Hi everyone, the house has been on the market for a while so husband and I have found a new agent. This one has asked my ex-husband to sign an agreement (as per usual) but he won''t sign until I clarify who''s paying the agency fees. I''ve found the general order form which states that we bear our own costs. I understand this when it comes to solicitors'' fees but what about selling costs. Of course, the ex is expecting me to pay for everything but I wouldn''t be moving if it wasn''t for having to pay him his share of the equity. Please, does anyone know what is the usual practice?
"The Applicant and the Respondent shall each bear their own costs insofar as this application is concerned" The only part I can find anything about costs.
We agreed I would pay £10k by 16 May 2011. That''s been done. I am also to pay £20k by 16 May 2014 but that''s not explicit in the order.
The order states: the applicant shall transfer to the respondent upon payment of the lump sum referred to in paragraph 1 (the £10k) above all his legal estate and beneficial interest with full title guarantee the property registered at the Land Registry XXXXX on condition that as from the date of the transfer the property do stand charged by way of legal charge as security for the payment to the applicant of a lump sum equivalent to 14.8% of the value of the property which shall not become exercisable until 16 May 2014."
The wording of the order is ambiguous at best. Orders usually make reference to ''net equity'' which is the figure that is left after mortgages, legal fees, estate agent''s fees, other charges etc, have been discharged.
However, in this case the husband is receiving lump sums plus a percentage of "the value of the property". The value of the property is largely irrelevant if the charges on the property equal or exceed the value of the property i.e. it is in negative equity.
Whoever advised upon the order should be sorting this out.
Charles, I completely agree that the wording is ambiguous. I remember pressing the point of ascertaining responsibility for the hidden extras you mentioned but no-one seemed to listen or care so there''s nothing about that in the order.
Incidentally, the house is worth c£135k and the equity looks to be about £60k so ex will be receiving £30k in total as it was agreed to spilt 50%.