To try to condense a long story. Was divorced in 2008 left the family home in 2009. My 14 yr old son wished to stay in family home with father. Father re married 2 years ago and wants to re-negotiate a new mortgage with new partner. There is only 10,000k equity and I have asked for 5k to buy me out. They want me to sign over property or agree to a quick sale and take the lowest valuation on the property. Which would result in a shortfall. I understand they want to move on but feel I am being pressurized to make a quick decision. Their solicitor has said if I don't sign over or agree to sale at low valuation pricesoon they will take it to court and ask that I am liable for court costs, as this is a simple matter that could have been decided between us.
All this has happened over the last two half months and feel I'm being pushed without my rights being given any consideration. I believe they have been struggling with mortgage re payments and want to renegotiate it or sell. But wish they had approached me a year or so ago rather then leaving it till things were so difficult for them. As my son who is now 19 still lived at home it was not something I would have done anything about until he had left home. So the approach would have had to come from them. Can they force me to take the lower offer as they have said or make me pay costs for taking time to decide what to do?
So far they have ignored my request to buy me out at what I feel is a small amount. Potentially as the market recovers so will the equity increase and in time they will make more money on the house. My fear is if I sign it over there is nothing stopping them from selling anyway and at a more favourable time and for a higher price, allowing them to keep all of the equity. I feel them asking me to accept the lower valuation could be a ploy to get me to sign it over or drop any claim believing there is no money in it or I will be liable for the shortfall. I feel they are implying that I am being difficult and obstructive. I am truly not. It is just that my share in the family home is my only asset. I put a lot of my own money into it initially. Now I am unemployed and have no savings. This small share of equity would make the world of difference to my life. Any advice would be gratefully received... Kaz
All this has happened over the last two half months and feel I'm being pushed without my rights being given any consideration. I believe they have been struggling with mortgage re payments and want to renegotiate it or sell. But wish they had approached me a year or so ago rather then leaving it till things were so difficult for them. As my son who is now 19 still lived at home it was not something I would have done anything about until he had left home. So the approach would have had to come from them. Can they force me to take the lower offer as they have said or make me pay costs for taking time to decide what to do?
So far they have ignored my request to buy me out at what I feel is a small amount. Potentially as the market recovers so will the equity increase and in time they will make more money on the house. My fear is if I sign it over there is nothing stopping them from selling anyway and at a more favourable time and for a higher price, allowing them to keep all of the equity. I feel them asking me to accept the lower valuation could be a ploy to get me to sign it over or drop any claim believing there is no money in it or I will be liable for the shortfall. I feel they are implying that I am being difficult and obstructive. I am truly not. It is just that my share in the family home is my only asset. I put a lot of my own money into it initially. Now I am unemployed and have no savings. This small share of equity would make the world of difference to my life. Any advice would be gratefully received... Kaz
Last edited: