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Please help with advice of charge on property - repay ex
wendb69
Posts: 276 Forumite
HI,
A few years ago I divorced and my ex husband was given a CHARGE of 17% on the property that I was living in and subsequently I pay all the mortgage. I was told that I could buy him out at some point for the 'current market value' of the property. If I wanted to do this, where would I start to get the current market value. He may argue an estate agent has under cut the price or I might get an estate agent that overprices it. I just dont know where to start. I feel I am now in a position for the buy out but dont even know where to start. Hes not someone you can negotiate with... he will want his full 17% and I want to do it legally, obviously with solicitors, but need to know legally how much I am going to have to pay and WHO can give me the correct market value. Hope that makes sense . Plz help.
A few years ago I divorced and my ex husband was given a CHARGE of 17% on the property that I was living in and subsequently I pay all the mortgage. I was told that I could buy him out at some point for the 'current market value' of the property. If I wanted to do this, where would I start to get the current market value. He may argue an estate agent has under cut the price or I might get an estate agent that overprices it. I just dont know where to start. I feel I am now in a position for the buy out but dont even know where to start. Hes not someone you can negotiate with... he will want his full 17% and I want to do it legally, obviously with solicitors, but need to know legally how much I am going to have to pay and WHO can give me the correct market value. Hope that makes sense . Plz help.
Regards
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Comments
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I take you will be informing him of your intention to pay him.
Therefore, why don't you invite a couple of estate agents around for a valuation on your behalf and invite him to do the same (making sure you have all different estate agents).
Once you have all the figures, present them to your respective solicitors and negotiate a 'market value' between the two of you via your solicitors.
I doubt no one person can reliably give you a definitive 'current market value' that you will both instantly agree on.0 -
The simplest way is pay an agreed 17% valuation now, then if you sell within the next 36 months, you give him an inflation index adjusted value back if necessary. This way, what ever valuation you come to he won't feel cheated, and it might be easier for him to swallow then.
PS good time to do it, prices are quite low at the moment ;-)
17% is a weird number...Plan
1) Get most competitive Lifetime Mortgage (Done)
2) Make healthy savings, spend wisely (Doing)
3) Ensure healthy pension fund - (Doing)
4) Ensure house is nice, suitable, safe, and located - (Done)
5) Keep everyone happy, healthy and entertained (Done, Doing, Going to do)0 -
A quailified RICS Chartered Surveyor will value at market value....EA's are not qualified to do this..........0
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Hi. Qualified RICS person is a good idea ... thank you.
17% is the remainder of what I owe him. Hes had a large chunk at divorce hearing.
Thanks guysRegards
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