Separated, how much should I provide?

JackRS

Just got my pension transfer value update for today. So you know the plan was house and pension 50/50, however she wants a bigger portion of the house so the way we'd do it is offer an equivalent cash sum so that she would have no claim on my pension. When I got the transfer value of my pension last year it was 277K. When we add her pension value of 53K the total is 330K so that is shared at 165k each, then take off hers (165-53)leaves 112 which would be her share of my pension to ensure we had equal pensions. So to buy her out of that share of my pension I offer the cash equivalent now, which the actuaries work out but it's roughly one third. 112/3= 37K. So I'd give her that cash using the proceeds of the house sale. E.g. house sale =290K, less combined debt of 30K, 260 to divide gives 130K each. Then to buy her out of my pension I pay her 37K so she gets 167K I get 93K.

lazer

JackRS wrote: »

Just got my pension transfer value update for today. So you know the plan was house and pension 50/50, however she wants a bigger portion of the house so the way we'd do it is offer an equivalent cash sum so that she would have no claim on my pension. When I got the transfer value of my pension last year it was 277K. When we add her pension value of 53K the total is 330K so that is shared at 165k each, then take off hers (165-53)leaves 112 which would be her share of my pension to ensure we had equal pensions. So to buy her out of that share of my pension I offer the cash equivalent now, which the actuaries work out but it's roughly one third. 112/3= 37K. So I'd give her that cash using the proceeds of the house sale. E.g. house sale =290K, less combined debt of 30K, 260 to divide gives 130K each. Then to buy her out of my pension I pay her 37K so she gets 167K I get 93K.

The updated transfer value I receive today is 345K which really frustrates me as the delays mean she'd get an even greater value of the house to buy her out of my pension, due to the time delay...

Can you fight against using the revised value as you have invested more into since you spilt up etc?

Gigervamp

That's what I was wondering. If it can be taken from the date proceedings started.

JackRS

lazer wrote: »

Can you fight against using the revised value as you have invested more into since you spilt up etc?

I'm not sure, my solicitor said it's the value of the pension accrued while married or cohabited? So we have not cohabited since the split but technically still married as decree absolute not reached yet. Not sure no doubt it’ll be the worse case. In the mediation last Friday when the mediator was taking notes on the assets my ex said about my pension that it was last years value and it would need to be updated.

Gigervamp

JackRS wrote: »

In the mediation last Friday when the mediator was taking notes on the assets my ex said about my pension that it was last years value and it would need to be updated.

Making sure she squeezes every last penny she can get out of you.

ecgirl07

I thought when my sister divorced there was an agreed separation date and financials were taken as they were on that date?

Surely the date of official separation is when all this should relate to?

Gigervamp

It would certainly make more sense, otherwise, one party could drag things out for years.

RAS

Burger JackRS

Not having the absolute is a nightmare.

You do have a new will? And have you managed to sever the tenancy on the house?

JackRS

ecgirl07 wrote: »

I thought when my sister divorced there was an agreed separation date and financials were taken as they were on that date?

Surely the date of official separation is when all this should relate to?

You'd think wouldn't you, but I don't know, could ask for clarification from my solicitor but that'll generate another charge so will wait til after next mediation as I'm sure to have some more questions.

JackRS

RAS wrote: »

Burger JackRS

Not having the absolute is a nightmare.

You do have a new will? And have you managed to sever the tenancy on the house?

Burger? just having some carrot cake thanks, I know living the dream again...

I know I need to sort the will out.

I guess you’re referring to the rental, well I got a letter Monday advising that as of end of August rent will go up from 695 to 850. So I have submitted a rent assessment with the relevant authorities. However Tuesday night I get the following email from the agent:

‘I am just writing to you to inform you of the latest developments regarding the property.

We have been working with a legal team to establish where the landlord stands regarding the current situation and after looking over all of our paperwork and correspondence they have informed us that the Section 21 which we served you at the start of the tenancy is valid and that if you stay in the property beyond the 24th July you will in fact be in breach of contract and we will have no option but to begin legal proceedings against you.

I apologise for the formal tone of this email but we do work for the landlords and have to upheld the decisions they take regarding their property.’

I asked for a copy of the section 21 document which they emailed to me, I don’t recognise it but it has my signature on it but the date is typed the same date as when I signed the tenancy agreement and collected the keys. So there’s a chance that I signed it but odd that it’s taken them until now to realise they had one. Anyway my friend who rents out many properties and has had a lot of experience with these type of issues has been looking through the documentation and we created the following reply:

‘I have consulted my solicitor once again, and do not accept that the Section 21 is valid for the following reasons:

1. I appear to have signed the Section 21 notice on 25/7/13, but was not given a copy or made aware of what I was signing until I was emailed a copy on 22/7/14 (3 days prior to its expiry).
Therefore the notice was not served in accordance with Section 196 of the Law of Property Act 1925 (as per provision of the Tenancy Agreement 12.3).
Furthermore, the Tenancy Agreement makes no provision that a Section 21 may be served.

2. I signed all documentation on 25/7/13 when visiting Stratfords premises to collect the keys. I believe that the Section 21 may have been presented incorrectly in correlation to the other documents.
There is no documentation to show that the Section 21 was issued after the Tenancy Agreement was issued and after the deposit was protected.

On that basis I will request to the court that the claim for possession be struck out. I will appoint my solicitor to act on my behalf and counterclaim for their costs.
As a precaution for this expense I have stopped the rent until the outcome.

If you correctly issue a new Section 21 I will accept it by reinstating the rent payments as required and move out on the expiry date.

In the meantime please provide me sight of the original Section 21 notice that you emailed me on 22/07/2014


No reply yet, he warned me that I won’t get my deposit back as they’ll find something!