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Our Daughter's dilema

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  • Our Daughter's dilema

    I posted last week but it was more of a rant. I have edited it.

    Our Daughter has an 8 year old daughter from a previous relationship.

    She met a man 6 years ago and entered into a relationship. They purchased a house together, two years ago. It cost £150,000 of which our daughter put down a £75,000 and her partner put down £10,000.

    They have a joint mortgage for the balance which is in joint names.

    The property is registered as Tenants in common. Solicitor drew up a Deed of Trust to that effect.

    The property is registered as Deeds of Trust to that effect

    Having now split, he left the home, has threatened to move back in which would be very unsettling to the child.

    She is able to buy his part of the home, clearing the mortgage.

    He wants to sell it, for all of them to leave it. It would leave her and her child, homeless. Pretty much all contents are hers, she would need to store it.

    She needs to sort this with minimal visits to Solicitor as it is costly.

    What questions can she ask during the first free hour?

    Tags: None

  • #2
    So why not just continue with your original thread that has several responses

    Comment


    • #3
      Originally posted by ostell View Post
      So why not just continue with your original thread that has several responses
      I was advised that reposting with less ranting and more concise, seemed wrong to repost it on the same thread. The people who have sent advice might think "Why enter the question again!"

      Comment


      • #4
        I think at the moment the ex has the upper hand with less to lose than your daughter and he will try and use that to his advantage. Your daughter is very lucky to have your support and again the ex can use that to his advantage. The ex needs to realise that if the property is sold then he stands to lose what little he has invested. If the property was purchased for 150k and the highest of the three valuations you have had done is still 150k then they both stand to lose quite a substantial amount if the property is sold.
        Don't let the ex know your prepared to bail your daughter out and proceed in a fashion that will settle the property as if it was sold.
        At the moment if the property sold for 150k there is going to be fees to be paid out of that which will swallow into his 10k and your daughters 75k.
        The Mortgage will cost more than 65k to clear as theirs bound to be an early penalty clause, plus estate agent and Solicitor fees for the sale. I don't know if the ex can demand the house be sold, but if he can someone needs to show him a breakdown of how he could lose out if he does demand a sale.

        Comment


        • #5
          Originally posted by Jinxer View Post
          I think at the moment the ex has the upper hand with less to lose than your daughter and he will try and use that to his advantage. Your daughter is very lucky to have your support and again the ex can use that to his advantage. The ex needs to realise that if the property is sold then he stands to lose what little he has invested. If the property was purchased for 150k and the highest of the three valuations you have had done is still 150k then they both stand to lose quite a substantial amount if the property is sold.
          Don't let the ex know your prepared to bail your daughter out and proceed in a fashion that will settle the property as if it was sold.
          At the moment if the property sold for 150k there is going to be fees to be paid out of that which will swallow into his 10k and your daughters 75k.
          The Mortgage will cost more than 65k to clear as theirs bound to be an early penalty clause, plus estate agent and Solicitor fees for the sale. I don't know if the ex can demand the house be sold, but if he can someone needs to show him a breakdown of how he could lose out if he does demand a sale.
          Thank you, that has helped a great deal.

          Comment

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