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Ex buying me out, what do I need to do?

3 replies

QueenofWhatever · 05/02/2011 19:59

After a long and torturous period with my ex still living in our old house, he has agreed to my suggestion of him buying me out. We weren't married but are tenants in common. When we separated we drew up and agreed a heads of agreement using collaborative law which confirmed how we would split the proceeds of the house. We have a joint mortgage, which I'm assuming he will just want to switch over to his name.

Do I need to get a solicitor involved or does he need to get one to do all the legwork? My ex was/is very abusive and manipulative and I want to make sure that is the final step in our separation (DD access and maintenance via the CSA withstanding).

Also, thank you for all of those on here who have helped me, especially resolution. Within 24 hours of getting my solictor's letter about taking him to court under TOLATA he agreed to buy me out. It's only taken 18 months...

OP posts:
sneezecakesmum · 05/02/2011 20:37

I would really get a solicitor to make any agreement watertight. When you are dealing with controlling manipulative people who do not play fair you must protect your interests even if its costs more money in the short term.
Resolution is great Grin

cestlavielife · 06/02/2011 23:36

well done!

TOLATA now underway here...bit of a nightmare ...

you will need a solicitor /conveyancer to do the transfer /land registry stuff for the property - that in itself should be strightforward enough. (you may even be able to do that yourselves? i dont know about land registry stuff)

so long as he has enough income himself to take on mortgage. for the bank, it is as tho he taking out a new mortgage on his own and they want to be sure he can cover the repayments....

if that is not likely to be a problem then should be fairly easy...

but regarding final price etc - how much equity he pays you - best thru solicitors (each side could get two or three market valuations in order to get a middle price) or with a mediator if that is an option.

Resolution · 07/02/2011 06:59

If you already have a collaborative heads of agreement and therefore know how much he's paying you then you just need a conveyancing solicitor who will double check you will be free of the mortgage and that the deed of transfer has been properly drawn up from your perspective. It shouldn't cost too much.

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