My ex is buying me out - help

[Ineedhelp12]

I am not sure how the practicalities of this work. My ex and I split in May 2016. He is going to buy me out of the flat and I will be moving out in April.

How does it work practically though. He wants me to sign the deeds etc but I don't trust him not to give me my share (£50K) after I have done this. I will get a solicitor but this decision was only made this week and I just wanted to understand the process in the meantime.

In case it matters we are not married and no children.

We're moving this over to relationships at the OP's request.

You both need solicitors.
They will work together on your behalf.
It should be like a house sale.
So once the money is in your account or at least with your solicitor, then your solicitor will send over to his solicitor the signed paperwork.
Ensure that he is on the same page as you on this.
To sign over deeds etc... you will need proper legal paperwork anyway so you both need to engage solicitors.

All of the paperwork that you sign goes to your solicitor, not him. They only proceed with the paperwork when they receive the funds on your behalf, or you confirm that you have them.

Will most solicitors wait until I have my payout for payment? I have never done any of this before.

All solicitors will. Get them to handle the entire transaction. This is a first for you, but don't worry - it's really standard stuff for a solicitor.

Is your ex remortgaging to buy you out? Mine did, so the money actually came from the bank to the solicitor. The solicitor then did the completion of the sale, released the money to me, then did all the Land Registry stuff with the paperwork I'd already signed and given to th solicitor in advance (form TR1 rings a bell)

When I bought my ex out, it was in the form of taking out another small mortgage on the house which was paid direct to my ex to buy him out. It was 15 years ago so I can't remember much more detail. I had a solicitor acting for me, he did not as there was no way the money from the house was not going directly to him so he chose to not pay for one.

Sorry, I misread that - I thought you meant would they wait for your payment from HIM before progressing.

You mean you paying them. You need to ask, but cost for doing this won't be huge.

Thank you everyone. He will most likely re-mortgage but we aren't on speaking terms at the moment so who knows.

I will start looking around for a solicitor and tell him to do that same ASAP.

I am staying there until April so its not too urgent.

I need my payment from HIM to be able to pay them.

Yes, just tell them that - it should be a fixed fee for removing a name and it should be minimal extra - as long as your Ex plays ball!!!

He has agreed the figure and date in an email to me so as long as he sticks to that it should be fine.

From when I dealt with similar over handing my ex over my share of our house, the solicitor will bill you regularly for the work they do and will expect payment before they do further work. However, you may be able to negotiate that they deduct their fee from the payment from your ex. You would need to discuss this with them.

They will not sign over your share until they have the money from your ex.

Are there any recommendations for solicitors in London to do this?

If you go to the law society website they will list soliciters . Shop around as you can get a good feel for how they answer the
Phone and handle your enquiry . It's worth spending a few hundred to get this done right and they will think of things you have not !

I'll look at that today. Thank you x

they are not massively cheap, but worth the investment OP! I have an apt with these people today:

www.stowefamilylaw.co.uk/

It's something you can do yourself - no solicitors
It depends on the trust. He transfers £50k to you.
You both fill out an ID1 AND TP1 form which can be printed off of the land registry website, make an appointment at your nearest land registry office.
The officer will check your paperwork and I.D - Voila.
A month later the land registry post the deeds to you with your name removed and it's just in your ex partners name.

That's interesting RhubarbKing.

I don't trust him though not to transfer the money and he doesn't trust me not to sign once I have it. Is there anyway around that without solicitors?

Hi
Your solicitors will check over any docmuent you are required to sign. Make sure you get your own solicitor i.e. not one he is using although to be honest most solicitors firms are very aware of conflicts of interests and will always advise the other person to seek legal advice.

Your solicitor will hold the document with your signature on it until the payment you are due to receive arrives ion your solicitor's Client Bank Account. At that point that document will be dated by your solicitor and the document becomes legally binding and is a 'legal document/instrument' and your solicitor will then pay you your proceeds/share as agreed and will ask you if they may deduct their fees from that sum.

Your ex's solicitor will be totally responsible for registering the document/transfer TR1 deed at H M Land Registry.

Hope this helps.

PS I work with legal documents for property transactions every day. For the sake of you paying a solicitor or conveyancer a sum of let's say less than £350 inc VAT you gain peace of mind, security and protection that you will not get shafted by the Ex. Small price for that comfort wouldn't you say?

You're damned if you do damned if you don't.

He transfers 50k and you don't sign the forms, (I know you would though)
you sign the forms and he doesn't transfer 50k!

The money always has to be transferred first though!

If there's no trust that way cant work and I'm afraid it's solicitors, It's not extortionate and it's an iron clad deal but say goodbye to £500-ish

I agree.. I wouldn't trust him.. get a Solicitor

If you wish to say, what's your geographical area? London? North London? East London? Kent or Essex? You can private message me if you wish to.

Regards.

Todayfrustratingday - I am in SW London/Surrey borders.