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We both want to buy each other out of the FMH?

  • fedup44
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03 Jun 12 #334889 by fedup44
Topic started by fedup44
Hi all

Its been a while but things are still not sorted out. We are waiting for a handing down hearing after having a fH at the beginning of Feb. I have received a draft judgement so we both no what the basis of the final court order will be.

However I still live in the FMH with our 16 year old, and the EX moved out 2 years ago. Throughout the bitter court proceedings i have always indicated that i would like to buy the ex out, as i basically cannot afford to purchase in the area i live.

Out of the blue i received a letter from his solictior stating that I need to get 3 valuations and then we can dicuss him putting an offer to buy me out :huh:. and given a date that if we still dont agree that the house should be sold at auction.

The Judge has said that the FMH does have to be sold forthwith and me to get 55% and him 45%. I know that I dont have to do anything until i receive the court.

Can anyone help me with the following questions:

1. If neither of us can accept a reasonable offer from each other, what happens?

2. I am on a low income and not in a position to obtain a large mortgage like he can. Will I be penalised or could it go in my favour?

3. Would I get prioity to buy him out as I live in the FHM with a dependent, Im on a low income and I am entitled to a 55% share of the equity?

4. Will the judge put a time limit as to how long the house is on the market and at what is the martket price?

The ex has wrote to the court asking for specific points to be placed in the Court Order, that he can put offers into buy me out, and if still cannot agree that the house to be put up for sale buy auction?

I can afford to buy him out with family help but the ex is the most awkward person and doesnt listen to his solictor at all. What shall I do?

I am a LIP and the ex instructs his solictor to write intimidating letter and she is happy to do so but clearly specifies that its under instruction from the ex.:angry:

Thanks in advance

Fedup again (thought it was nearly over)

  • LittleMrMike
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03 Jun 12 #334921 by LittleMrMike
Reply from LittleMrMike
The Court has the power to transfer the property to you, or to your husband, and for the transferee to pay a lump sum to the dispossessed spouse.

I''d advise that you do consider carefully whether you could afford to live in the FMH. I do always warn people that interest rates can rise and, over the length of a mortgage almost certainly will.

The fact that you are the lower earner is reflected in the proposed split of the equity. You have a larger share because of your lower income.

Surely there was a valuation of the house carried out before the judge made his/her order ?

Is the judge aware that both of you want to buy the other out ?

LMM

  • fedup44
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04 Jun 12 #335003 by fedup44
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I can afford to buy him out to a limit but this is with financial help from my family. It would also be a fair offer in the current economic climate. Yes Im also aware of the interest rate rises as well.

No the judge is not aware that he was to buy me out as his never mentioned it before. However i did make it clear in my summing up at the FH that I would prefer no pension sharing for a larger equity of the FMH. However the judge did not take this into account in her final desicion.

I think the ex is playing games that he wants to buy me out now, i also no that he will not agree to anything i put forward. So once again we will be at logger heads. Is it worth writing to the court and ask for further direction at the handing down hearing with regard to the FMH?

Thank you

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