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Payment of settlement and transfer of equity.

  • flakey
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9 months 3 weeks ago #508844 by flakey
Please I need help understanding this. We have now had the final FDR hearing after a long 2 years!!!
So the Ex is to pay me a lump sum at a certain date and then I take my name off the fmh. This is how it was written in the court order:

“The Court Order says: “Upon payment of the lump sum of £xxx, the applicant shall transfer to the respondent all her legal estate and  beneficial interest in the family home subject to the first mortgage secured against the property”

The Ex has now through a conveyancer sent me TR1 forms to sign. He says he has re-mortgaged the fmh and the cash can’t be released to me until I transfer the equity to him. I have refused to sign as I believe I should get my lump sum first and then I sign off the property. Then he sends this to me:

“”On the other hand, if you refuse to do this, as we both have commitments to fulfil within the Court Order, I will have no choice but to apply for Enforcement Order, which will ensure that the transfer can be done by Court Order whether or not you sign and my cost of going through that process will be at your expense, to be deducted from the settlement. So I have nothing to worry about except there may now be some delay. You’re no longer going to be able to play on my mind””

This is how he has always threatened me with enforcement orders etc!

What should I do? Seek a conveyancer as well?

Thanks

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  • Allcry
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9 months 3 weeks ago #508869 by Allcry
It does mean the cash first.
However, If he has the cash in a holding bank for you would you sign it?

Do they have an escrow service for this?
Escrow hold money in an account so everyone can see it's there. And it gets released on conditions.

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9 months 3 weeks ago #508870 by flakey
If I am sure he has it in a holding bank yes I would sign it.

No don’t have an escrow service. Would research it

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  • hadenoughnow
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9 months 3 weeks ago #508876 by hadenoughnow
Replied by hadenoughnow on topic Re:Payment of settlement and transfer of equity.
I would contact his conveyancer directly just to satisfy yourself as to the order of things. It is my understanding that registering the transfer and cash payment are done at the same time. The conveyancer can receive the payment and pass it to you.

Hadenoughnow

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  • flakey
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9 months 3 weeks ago #508886 by flakey
Thanks.
His conveyancer has now contacted me and said it happens silmutaenously. So I could go with that?
Just a bit nervous.

Thanks

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9 months 1 week ago #509085 by flakey
I am now using a Conveyancer as well and the process is going smoothly.

Thank you for your advice:)

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9 months 1 week ago #509126 by hadenoughnow
Replied by hadenoughnow on topic Re:Payment of settlement and transfer of equity.
Very pleased to hear this :)

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