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Selling my property to pay off partners Ex

  • emmalily
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15 Oct 12 #361082 by emmalily
Topic started by emmalily
my partner is nearly finalising divorce (after 3 1/2 years of to ing and fro ing). Decree Nisi was granted in february. I have my house on the market and wanted to use the equity from my property to pay his ex partner her share of the equity of their marital home which he still lives in.I have been made an offer on my property. He would not be able to raise the capital himself, so would have to agree to stay in the martital home until the kids are of age. Ideal situation would be to take her name off the deeds and put my name on. How would we go about this. He has been asked to fill out form E. This has a section about partners. Would she be able to claim any of my equity?Its not much but would pay her share. They have 4 children together, they share the time they reside with mother and father equaly. I have 3 children who all reside with me

  • .Charles
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15 Oct 12 #361091 by .Charles
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What you are doing is buying into your partner''s property in order that he can pay off his ex. The situation is similar to a private mortgage.

In order to ensure that everyone is crystal clear about the arrangements, you have to ensure that the property is transferred into joint names at the point that your monies are released. If it is not intended for the property to be transferred into joint names you would have to register a charge in your favour. This should stipulate at what point repayment occurs in the event that your relationship does not ensure and you need the money back.

However, the main concern with your question is that you ask about the ex claiming your share of the equity. Surely if your lump sum is to be used to pay off the ex, it would have to be part of a consent agreement in which case the payment would extinguish her claim against your partner.

There cannot be any question of paying her monies and not finalising the case otherwise you leave yourself and your partner at risk.

Charles

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15 Oct 12 #361133 by emmalily
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Many thanks for your advice Charles. Ive go to be honest though, thats confused me slightly. Which needs to come first then? The sale of my property or a Consent Order between my partner and his ex, or to have it all happen at the same time? Could it not be the case that she agrees to a lump sum payment that I pay to her? I suppose that means that I am part of the consent order, in which case my finances will have to be disclosed? I work part time and I have credits card debts that would reduce the actual amount of equity I have. Would I be able to not be declared on form E, or would I have to? If she agreed for me to settle would this be acceptable or not?

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