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Confusion over % on deferred payment

  • SHAZLOO
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1 year 9 months ago #505347 by SHAZLOO
Confusion over % on deferred payment was created by SHAZLOO
Hi all,
My partner went to Court in December 2016 and fought to get 27.5% net of the equity when his youngest turns 18(or usual triggers)
But just going through paperwork(as clearing out after moving), and the actual written order states he will get 14.23% of the gross sale value!?
I’ve done a quick calculation and there’s a huge discrepancy, unfortunately not in his favour.
Please advise!!
Thank you.

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  • hadenoughnow
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1 year 9 months ago #505348 by hadenoughnow
Replied by hadenoughnow on topic Re:Confusion over % on deferred payment
Perhaps you would share the figures involved?

What was the equity at the time of the settlement?

What was the market value of the property?

Does it have a repayment mortgage?

Is his ex paying it?


Hadenoughnow

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  • SHAZLOO
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1 year 9 months ago #505349 by SHAZLOO
Replied by SHAZLOO on topic Re:Confusion over % on deferred payment
Hi,
House value was approx £350,000 at the time, with a mortgage outstanding of aporoximately £150,000.
As far as I’m aware it was still a repayment mortgage.
Ex was on tax credits/ child tax credits(only working 20 hours a week) so we think parents were paying for mirtgage(or completely paid it off)
Many thanks.

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  • Under60
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1 year 9 months ago #505350 by Under60
Replied by Under60 on topic Re:Confusion over % on deferred payment
He must have read the consent order before signing to make sure it said what was agreed?
I had lots of tooing and froing with mine as what they had “Offered” wasn’t actually in it!

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1 year 9 months ago #505351 by SHAZLOO
Replied by SHAZLOO on topic Re:Confusion over % on deferred payment
Hi,
He did query this with his Solicitor, who assured him it added up to the same amount!!!
But I’ve tried several calculations and it doesn’t come out any where near the same amount!!
Please help!!!

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  • WYSPECIAL
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1 year 9 months ago #505354 by WYSPECIAL
Replied by WYSPECIAL on topic Re:Confusion over % on deferred payment
SHAZLOO wrote:

Hi all,
My partner went to Court in December 2016 and fought to get 27.5% net of the equity when his youngest turns 18(or usual triggers)
But just going through paperwork(as clearing out after moving), and the actual written order states he will get 14.23% of the gross sale value!?
I’ve done a quick calculation and there’s a huge discrepancy, unfortunately not in his favour.
Please advise!!
Thank you.


How long is it until the trigger date? Youngest 18 as that is usually the only one that happens.

If they have gone for gross value rather than net it means that your partner benefits from any increase in property value but not in capital repayments made by his ex so many would see this as fair.

From the values you quote (£350k house with a £150k mortgage) the difference isn't that big at the time the order was made.

27.5% of £200k is £55k

14.23% of £350k is £49.8k.

£49.8k equates to 24.9% of the £200k equity at the time.

If he wanted 27.5% at the start of negotiations and walked away with 24.9% it doesn't look that bad a deal. We don't know how other assets were split but he must have agreed to it at the time.

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1 year 9 months ago #505355 by SHAZLOO
Replied by SHAZLOO on topic Re:Confusion over % on deferred payment
Good morning,
Thank you sooo much.... this has put my mind at rest!!
We have had a horrendous 5 years(ongoing now with children).
My partner was left homeless and penniless with over £35,000 of marital debt. We believe ex parents have paid mortgage off, instead of raising the money to buy my partner out( lots of hatred).
He has also undergone major open heart surgery(stress related), and we’re still not ahead, yet the ex is able to buy new cars and a Mac Book pro for one of the children for Christmas!!
All totally wrong and corrupt.
Ex even tried to get my partner(when he was at his most vulnerable) to sign house over as a gift for £0 settlement.(this happened 6 months after Financial Court order was agreed). She denied to Conveyancing Company she had approached that there had even been an agreement in Court!!!! Thank goodness he didn’t sign anything!!!

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