K
krissi
Guest
Hi everyone, first time posting so i'm not too sure if i am in the right place, but I need advice.
My ex and I bought a house and lived there together for four and a half years. We had one child together and I have another child from a previous relationship. A year ago we split up-I am currently living in the house and paying the full mortgage and have done so for the past 12 months.
The balance of the mortgage is E140k now, it was E145k when he moved out.
We attended mediation and the agreement was that I buy him out for E20k. My problem is this-house prices are dropping and I believe will continue to do so.
A house up the road is currently for sale at E180k (they started asking E210k) and it shows no signs of selling-as is the case around the country. I dont think we could sell the house and if we do sell, we have a clawback penalty of E22k approx to pay(as it was an affordable house), so if we were offered E165k, at best we would break even after costs are taken into account.
We took on this debt together and now I am expected to take over it all and pay him for something which is fast becoming a liability instead of an asset.
I would be prepared to take over his portion of the debt but not to give him a lump sum payment also. Is this fair??
I am seriously considering selling and cutting our losses-if we do owe money then its split 50:50. What about the fact I paid his half of the mortgage?
Advice please people-do I try and sell or do I stay and get the house transferred into my name-with or without a lump sum??
He has a solicitor who seems hell bent on getting him money and he told me that his solicitor fees will be coming out of the lump sum I give him, so I dont think she is going to give up trying to get me to pay that easily. She is threatening Partition Proceedings-I thought this was only when parties would not agree to sell?? Can she do this if children are involved??
Thank you
My ex and I bought a house and lived there together for four and a half years. We had one child together and I have another child from a previous relationship. A year ago we split up-I am currently living in the house and paying the full mortgage and have done so for the past 12 months.
The balance of the mortgage is E140k now, it was E145k when he moved out.
We attended mediation and the agreement was that I buy him out for E20k. My problem is this-house prices are dropping and I believe will continue to do so.
A house up the road is currently for sale at E180k (they started asking E210k) and it shows no signs of selling-as is the case around the country. I dont think we could sell the house and if we do sell, we have a clawback penalty of E22k approx to pay(as it was an affordable house), so if we were offered E165k, at best we would break even after costs are taken into account.
We took on this debt together and now I am expected to take over it all and pay him for something which is fast becoming a liability instead of an asset.
I would be prepared to take over his portion of the debt but not to give him a lump sum payment also. Is this fair??
I am seriously considering selling and cutting our losses-if we do owe money then its split 50:50. What about the fact I paid his half of the mortgage?
Advice please people-do I try and sell or do I stay and get the house transferred into my name-with or without a lump sum??
He has a solicitor who seems hell bent on getting him money and he told me that his solicitor fees will be coming out of the lump sum I give him, so I dont think she is going to give up trying to get me to pay that easily. She is threatening Partition Proceedings-I thought this was only when parties would not agree to sell?? Can she do this if children are involved??
Thank you