In my opinion this is not good advice. If you are paying an element of capital reduction on the property you are increasing the equity in the property which 50% would be owned by your ex-partner. This would come into play in any future insolvency. Also, he may at some stage look to realize the equity in the property himself. You may be in a position to claim a higher share of the property based on your contributions, however this can prove very messy. If the house is unsalable that's another issue, but the solicitor is correct in asking you to get a current value for the property to establish both the existing value and the level of current equity both of you have in the property.PIP wants to know soon which direction i want to go, so i will probably chose the bank agreement.
In my opinion this is not good advice. If you are paying an element of capital reduction on the property you are increasing the equity in the property which 50% would be owned by your ex-partner..
If house gets valude to €300.000 = €100.000 equity would mean I have to buy out the OA for €50.000. If I haven’t that kind of money I will have to sell house.
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|Mortgage outstanding is 203,000. The standard is that this balance includes any payment arrears. Repayment arrears are never separated from the mortgage balance.
Based on your partner's other debts. the Revenue are unlikely to walk away from their judgment mortgage in the bankruptcy, as "their" equity would be shared with the other creditors
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