granted grace over possession

xcakex

Hi


Cut a long story short -


me and my ex split up, he stayed in co-owned property yet never paid a penny for the mortgage or service charges.
Took a year going through litigation, went to court got an order for possession.
He placed for sale with out my consent, strangely we got a buyer on the date the court order expired. The bank have granted grace till sale goes through.


Issue is I did not consent to a sale, and he wants a 50-50 split where I have been advised to get an agreement in place with more of a 75% - 25% due to the arrears and also all defaults on my credit file.


how long do defaults of a year of morg payments stay on credit file?

silvercar

Assume you mean the bank went for a possession order not you?

If the sale proceeds then on completion the bank get the money needed to pay off the mortgage, including all their charges and arrears. The remaining equity is then divided.

If there is a dispute about the the equity split, you could agree to the sale on the understanding that the solicitor holds the equity for you both until the split is agreed.

I can't see the bank being helpful if you stand in the way of the sale, given they have suspended possession for the sale to proceed. If they were minded they could force possession and sell themselves, they would then heap repossession charges onto their costs and you would all end up losing out.