops you doing as suggested above and approaching the ex and making an offer, but remember if he has to re-mortgage, he may consider he is better investing the payments that would be made on the new mortgage until the trigger points are reached.

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          • #20
            Re: House been on market for 2 years

            emrald is it possible to send you a copy of the order?

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            • #21
              Re: House been on market for 2 years

              Hi,

              Sorry for delay in replying, had a few PC glitches and real life got in the way.
              I have read your consent order.
              The house sale should be in the hands of Farrell Heyworth is this an estate agent? If so you need to contact them and ask what is the current value and selling situation. Bear in mind the value will have decreased since the divorce.
              How much equity does your partner think there is in the house?

              Then armed with the information you need to do some figures - there is at least £26K to be paid back before the Cahoot and MBNA loans are paid. Are these joint debts? If so ring up for a settlement figure, same with the mortgage.

              You will then have a list of the liabilites and assets, and will be able to work out a reasonable settlement figure with the ex.

              Regards the endowments they do not get assigned to your partner until the house is sold. You need to get settlement figures for these also.

              Once you have all your figures then we can help you with a settlement figure to put the ex, and help you with a letter laying it out to him.

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              • #22
                Re: House been on market for 2 years

                thanks for the reply emerald. We went to the solictor yesterday and went through everything with her and there isnt alot we can do in regard to selling my partners share we can put an offer to him but he doesnt have to accept.

                However she said she cant force him to buy but she can force him to sell, we have had a offer on the house however it is low but to be expected my partner is happy to except however he insists on holding out for 20k more than this current offer.

                If the offer sticks then my partner has the power to get a court order and force him to sell i dont think he is being very realsitic but then again hes not bothered if it sells or not.

                So at the minute we will wait and see what happens with this offer if nothing then we will approch him with an offer but i doubt he would accept anyway.

                Thanks for all the help so far.

                Comment


                • #23
                  Re: House been on market for 2 years

                  I still think it would be worth getting the balances on the loans and then working out what would be a reasonable offer to clear the debts and gain possesion of the endowments.

                  Comment

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