Is ex entitled to half equity?

keefyweefy681

Hello

First time I've used a forum so apologies if anything is incorrect.

Long (and complex) story cut short.

Me and my ex bought a flat together in Nov 2006. We split up 6 months later and he moved out and stopped contributing to mortgage payments. This was around the credit crunch and the value dropped from £140,000 to £105,000. So option was to take voluntary repossession or carry on paying the mortgage until prices increased. I carried on (I know, I know - mistake - but it's happened now). I liked living there and the "rent" was cheap for a city centre pad. He indicated (in a letter) in 2012 that he wants no equity or anything to do with the mortgage. So I continued.

Fast forward to 2018 - had the flat valued and hoorah - it has gone up to £170,000. Time to sell and make a new start. Messaged him om Facebook and he said fine - the only claim to equity he wants is £2000 his nan lent him for part of the deposit. I paid the rest of the £8,000 deposit.

Took me a while to make up my mind but now (as of this week) it's going on the market which he has signed and consented to. Just as an extra precaution (before he finds out what the value is) I asked him to sign a letter basically stating he is only entitled to £2000. Which he has done. It's well crafted - but not a sols letter.

Now, after reading some other similar questions, I'm panicking. I don't think he thinks that there is much equity in the property (which may account from his "meh" manner) but there is (£130,000 balance left - valuation is £170,000 so about £40,000 equity ... we took an interest only mortgage - yes I know ANOTHER mistake but I'm not after judgements on my mistake - I've learned from it)

Question is this. If for any reason he has a change of heart (unlikely, but possible) can he now demand more than £2000 even though he's signed to say he only wants £2000?

My solicitor has been woolley. He says if it's amicable - there should not be an issue. But is that it? - is it really that easy for the solicitor to just hand out £2000 upon completion?

Thank You!

Tom99

Presumable he will need to sign the contract and the transfer documents so will find out what you are selling it for.
Ask you solicitor to be more specific, if, when your solicitor has the net proceeds of £40,000 in his account, is he happy to sent you £38,000 and your ex £2,000 on the basis of this letter.
I think if your ex was going to rat of you he would have asked how much you are selling for before he signed the letter.

keefyweefy681

Hi Tom

Thanks for your reply. Yes, I know he will have to sign some sort of contract upon completion - and this is the point in which I'm concerned about.

I think I will be a little more forthright with the solicitor. It seems like every time I pose a question over the phone, it's a case of time is money and he does not want to go into detail. He just says - yeah as long as it's amicable - it should be fine. So yes, I will speak to him again.

But coming back to crunch time - if he wants more - will he likely get it?

The estate agent did kinda hit the nail on the head. If he was really money orientated and devious, he could easy check rightmove and see what similar properties are selling for i.e - around the same as this place, on the mere suggestion that I'm selling. Equally, he could have done this at any point in recent years and forced a sale as a result - but he hasn't.

I guess, after reading so many horror stories (usually involving bitter break ups - which ours wasn't) I am now doing that "what if" scenario now that the time has come. My hope is that he will continue to play fair, but I realise this isn't always the outcome.

Tom99

Your solicitor need to be more specific on whether he will accept the letter you have from your ex.
It really sounds like your ex has moved on but if you press him to sign some watertight agreement you may only be putting ideas in his head.

keefyweefy681

You're right... I didn't think about it like that actually. I suppose I just need to press the sols more about dividing the equity and hold tight until the end.

Sambella

Regardless what your solicitor thinks of this letter you openly admit you got him to sign it AFTER you knew the value but didn't tell him. That's rather devious really. He may still have accepted £2k if you were honest but you will never know that now will you?

You could even have spoken to him properly and upped his £2k to £5k or so taking into account the lenghth of time, estate agent fees, solicitors fees and any possible stamp duty etc. All these things could have saved you the panic you are feeling now.