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10% deposit on exchange, what belongs to whom?

  • GeeWhiz
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17 May 12 #331247 by GeeWhiz
Topic started by GeeWhiz
A trivial matter really but...

We are now 18 months ago after a divorce court settlement. Ex got 80% of home plus 2k pm. I live in the FH. Ex bought a house with the help of her Dad for £220k 9 months ago.

We have at last sold the house and have exchanged and our solicitor is holding the £42k 10% deposit pending completion next month.

I and my new partner have found a home to buy, wish to exchange tomorrow. Our solicitor has said that part of the above deposit cannot be used for our exchange - total £34k - (same solicitor acting for both Ex and myself) and that the 80/20 ruling applies unless my ex agrees otherwise. The same completion dates are aligned for both properties.

I have not yet had a reply from my Ex.

Why is my solicitor creating this what appears to me to be an artificial argument? The properties will complete on the same day, and surely it matters to no one whether 20% of the £34k or 100% of the £34k comes out of the already received deposit of £42k that this same solicitor holds. I pay the mortgage, always have.

The court ruling arguably will not apply until completion (the settlement said 80/20 on sale of the property).

As said earlier, trivial really but annoying that once again I seem to be expected to pay out when there is a very simple alternative. No one can make use of these deposits (other than the solicitor) between exchange and completion.

I would be interested in comments. Am I missing something?

GeeWhiz

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18 May 12 #331369 by cookie2
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It''s a bit confusing, let me see if I understand this correctly?

The FMH is being sold and you will receive 20% of its value. Only part of this value (£42k) has been received so far, but you want to have £34k of this given to you as an "advance" of your eventual 20%?

Yes, I think this would only be possible if your ex agrees to it. She is entitled to receive 80% of this £42k, and you are entitled to 20%. So unless she consents I don''t see how you can get any more.

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