Coffeecreamer1
New Member
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Scenario below:
Mary and John had 2 children and bought their house together in 2006 for 316k. John contributing 11k and Mary 15k towards deposit. 11k was borrowed from John’s parents and Mary’s 15k was a gift. John’s loan was paid back to his parents within 2 years buy the couple. So technically John contributed 5.5k and Mary 20.5k.
10years later John and Mary separated and John decided to move out from jointly owned house with the outstanding tracker mortgage of 240k. At the time the value of the house was the same as the outstanding mortgage.
John was living in a rental accommodation and wanted Mary to buy him out so he can buy his own house. Mary wasn’t in a position to buy out John for almost 5 years due to low income in the eyes of EBS. Mary continued making full mortgage payments on her own since the day of separation. She also paid for renovations after the couple separated.
There was never any maintenance involved as the kids lived equal amount of time between the 2 households and their expenses split 50/50.
The 2 got divorced 3.5 years later. John signed divorce papers renouncing all and any interest/claims to the family home in the past/present/ future. And forever waiving, forfeiting and renouncing claims/rights/privileges he may have had or would have on the future. He was happy signing this agreement as he wanted Mary to get mortgage in her name quicker and then move on buying his own property and he was also anxious to get divorce ASAP for his private reasons.
Mary’s income went up and she’s ready to take the mortgage into her own name. However now John is realising that there is equity in the house he renounced all rights to and that the new mortgage will be huge due to increased property prices and his age of 46. What are John’s rights here? Is he entitled to the waived share of equity in the divorce??
Value of the house is around 300k.
outstanding mortgage 210k.
Property has a judgement against it from an old debt that John was not paying of almost 20k. John now wants Mary to take over that debt as well as his share in equity as he thinks the situation is not fair on him.
Would Mary have to give John 45k ? Considering Mary was paying 10k per year herself for 4.5 years and reduced the outstanding mortgage to 210k from 240k.
Any insight would be much appreciated
Mary and John had 2 children and bought their house together in 2006 for 316k. John contributing 11k and Mary 15k towards deposit. 11k was borrowed from John’s parents and Mary’s 15k was a gift. John’s loan was paid back to his parents within 2 years buy the couple. So technically John contributed 5.5k and Mary 20.5k.
10years later John and Mary separated and John decided to move out from jointly owned house with the outstanding tracker mortgage of 240k. At the time the value of the house was the same as the outstanding mortgage.
John was living in a rental accommodation and wanted Mary to buy him out so he can buy his own house. Mary wasn’t in a position to buy out John for almost 5 years due to low income in the eyes of EBS. Mary continued making full mortgage payments on her own since the day of separation. She also paid for renovations after the couple separated.
There was never any maintenance involved as the kids lived equal amount of time between the 2 households and their expenses split 50/50.
The 2 got divorced 3.5 years later. John signed divorce papers renouncing all and any interest/claims to the family home in the past/present/ future. And forever waiving, forfeiting and renouncing claims/rights/privileges he may have had or would have on the future. He was happy signing this agreement as he wanted Mary to get mortgage in her name quicker and then move on buying his own property and he was also anxious to get divorce ASAP for his private reasons.
Mary’s income went up and she’s ready to take the mortgage into her own name. However now John is realising that there is equity in the house he renounced all rights to and that the new mortgage will be huge due to increased property prices and his age of 46. What are John’s rights here? Is he entitled to the waived share of equity in the divorce??
Value of the house is around 300k.
outstanding mortgage 210k.
Property has a judgement against it from an old debt that John was not paying of almost 20k. John now wants Mary to take over that debt as well as his share in equity as he thinks the situation is not fair on him.
Would Mary have to give John 45k ? Considering Mary was paying 10k per year herself for 4.5 years and reduced the outstanding mortgage to 210k from 240k.
Any insight would be much appreciated
