divorce, charge on the property question

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rooting4tooting
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divorce, charge on the property question

Postby rooting4tooting » Mon Mar 06, 2017 7:12 am

Hello, a friend got divorced some 10 years ago. Stayed in the marital home with a 35% charge on the property to be paid to the ex husband on sale.
The question is this. Is the 35%, the 35% of the value at the time of the agreement or 35% of the selling price now?
thanks!
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Daisyduck
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Re: divorce, charge on the property question

Postby Daisyduck » Mon Mar 06, 2017 9:44 am

It should documented which one it is in the divorce settlement papers.
Both my partner and I have have a similar thing with our exes.
For me, the charge is fixed at the value at the time of the divorce as I was taking over paying the mortgage etc from then on in with no time limit on sale. For my Partner his is at the point of sale, as he is still paying towards the mortgage, as his children live in the house. A clause being added to his that the house be sold, or his name removed from the mortgage and the equity released to him on youngest turning 17 years old, which at the time was 10 years, with 2 years remaining.
Luckily relationship with his ex is now good and they are just starting to look into possibilities for 2 years time.
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Confus_ed
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Re: divorce, charge on the property question

Postby Confus_ed » Wed Mar 15, 2017 12:52 pm

Unless the order specifically states a point in time for the value to be determined then it will be 35% of the current value.
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rooting4tooting
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Re: divorce, charge on the property question

Postby rooting4tooting » Sat Mar 18, 2017 1:48 pm

Legally it was 35% of the value on the day of the hearing. £42k, what a bummer for him, but my friend seems more cheerful.. It would have been north of 100k otherwise
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