Buying Out my partners ex

deano2ez

Hi
I want to buy out my partner's ex husbands share of her property and have a few questions.

As part of there divorse the court ordered that she pay him a sum of money ( lump sum) and due to that she took over the morgage and her name was solely put on the deeds, he lost all other interest in the property,
the only other mention on the court order is that if she cohabits for more than 6 month which we will be then we have to pay the ex 9% of the gross value,

we told the ex our intentions and we also told him that we wanted to convert a room that was once a bed room but now a bath room back to a bedroom to accomidate my son, the ex told us that we couldnt touch the property until we had bought him out, we have looked on the court order and it says that because she paid him a £20,000 lump sum he has no legal or financial say in the property so my first question is can we alter the room back to a bed room?

My 2nd question is the order says we must pay him 9% of the gross value of the property, we will have to remorgage to do the buy out so would the 9% be 9% of the equity once we have settled the current morgage?

any advice would be great
Thanks

DVardysShadow

I think some of the problem is that by undertaking the work to a stage of in-completion, you could reduce the gross vale of the property

My 2nd question is the order says we must pay him 9% of the gross value of the property, we will have to remorgage to do the buy out so would the 9% be 9% of the equity once we have settled the current morgage?

Once you have settled the current mortgage, you will not have 100% of the equity, because you will have another mortgage, so it is not 9% of your equity, it is 9% of all of the equity, which is the gross value. But beware, it may be justifiable for the ex to claim that the gross value is higher than the gross value agreed by the lender.

lellow_lorry

9% of gross value should be dependant on a valuation, but this could be contested. Depends on whether they are 1.looking for a fair price. 2. being greedy. 3. trying to mess his ex around. First things first......do not convert the bathroom until this is resolved!! 9 out of 10 properties are worth more with an extra bedroom than a bathroom(for your sake leave it til the valuations are done) Secondly say nothing about the conversion as this can also weigh the valuation. Good luck with it all, shame the tie on a break up still has an influence on your life.