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Ask Clare Your Own Question
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34105
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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My ex partner and I are selling our jointly owned property.

Resolved Question:

My ex partner and I are selling our jointly owned property. He wished to reduce the asking price but I would not get back my initial investment and I only agreed to a reduction after he and I both signed an agreement that said I would get a fixed amount from the sale whatever the offer price. Would this signed document be considered legally binding?
Submitted: 2 years ago.
Category: Family Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
How much is the house worth and how much is outstanding on the mortgage?
What agreement have you actually reached?
Clare
Customer: replied 2 years ago.

The house is now on the market for £499.950. The agreement states that I will receive £260,00 from the proceeds of the sale irrespective of the advertised sale price or any offer accepted. That the sale price will be reduced to £515,000 or lower. There are also clauses covering the marketing i.e. agents and fees and the agreement of a conveyance after three quotations. There is a clause which states I will not be responsible for any costs other than the estate agents' fees and conveyancing costs. We had a B & B business and a clause is included that states that the sale of the house is separate from the business and should the business be sold then the proceeds will be divided equally between us. the final clause states that the agreement is non-negotiable and will be in effect until such times as the house is sold, removed from the market or marketed at an asking price higher than £520,000.

This document was signed and dated by my ex partner.

Expert:  Clare replied 2 years ago.
Hi
Who prepared the agreement?
Clare
Customer: replied 2 years ago.

I did after negotiating the terms with him. He originally signed the draft I sent him by email and then signed the printed final version.

Expert:  Clare replied 2 years ago.
HI
May I ask if the actual value of the property has decreased since the purchase?
Clare
Customer: replied 2 years ago.

The property was bought for £470000 in 2010. The business cost an additional 15000 and we have spent at least 30000 on improvements.

Expert:  Clare replied 2 years ago.
Hi
How was the purchase funded?
Who paid what?
Clare
Customer: replied 2 years ago.

We each paid 50%

Expert:  Clare replied 2 years ago.
Hi
How long was it on the market at the original asking price?
Clare
Customer: replied 2 years ago.

Eight months

Expert:  Clare replied 2 years ago.
Hi
The agreement that you have reached together shoudl be legally binding - which is fortunate as if your ex had opted to seek an Order from the Court for the sale to go ahead at the lower price then he would almost certainly have been successful
As things stand you told him the basis on which you would agree to the reduction and he accepted that so you are entitled to rely on it when it comes to the division of the proceeds of sale
Please ask if you need further details
Clare
Clare and other Family Law Specialists are ready to help you

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