- Tue Oct 16, 2012 1:26 pm
OK I've also heard back and I see that both Sarah and wdm2 have both answered this already.
I appreciate that it looks bleak, BUT, there are things to bear in mind.
Firstly the property may not hold as much equity as you hope, it would pay to get a valuation done, (and explain to the valuer why, so you get a real value and not a whimsical for sale value).
Depending on how long you and your ex jointly owned the property also has a bearing, the long it was jointly owned the higher the beneficial interest will be looked at.
Depending on how long he has 'not been welcome' will also effect the amount that could be calculated in equation, the longer he has 'not been welcome' the better, as this then opens the a strong defence.
The situation is defendable, especially if the property formed part of the divorce settlement, as it would have been considered in court as an asset in his financial statements.
Recall can be carried out, BUT and this is the biggy for you, the lower the Beneficial Interest the less likely that this would be pushed, as if you held out it could become totally un-viable for this to proceed in court. That is it would cost them more to force the court issue in costs than they would raise.
Also bare in mind you have also contributed a further £10K into you pot of the beneficial interest
SO the insolvency service would need to look at BI and would obviously ask you to contribute that, however, if they knew a court case was going to purse, which was going to cost them,they often back down.
But having said this you need to prepare.
Get that valuation done (which needs to be low)
Plus time he has not been welcome or contributing (the more the better, and from the figures you infer I suspect this may actually be quite some time)
Equals minimum Beneficial Interest
Get the circumstances to work for you NOT him
Seek advice either from your CAB or from a solicitor