Mortgage advice with ex

lizS78

My house is currently valued at £250,000. Outstanding mortgage is £103,000 so assumed that 33% of £147,000 is £49,000 is that not how it would work? 

Thanks for all your advice 

MWT

Keep in mind that I am not giving you advice, just a point of view based on limited information, so you will need to check this with your solicitor.

From that small part of the settlement that you posted, it appears that your ex was awarded 33% of the equity held in the house at the time of the settlement, which was expressed as 8.6% of the value of the house.

So 8.6% of £250k is £21,500.

That would be consistent with you taking responsibility for paying the mortgage from the settlement onwards and indemnifying him from liability under the mortgage.

His payments to you I suspect made no specific reference to the mortgage and were simply to be paid until one of the trigger conditions applied.

The wording in that small segment is a little unclear but I suspect the whole document makes all this more straight forward.

There would be no point in expressing his interest in the property as a percentage of the property value if it was intended that he should benefit from future increases in equity as that would change over time, nor is it logical for you to indemnify him from the mortgage and take responsibility for the payments if he was still benefiting from increases in equity...

Check with your solicitor though, but I suspect his share is not going to be anywhere close to £50k

Thrugelmir

lizS78 said:

My house is currently valued at £250,000. Outstanding mortgage is £103,000 so assumed that 33% of £147,000 is £49,000 is that not how it would work? 

Is that what was finally agreed in the Financial Consent Order? As what you posted refers to proposals rather than th final drafted agreement. 

In taking maintenance into account when assessing your ability to pay the mortgage. This will obviously reduce and end when the children have all left full full time education. The agreed triggers will likewise will require you to settle with your ex.