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Am I ok not to sign unless I get what I am owed?

  • MonkeyMagic
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16 Aug 07 #2061 by MonkeyMagic
Topic started by MonkeyMagic
Briefy, we were not married, 2 children with 2 propeties betwen us. We released equty from out first house to put a deposit on the second. The second is now sold subject to contract and the conveyance solicitors are requesting that I go and sign all the exchange / completion documents (they are also representing my ex with regards to the split (finances).

My soicitor has said not to sign uness she ok's it for me. I am not, however she did say in a letter to my ex's solictor that I would let the second house sell and the money be held by the conveyance solicitor until this is all sorted.

I am ignoing calls from the conveyance solicitor because:

1. They may want to pull the wool over my eyes and get me to sign over more than I should.

2. My ex wants to ensure that the chain doesnt become broken and we lose the sale(potentially losing her money!)

3. They have not indicated to my solicitor of the exchange / completion so she can review the contract.

4. They are maybe pushing for the sale so they get paid.

By holding out we could lose the sale or even push my ex into agreeing that I have what I am rightfully owed?

There is a risk that we do lose the sale and we both get nothing (for now).

Unfortunately my original solicitor (which I have now sacked!) did not advise me to get the first house valued and according to a letter that he sent to my ex (back in March) she has what is hers from this sale and she can have the first property. However he did not advise me to get the first house valued and it has approximately £60,000 of equity in it (£30,000 is rightfully mine). She wants the first house (which is rented out - she lives i another house) and her proceeds of the sale of the second property. This will total approximatley £80,000 (£20,00 cash and £60,000 equity plus the house). I will end up with about £40,000!

The question is, where do I go from here?

  • Sera
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19 Aug 07 #2167 by Sera
Reply from Sera
So, is your issue your trust in the conveyance solicitor?

Isn't there an easier way? Can't you and ex agree to split the proceeds of sale, you holding half, and she holding half?

I don't know legal stuff, but surely a solicitor dealing with a sale, has to abide by the clients instructions?

  • MonkeyMagic
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19 Aug 07 #2169 by MonkeyMagic
Reply from MonkeyMagic
The conveyance soicitor is also reprsenting my ex!?
So, I have to play cards close to my chest...

I am entitled to £75k
She is entitled to £50k (through what she owes me) This would be the 1st property (£50k equity remains in it and she would get this property too which is currently let)

Although my 1st solicoitor got it wrong.... this means that she would end up with £85k, me with £45k...
This is wrong and I want this rectifying... I have a new solicitor on the case now...

I have had no excuse from my original soictor yet, although I have complained to him about his poor advice by letter at the beginning of this month!

  • dragonfly
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19 Aug 07 #2178 by dragonfly
Reply from dragonfly
Did you say that your conveyanceing solicitor is also acting for your ex? Would that not have a conflicting of interest in favour of your ex?

  • MonkeyMagic
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20 Aug 07 #2204 by MonkeyMagic
Reply from MonkeyMagic
This is a concern as I feel as though they have been in her favour all along. Maybe to get a comlpetion and therefore payment!

I have in fact signed today for completion this Friday.

My solicitor has requested that the proceeds of the sale be kept by the conveyance solicitor (approximaely £65k) in abeyance.

Currently I am happy with this as is my solicitor until a decission is made.

My next issue / concern is that £60k equity rests in the 1st home that we own 50/50 which is currently let and what my ex wants as settlement.

To be quite honest I am happy to let her have his property (and its equity of £60k) and me have the proceeds held in abeyance by the conveyance solicitor (£65K).

Unfortunately my original letter from my 1st solicior would give my ex approximatly £20k from this sale as well as the other property and its equity.

What I want to know is, can I end up with what I am owed? (£75k) or there abouts, and how whould I achieve this?

  • MonkeyMagic
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21 Aug 07 #2234 by MonkeyMagic
Reply from MonkeyMagic
I now have a little breathing space, completion is not till next friday now...

This is really getting to me!:blink:

  • LittleMrMike
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21 Aug 07 #2245 by LittleMrMike
Reply from LittleMrMike
I hope you received my reply to your PM.

I think that the central issue is, whether the letter your solicitor sent on your behalf was simply made in the course of negotiations, or whether it was intended as a firm offer - or, put another way, is there a contract or not ?

The answers to the conveyancing questions flow from that. As a secondary issue, did your original solicitors carry out your instructions accurately or not ?

I'm afraid the answer to that question depends very much on the correspondence, and, not having seen it, neither I nor anyone who posts on the site could give you an answer. Is not the obvious course of action to ask your new solicitor to peruse the correspondence and give you an opinion ?

In my reply I asked where your two children are living, with their mother, or with you ? It may be important for me to know the answer.

Mike 100468

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