Ex Buying me out

[Acorn2012]

Hello!
My ex and I spilt 5 years ago and I am currently residing in the property we jointly own. He is looking to buy me and we have agreed quite amicably the equity divide and how much each person wants from it so there doesn't seem to be any issues there! He has been offered a re-mortgage in principal which apparently includes my buy out sum but he is saying he cannot proceed with the mortgage until I vacate the property and he moves in........ I am going into a rented property for a while and I was hoping to use the funds from my equity to fund my rental deposits etc. As I have no savings! Can anybody tell me how I will be protected financially if I do vacate the property, do I need to instruct a solicitor to get something drawn up? Once he is in the property how soon will I receive my money?
Sorry if these questions seem a bit daft but I need to make sure I am protected before I budge.
I am hoping somebody will be able to offer their advice
Thank you!

[Kati]

Re: Ex Buying me out

tagging [MENTION=85500]Peridot[/MENTION]??

[Peridot]

Re: Ex Buying me out

Hi Acorn2012,

I am assuming that the property is in both names at the Land Registry? If that is the case then when the re-mortgage happens the solicitor/conveyancer should be in touch with both of you as they will need your signature on the transfer documents. At that point you can confirm where the money is to go. You should be advised to get your own independent legal advice really, as there is a potential conflict with the same person acting for both of you now.

A re-mortgage should happen quite quickly a matter of weeks, but the monies won't be released until it all goes through, so you won't be able to rely on using the monies for your deposit etc prior to completion of the re-mortgage.

I think when you come to sign the transfer documents you need to be very clear what happens to the funds once they come in. It may be worth seeing a solicitor just to ensure your interests are protected. Sorry for the flaky response, but it is difficult to assess how this will go. I appreciate things are amicable at the moment but things do change unfortunately.

You have had the property valued again to work out your entitlement haven't you?

[Acorn2012]

Re: Ex Buying me out

Hi Peridot
Thank you for your reply I really appreciate it. Yes the property is in both names with the land registry and I am having it valued again tomorrow.
I just find it hard to understand how the mortgage company wouldn't do the re-mortgage to complete on a certain date so we set a date and hand over the key once the money has reached the account, like you would in a house sale, but he is asking me to vacate the property before this has happened is worrying me that the remortgage won't happen and I'll have to force a sale - a costly and lengthy court battle I could do without.

[Peridot]

Re: Ex Buying me out

Hi Acorn2012,

The mortgage company may have said that they would only complete provided the property is empty but it does seem a bit sledge hammer and nut to insist they won't even provide a completion date until you are out of the property. Are you able to speak to the conveyancers/solicitor dealing with the re-mortgage? If you are, I would contact them and ask when completion is happening and also letting them know where your agreed sum, once re-mortgaged funds are released, is to go to. They may refuse to discuss with you due to the conflict, in which case you may have no option but to get a conveyancer/solicitor involved yourself to ensure the funds are delivered to you.

From personal experience re-mortgages don't generally have a set completion, it happens once they have done the paperwork and you just get confirmation that the previous mortgage has been redeemed and the new mortgage is in place. If the property is to be transferred into your ex's sole name upon re-mortgage, then you will have to sign the paperwork to allow this to happen. Have you signed anything yet? If there was anything underhand going they still couldn't proceed without your signature on the re-mortgage in any event. Obviously if that did happen then you would be looking at a fraud situation, but I think we may be getting ahead of ourselves now.

If relations are still amicable with your ex, (I can't work out whether your worries are founded on your previous experience in the relationship with your ex or whether you've read horror stories that are panicking you), could you speak to him and ask for the conveyancers/solicitors details to allow them to transfer the funds directly to you upon completion of the re-mortgage. At least they then have your details. If this is not possible and your ex is insisting you need to leave the property then I think obtaining your own advice from another solicitor would be sensible.

Just trying to think outside the box a bit but would your ex be able to foot the deposit and first rent on the property you would be moving to, until the re-mortgage comes through? Just a thought you can then refund him once you receive the monies, or have the amount deducted from the sum due to you. It may be an option to enable you to move out before the re-mortgage is completed?

To be absolutely certain of everything being dealt with, as you have agreed with your ex and to ensure you receive your full entitlement on the basis of the property valuation, I think it would be advisable to have your own solicitor.

Hope this helps although probably not what you want to hear if it means getting your own solicitor I'm afraid.