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TOPIC: Declaration of Trust

Declaration of Trust 3 weeks 3 days ago #108454

  • Djsmith
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Has anybody been through this and if so what are the pitfalls?

Meaning my ex solicitor is trying to bully me into a % of the sale of the property at present so if my ex stays at the house until the youngest is 18 or leaves school the market has moved to say 30 thousand I would miss the reward of sale.
The other was at present I'm paying CMS correctly but also require me to help extra costs for the children and contribute to a sum towards the Mortgage but within the court order states that my ex is responsible but they are trying to get me to buy in pay towards.

Can I have some advice please or help??

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Declaration of Trust 3 weeks 3 days ago #108456

Hi DJ

Lots of pitfalls here:

loss of any capital appreciation
liability for current mortgage/maintenance/insurance etc
Also risk on being liable for extra costs for kids over CMS

If you are paying correct CMS amount who is asking you to pay more? You're ex?

You are at the negotiating stage, I would suggest getting some legal advice even if it is the free half hour (across different solicitors) and take in some clear questions..

Ideally you should be going for a clean break however it is difficult when their is a property involved and other assets such as pensions and kids. Unless one party can buy the other out the only option is a clean break which if you can agree between you then you will need to go to court to resolve your financials. Or if you are concerned about providing a home for your kids then you need to negotiate but if you are expected to maintain ongoing payments (other than CMS) then I would suggest you try to get agreement to benefit from increased value of the property in the future.

Thanks

Daddyup

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Declaration of Trust 3 weeks 3 days ago #108457

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Thanks for feedback
Her solicitor has mentioned it but I have checked that the correct amount is paid.
Yes, kids involved the court ordered me to leave house 6 months back but with the court papers, my ex signed stating that would pay the interest-only payment from August.
It seems all one-sided no pension involved as not married so unable to touch that I'm in and out of work so cannot afford to pay as ongoing.

my ex has legal Aid me not so very stressful.
Short and long of it they cannot put a gun to my head and demand?

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Last Edit: by Djsmith. Reason: Spelling

Declaration of Trust 3 weeks 3 days ago #108459

To add, my understanding is that if the house is sold now and you continue to have to contribute to mortgage payments then this will be deducted from the assessed CM amount by CMS. If you retain a legal entitlement to the house then the mortgage payments do not count against CMS.

Only you will know whether the potential value gain on the house if retained by you, outweighs the relief on CMS. But I guess the house gain may be higher, although assumed split in at least half at point of sale.

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Declaration of Trust 3 weeks 3 days ago #108465

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Hi
My ex signed in court (Undertaking statement) that she had to pay from August 2020 onwards
So I see it would not have to pay anything towards the mortgage.
Yes if when House is sold the gain is a lot higher

any thoughts?

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