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Order of Sale

  • MILLSL317
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08 Nov 09 #160547 by MILLSL317
Topic started by MILLSL317
My partner and I after 17 years have decided to spilt, there is some confusion now over what to do with the main property and 2 buy to let properties which we jointly own. Due to my own financial circumstances i would like to do an order of sale on the main property, yet maintain the 2 rental properties as like a pension fund. She wants me out of the main house immediately whereby she can rent a room out and try to maintain the house by herself and all its associated running costs, whilst my name still remains on the mortage and she said the lenders dont need to know.

It would be fair to say that over the 17 years she has been in charge of the finances as she has always worked in job roles as finance manager/finance assistant so it made locally sense for her to manage things of that nature.

I have attached her version of a 'Deed of Trust' which she drew up and said that this would be a 'wonderful deal' for me.

It has transpired that possibly over the last 6 months she has been syphoning excess profit money from the buy to let account and has transfering money to her own personal account.

She has also removed all details relating to the 2 BTL properties out of the house along with all financial accounts relating to the BTL mortages, bank statments etc. I made the mistake of allowing her to create the BTL account in her name only and she is quoting 'its in my name so you cant look at it' - but sure if this file is in relation to my investments then should i not be able to view what it contains.

To my mind i have three options, 1 say put (not feasible), 2-get her to buy me out and have my name removed from a 270,000 mortage, 3 - action an 'order of sale' on the main property. Someone advise me please after reading the attachment - my friends are sayin that she is taking me for a ride!!!!

  • Active8
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09 Nov 09 #160640 by Active8
Reply from Active8
No "attachment" that I can see...

In brief: if you weren't married, the law says that is what is yours is yours, what is hers is hers, and what you own jointly you own equally unless there is something to prove otherwise.

If you own 3 properties as joint owners in equal shares, you are each entitled to the amount that you would get if all three were sold and the proceeds divided equally. If you choose to achieve this by redistributing the properties between you, and make any necessary balancing payments, that is fine, but neither of you can insist on any settlement that gives the other less than their full entitlement (half the total values).

In the event of dispute, the court will, bluntly, order a sale of the lot and split the proceeds equally.

Neither of you are entitled to maintenance or any other financial support from the other: there is no such thing as a "common law marriage". You are two property owners who previously lived together, that is how the court sees you, nothing more than that.

You absolutely don't want to remain on a mortgage for a house you aren't going to live in or have any substantive interest in, that's keeping the liabilities and giving up the benefits.

She may be liable if she has been diverting money but this can get complicated, get advice.

The situation over the BTL account is also difficult, but at the very least you can insist that any future income goes into a joint account rather than one in her sole name, if its as much your income as hers.

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11 Nov 09 #161316 by MILLSL317
Reply from MILLSL317
thank you for your response which has been very useful. Sorry about the attachment not being there. I have attached again, and would appreciate your comments further after viewing as she put it 'this is really a good deal for me' - i am not so sure now after reading your comments.

My thoughts
If i was to take over bath st as suggested then wouldnt the mortage change as this is a buy to let mortage - now as an estate agent she would know this, but neglected to tell me.

on the other property if we are joint responsible as suggested then why a 60/40 split in her favour, she said it would be cause she would have to find new tenants each time.

On the main property, i believe she would maintain till the market picks up then sell the property, its current market value is around 330,000, if sold it could be worth around 350-360k as its located in a sought after village location with links to m1/m6. so she could possibly net up to 50k clear profit without me having no claim if i was to agree her Deed of Trust?

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