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What are we each entitled to in our divorce settlement?

What does the law say about how to split the house, how to share pensions and other assets, and how much maintenance is payable.

What steps can we take to reach a fair agreement?

The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

What is a Consent Order and why do we need one?

A Consent Order is a legally binding document that finalises a divorcing couple's agreement on property, pensions and other assets.


Do you need help sorting out a fair financial settlement?

Our consultant service offers expert advice and support to help you reach agreement on a fair financial settlement quickly, and for less than a quarter of the cost of using a traditional high street solicitor.


How long will solicitor wait to be paid??

  • themindboggles
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26 Nov 07 #7725 by themindboggles
Topic started by themindboggles
I have CO that sayss FMH has to be sold,.... my agreement with the Solicitors is that they get paid after sale of FMH and out of my split but what if the property takes forever to sell??.... will they just carry on waiting or does a point come where they say cough up or drop asking price or even auction FMH??

Thankyou
TMB

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26 Nov 07 #7732 by Specialdad
Reply from Specialdad
It may surprise you but solictors like money lots of it!!!

I would guess you have 30 days to pay any invoice that they send you, so I would start putting some money aside asap. B)

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26 Nov 07 #7739 by themindboggles
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CO was drawn up in court at Final hearing wich was now 3 months ago.... its agreed my bill becomes payable when sale completes on FMH as the bill is thousands.... my question is can the solicitors force a sale by Auction if a sale isnt forthcoming...... or would they start proceedings against me in the event of me being unable to pay due to not having sold FMH?

Kind Regards
TMB

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26 Nov 07 #7753 by attilladahun
Reply from attilladahun
With respect and without realising it you have actually answered the question in your post. If the solicitors have truly agreed their fees will be settled from the proceeds of sale that is in agreement. Technically, there should be "consideration" for that agreement no doubt you will say that in consideration of instructing them to act in the conveyancing formalities which was recorded in the Consent Order they agreed in turn about their fees would be payable on completion.

Accordingly, they cannot put pressure upon you to sell the home and indeed it would be a breach of contract to do so. If they attempted to do so you could quite properly complain to the Solicitors Regulation Authority would uphold your complaint.

They may try and argue that interest is payable if that was set out in their terms of engagement in what is known as the client care letter. Normally as it has been pointed out interest is payable after 30 days after the invoice of that will not work as it is a clear term of the contract whereby you instructed them to act in the conveyancing formalities that payment would then be made.

That should sort the matter out!

Hope this helps and none of my clients use this against me!

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26 Nov 07 #7774 by NE0
Reply from NE0
If it helps I have two highstreet banks that will lend to my clients to cover their legal fees. One also covers other lifestyle costs as well, but their minimum loan is £25,001. The one that lends just for Legal costs has no minimum.
If your lawyer is not putting pressure on you then dont pay intrest just to settle the bill, but you could be much more out of pocket if you are forced to sell quickly than if you take out the loan and pay intrest until you sell for a fair price.
In some circumstances the bank has added the intrest payments to the loan so you would have no monthly costs for say 6 months
If you want an intro to them please let me know

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26 Nov 07 #7790 by attilladahun
Reply from attilladahun
Neo actually Barclays Bank do a brill client credit scheme
It is a loan to clients but underwritten by solr
Low interest at c 9% and only repayable after 2 years
Interest is payable monthly by SOrder.

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26 Nov 07 #7791 by attilladahun
Reply from attilladahun
Neo actually Barclays Bank do a brill client credit scheme
It is a loan to clients but underwritten by solr
Low interest at c 9% and only repayable after 2 years
Interest is payable monthly by SOrder.

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