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selling the house

  • megan
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24 Mar 08 #17509 by megan
Topic started by megan
My not soon enough tbx and I are about to put the house up for sale. We have not agreed on a financial split so if we get a buyer for the house before an agreement what do we do with the money? Also who do we use as sol. his mine somebody else? We don't speak at all at the moment so how do we move forward?

  • attilladahun
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24 Mar 08 #17511 by attilladahun
Reply from attilladahun
1. You would probably agree that the "quicker" that things are "sorted" the better
2. If a buyer is found sooner than later it will focus both of you to seek a resolution
3. There can be many scenarios:-

[a] I don't know the level of equity/capital you potentially have but on occasions parties agree a certain level of the capital is immediately distributed and the balance put on "deposit" to abide the outcome of the AR proceedings
The parties could engage in "mediation" asap to resolve
[c] In the event the equity is modest and there is NO agreement things are a litttle more complicated. Often parties "sell" for different reasons -new start-house has bad memories-relocation-need £ to pay debts-etc
Now the fragility of the Housing market leads me to believe that if every penny counts as is usual it may be sensible to still sell and rent for 6 months as in that time the AR will resolve.
Even if no proceedings started it can take 6 months and even then in a contested case the parties will have to get on with the application asap.
[d] One tactic could be to ensure BOTH get their form E's sworn asap and reach "agreement" in advance that Form A is lodged immediately and an early FDA is listed within weeks and used as an FDR AND that the parties agree to follow the DJ's indication. Now that scenario cannot be used is valuations are not agreed or there are any "disputed" facts that may need to be proved.

As for the Conveyancing the solicitors whoever they are have to act in accordance with the client's joint instructions. It doesn't therefore matter if one uses your or his solicitors provided the faees are agreed in advance. Here ask both solrs to supply a written quote. It is more efficient to use either H or W's.
If either party has a real issue with either acting clearly a separate firm will need to be instructed.
The dissadvantage is this:
If either party is hoping to buy a new property contempoaneously it causes a great deal more work for two/three separate firms to have to constantly lise as the exchange of contracts etc. Indeed it can be plain inneficient and a potential recipe for problems.
There used to be an informal understanding in the law that the solicitors for the party in occupation/or the first named joint owner acted. It matters not if the costs ARE AGREED in advance.

  • megan
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24 Mar 08 #17562 by megan
Reply from megan
Thanks for that Atilla about £380000 equity in house no children. However all money needed to purchase even a modest prop. as expensive area. Don't think he will discuss anything. Wont speak to me. asked his Sol to tell kids not to be involved yet doesn't want sol fees. Not sure where to go with that!

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