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.

Get a Lawyer ! It's a worthwhile investment

Hi
Most conveyancer e.g. myself ask your for a small payment on account of perhaps £250 so that they have what they call a monetary retainer before they start spending their billable time on a matter that may not proceed. The remainder of the fee due to the solicitor is deducted from the payment your ex's solicitor send to your solicitor. that's how we deal with it anyway. The Land Registry's Form ID1 will require you to go to see a solicitor anyway and at my company we charge £100 plus to deal with Form ID1 for a 'non-client' but if you 'formally instruct a solicitor' to represent you there is no requirement for Form ID1. The Form is used to combat Frauds where someone who may not be the real co-owner i.e. you. claims they are you and claims you signed the Transfer when in actual fact you might be oblivious to the fact that your name is being taken off the deeds/mortgage. You definitely need a legally trained person with backup/protection of the Law Society to protect your interests here. Serch for Law Society Find a Solicitor and put in your postcode. The saerch will locate solicitos near you. Then you need to approach them to ask for written/emailed estimate of their charges and disbursements (small extras like Land Registry office copy fees (approx £6) and perhaps a bank transfer fee (approx £40) for a Transfer of Equity from 2 names to one and say you are the one coming off the deeds.
Good luck and hope it all goes smoothly so you can put this experience behind you.

Strictly speaking you can use any solicitor you choose but most people choose one they can visit face to face easily. It makes taking in your proof of ID and proof of address much easier. And if you would prefer to see the solicitor when you need to sign the document e.g. if you are worried you might make an error on the document then a local firm to you will be your best decision. Please don't use an 'online company' based 200 miles away from you, you will then find you are dependent on the royal mail post which in December is a right Royal PITA. Law Society website www.lawsociety.org look fo the Find a Solicitor tab and input your post code of home or where you work as it will be easier for you to make an appointment at their office if you can take an hour off at the start or end of your working day.

Thank you. This isn't going to be final until April so I have time to find someone.

How long does this whole process take? He will obviously need to talk to the bank we have the mortgage with.

I plan to leave the UK a week after this is all final and go home. I don't want to be hanging around spending money on a hotel.

Don’t forget you can ring solicitors for a quote to see how prices vary. Don’t necessarily choose the cheapest, but they may vary quite a bit.

I have emailed 4 from the Law Society pages so far this morning. Will wait to see who comes back to me.

I am honestly not coping well with all this. Having to move back home, pack up my life etc.

I think having a competent solicitor is just going to make my life easier and then I won't have to deal with any of his nonsense. We had a 25/75 split which was to account for his family giving us the deposit but now he has decided that I have to work out the pay out based on Value-Mortgage remaining-deposit and then 25% from that! He is being a greedy, spiteful bastard that I don't recognise anymore.

Do you know if there was a Deed or Declaration of Trust/Deed setting down the monetary contributions detailing the 25/75 split at the time you bought the house? If you have it (or even a photocopy KEEP IT SAFE and you still claim your 25% of the equity regardless of any games he is now starting to play at you. Your solicitor who handled the conveyancing will have evidence of the that they took you and Ex's instructions on the type of co-ownership e.g. Tenants in Common. You can google the term and you'll see that the register of ownership will show a RESTRICTION. You can phone or buy a copy of your property's register of title online from hmlandregistry.org for about £3. I'm sorry he is being spiteful. Try to stay calm and focused. Stand firm for your 25%. You are not required to give in to his demand for a large share of the equity. Let a solicitor help you with the calculations and let them take the strain of the pressure of the communications.
Ex's very often try to take the other to the cleaners. This is the clearest reason why you need a legally trained impartial person on your side, legally speaking. They know the law and how to achieve the fair outcome.

www.gov.uk/joint-property-ownership

www.gov.uk/get-information-about-property-and-land/search-the-register

We have agreed a sum and date. I have this in an email from him. I will be taking that along to my solicitors in case he gets funny about anything.

We filled in a Declaration of Trust but I didn't take a copy (stupidly). at this point I can't even be bothered fighting him about the split and taking the deposit etc. I just want my share so I can start my life again.

The timescale will depend on the application he will need to make to the lender to borrow the additional sum he needs to pay in order for you to transfer your share to him. It is called a further advance or additional borrowing. The lender will carry out affordability checks on him. The lender might not agree to lend it to him in which case you will both need to sell the property in order for the equity to be split. Alternatively he might need to weigh up whether he would be better off remortgaging the property. That would all need to be synchronised which is another reason you need legal advice.

Roughly the time frame might be 6 weeks or so. It could be less if the lender makes the lending decision swiftly.

Your signature will likely only be needed on one document. Your solicitor will ask ex's solicitor for a copy of the deed setting down the financial contributions at the time of the purchase.

You legally own all documents and notes in the conveyancing file from when you bought the property. How long ago did you buy it? Ask that solicitor to send you/email you a copy of the Completion Statement and a copy of the declaration deed. They are certain to have a copy of the signed deed on your/their file. It is the law to keep purchase files for 12 years.

The firm have since closed down and the solicitor has retired. She has all the documents and will search through storage for a fee? Does that sound right? It was purchased in 2010.

I have an email from the original solicitor that she sent to me last year that the file confirms our joint instructions that we should be registered as Tenants in Common and the split. Would that be enough?

Do all transactions and legal work via your and his solicitor then everything will be watertight and that will seal the end of the deal. It's money well spent!

I need help. Yes that sounds correct. She must still keep and produce cl7ents' papers. The law society and Solicitors Regulation Authority SRA require all retired solicitirs and closed down

Thanks everyone. Can't do much until he gets the process started really. Just sit and wait.