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Finance agreement.

 
Clouduk
(@clouduk)
Eminent Member Registered

Hi all. Just wondering how you guys got on with sorting your finances out. I just recieved the following from my ex wife via, her solicitor Currently I'm staying with my parents and only see my children 4 hours a week, waiting on a section 7 report to be done.

 

Dear xxxx,
Please accept this letter in order to fulfil mutual financial agreement between yourself and I
outside of court within an adult manor of which our joint estate will not be liable to any
surplus charges we can avoid, if we can oversee a mutual agreement for our property and
jointly own assets within.
I'm suggesting the proposal of selling xxxxxxxx under joint agreement so both
yourself and I can move on with our lives and secure our futures fulling goals as adult
individuals instead of moving forward in the current situation we are in.
I have already taken the liability of asking a local agent to provide a valuation on the property
of which is estimated at £295,000 - £300,000.
I wish with your approval, we place the property on the market as soon as possible so we
both can move forward, therefore to my understanding:
The current outstanding mortgage is circa £120,000, we may have mortgage exit
charges along with estate agent and solicitors costs to be taken from the proceeds of
the sale.
I therefore suggest that all capital gain, once all bills have been settled is split 75/25 ratio,
subsequently giving funds to purchase a new property adequate to rehouse both children and
myself.
Mr xxx – 25%
Miss xxxx – 75%
If the property is sold in the region of the estimated figures, along with all closing fee's
combined, our joint asset wealth would be circa £160,000 - £180,000 therefore I'm asking for
your acceptance to receive the sum circa of £40,000 - £45,000 which would equate to approx
25% share of the total proceeds.
I would like to reassure you the children will inherit my estate in within my will, therefore
gaining capital growth for their future paths.
Any joint furnishings, electrical items or goods within the house you are more than welcome
to have for your use, anything you do not want to have I will dispose of or use myself.
On respect of the above settlement neither party would have interest nor liable to the other
parties current pensions, shares, premium bonds, crypto currencies and active savings.

 

I would hope we can oversee a desired outcome for all parties to move forward in life and
secure financial and living independence as individuals however, if a mutual agreement
cannot be found then this will proceed and be actioned as per the courts ruling.
With myself being the custody parent and on the basis the courts equally cannot resolve
resolution then it is most likely I and the children will have the right to stay in the property
with the mortgage being paid by yourself under the courts legal ruling until the point when
the children turn 18 years of age.
I hope you can understand the reasons why I think we should move forward with this and
equally see a positive outcome for everyone thus removing any costly ongoing issues for all.
Please take all counts into consideration:
− Taking the 25% capital gain – How you could move on in life?
− If the courts say you have to pay the mortgage for the next 16 years?
(Based on £550 per month mortgage this equates to £105,600, is this acceptable
for you on top of a new property, bills and living?
Please confirm in writing your decision for which way you would like to proceed, if you opt
for the courts I will leave you to serve or if you agree to sell I shall request 2 more valuations
from local agents and instruct the middle evaluating agent to take the property to market
under instruction from both yourself and I to sell.

Quote
Topic starter Posted : 03/08/2021 4:59 pm
Daddyup
(@Daddyup)
Honorable Member Registered

Hi

This is a typical starting point for negotiations... I haven't started the process yet but my solicitor has advised my ex will probbanly take the same approach.. If you end up getting somewhere between 25% and 50% of the total net assets you will have done well especially as your ex has custody of the kids. What is unusual is they are agreeing to keep others assets out of the pot eg pensions... Usually they would go after yours.. Does your ex or has your ex earnt more than you? Would she have the larger pension pot(s) or savings balances? If so then you are best placed to request they are uncluded into the pot and thus your share of the net sale of the property will therefore be larger.. On the other hand if you are and have been the higher earner, you may find keeping your savings and pensions out of the pot and accepting a lower amount on the property leaves you better off.. 

ReplyQuote
Posted : 03/08/2021 9:40 pm
Vik2001
(@Vik2001)
Estimable Member Registered

do you want her to be the resident parent? what level of care are you going for?  i would wait till your section 7 report before deciding on finances.  the starting point is always 50/50 in court.

ReplyQuote
Posted : 04/08/2021 8:04 am
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