This is a Premium feature
To use this feature subscribe to Mumsnet Premium - get first access to new features see fewer ads, and support Mumsnet.Start using Mumsnet Premium
Equity Buy Out Advice(15 Posts)
My ex-partner is buying me out of my share of the equity in the property that we both own. He has re-mortgaged and this figure includes my buy out figure.
I do not at this point have my own solicitor as I am not sure it is needed. I understand the process, I sign the deeds and other forms and his solicitor transfers me the money. I received a letter from her yesterday outlining the process but also advising I get my own independent advice.
Is this actually needed or is she just covering her own back?
No Solicitor will ever tell you that you shouldn't take separate legal advice, both from a family solicitor as to the deal you have done, and a conveyancing solicitor, to ensure the transfer is as it should be.
I appreciate that she is just telling me this because she has too. The big question is I understand what I am doing. What I am signing away. Is this all that matters, that I understand the consequences of signing over the deed.
It depends on how complicated or simple your situation is. Is it just the house that is involved in the separation, what about any debts, pensions, children, savings and all the other details of a financial settlement?
I am not sure i would feel comfortable risking it without an independent solicitor looking over the details of what accepting the money means.
You do need a solicitor BUT only to witness your signature, you take forms of ID with you to a solicitors with your signature and the signed deeds. They then stamp to say yep it’s you who has signed. That’s it. Most solicitors charge £5 for this. It’s just to authenticate your I.D.
It is simple really. We don't have joint debts, weren't married so not to worry about pensions, no children or joint savings. We have come up with a figure that I am happy about. So its simply he has remortgaged in order to be able to buy me out for a set figure.
Surely accepting the money means that I no longer have an interest in the property and it is 100% his.
I have already done the ID1 form for the land registry and his solicitor has a copy of my passport to prove who I am. I can get my neighbour to witness my signature on the other forms.
To me it seems quite simple. I am starting to think that she might just be covering her own back by making sure I understand what I am doing - which I do.
Oh if it really is that simple then I guess having your signature witnessed would be fine and no point wasting money on a solicitor.
It's a free service which could advise you of any pitfalls without you having to pay for a solicitor initially
I'm assuming you think there's pitfalls otherwise you wouldn't have posted here?
For me it seems quite straightforward. My concern was only raised when twice in the letter in bold and underline his solicitor suggested that I should get my own advice. I personally don't think I need one. I understand the consequences of signing the deeds over to him.
Your situation is quite straightforward. Have you seen a very recent mortgage statement which details the current mortgage outstanding and have you had 3 recent valuations of the property, at least one or two of which you handled yourself?
The solicitor has advised you to take independent legal advice to cover her back. Otherwise you could come back in a couple of years, or even months and say you didn't understand the ramifications of what you signed. Providing you are aware of the value of the house and your share is fair don't worry. If your ex partner or their representative actually require you to take independent legal advice it is customary that the cost is covered by him. That's all. Hope that explains it for you.
We have already come to an agreed figure that I am happy with and he has re-mortgaged to that figure. The only thing left to do is sign all the paperwork and have the money transferred to me. Surely at this point I don't need a solicitor?
Thank you to everyone for the advice.
In the end, I did not engage a solicitor but took some advice from someone with a legal background. Documents are now signed and it will complete this week. I will then be on my way to truly being able to put this behind me and start again.
Please login first.