Can I re negotiate the terms of a property settlement

[confused 98]

My partner and I who were together for 2 years in a defacto relationship. We purchased a property together, (his deposit was larger then mine 86% to 14%). we reside in Victoria and there are no children.

on the 13th April we broke up, on the 16th April i received a letter from his lawyer saying my ex has said I had moved out and I couldn't return to the property as he has changed the locks and I had removed my things. They then told me the house was to be sold in 28 days, how the property would be divided and I had a choice of 3 real estate agents and his lawyer would do the conveyancing. I was also told all correspondence was to go via his lawyer and I was not to contact him. As a 21 year old who had just broken up 2 days earlier I was shocked and scared so i write back via email to his lawyer suggesting that i hadn't even collected my things and hadn't moved out, they agreed I could remove my things from the house the next day under the strict supervision of his parents and then I can't return again, there is no court order. They suggested if i return they will call the police and the legal letter will be proof to say i can't return. I also said that i agreed with the financial settlement and would pay 1/2 the mortgage repayments until the property sells.... they replied 2 weeks later saying they are happy with those terms (of course they were) and now we have to get a BFA written up. they have also said the house is to be on the market by the 13th May. Now that i have had time to register all of this and get some information i have realised that they had no right to kick me out of the property and that the financial terms are not fair at all. My question is - I did initially agree via email that i would agree to the terms, Is it too late to write back and say that I don't agree and write what i think is fair? I am not asking for any more money but the terms were he gets his money first then I get mine if there is any left over from the sale of the property and that I continue to pay the mortgage but that doesn't seem fair if i am not allowed to go near the property? Can i write back to his lawyer and say I want to renegotiate the terms or am i too late? We have not signed a BFA or anything, its only what i have written in the email.

 

[sammy01]

Ok so slow down.
Yup an email to say you agree means nothing. Not until you've signed on teh dotted line of the BFA.
I'd suggest you start writing (then post here). Some thoughts. IF you continue paying half of the mortgage then you get your 14% of the $$ after the house is sold an the mortgage discharged.

Heck - since you can't go near the place I'd suggest if he wants sole right to use the place then he pays 100% and you still get your 14% of the $$$ after the mortgage is paid out.

 

[Atticus]

My question is - I did initially agree via email that i would agree to the terms Is it too late to write back and say that I don't agree

Yes you can whithdraw whatever offer/agreements you have made ...... just say that you don't agree & that you are in the process of seeking legal advice before saying anything further.... Then seek legal advice..

My thoughts based solely on what you have written here is...

how the property would be divided and I had a choice of 3 real estate agents

To do it right, you need to have a professional evaluation done, not just a REA opinion of market value

I am not asking for any more money but the terms were he gets his money first then I get mine if there is any left over from the sale of the property and that I continue to pay the mortgage

Don't pay anymore off the mortgage, particularly if you are not living there.... Ordinarily anything owing on the property, ie, mortgage, agents fees, conveyancing etc, should come out of the lump sum before division

We have not signed a BFA or anything, its only what i have written in the email.

One of the strict conditions of a BFA in order to make it legally binding is that both parties have to seek their own independent legal advice.....If that doesn't happen it's worthless paper

1) is the house title in both names?
2) Is the mortgage in both names
3) What is the sum total of your 14% in actual dollars?

 

[confused 98]

Yes you can whithdraw whatever offer/agreements you have made ...... just say that you don't agree & that you are in the process of seeking legal advice before saying anything further.... Then seek legal advice..

My thoughts based solely on what you have written here is...


To do it right, you need to have a professional evaluation done, not just a REA opinion of market value

Don't pay anymore off the mortgage, particularly if you are not living there.... Ordinarily anything owing on the property, ie, mortgage, agents fees, conveyancing etc, should come out of the lump sum before division

One of the strict conditions of a BFA in order to make it legally binding is that both parties have to seek their own independent legal advice.....If that doesn't happen it's worthless paper

1) is the house title in both names? Yes
2) Is the mortgage in both names Yes
3) What is the sum total of your 14% in actual dollars? Not a lot which is why I was reluctant to get lawyers involved. Once the house sells and everything is paid out - He would get this $38,000 deposit, then I would get my $5000 deposit and then the rest split 50/50. if the house sells and the only profit is $38K or less I get nothing..

 

[Atticus]

Not a lot which is why I was reluctant to get lawyers involved. Once the house sells and everything is paid out - He would get this $38,000 deposit, then I would get my $5000 deposit and then the rest split 50/50. if the house sells and the only profit is $38K or less I get nothing..

I wouldn't be agreeing to anything until you get valuations.... Not unreasonable for them to get one REA valuation & you choose one (doesn't HAVE to be one of the 3 they have put forward) Probably not critical that you have a professional valuation done in this case, local REA should do....

If it looks unlikley that there will be much left over from sale to divide after the $38K & your $5K, then maybe just agree to a BFA ( at his cost) for the $5K ..... Be in a better position to know after vlauations come in... Certainnly don't get pressured into signing or agreeing to anything at this stage IMO