How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34234
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
13262538
Type Your Law Question Here...
Clare is online now

I am in the final stages of being bought out of our jointly

Resolved Question:

Hi,
I am in the final stages of being bought out of our jointly owned house by my ex partner. The transfer of equity has been approved by the mortgage company, we have a price agreed. At this stage she has said that she has been advised to have a settlement agreement drawn up to prevent me returning at a later stage for more money. The points I need clarifying are-
Is my ex right that a settlement agreement is needed for this to be fully closed? I thought that as soon as I signed over ownership of the house that would be it.
Can you explain the settlement agreement and what I should expect to see in it? What are the advantages/ disadvantages for each of us?
I am expecting to have a process similar to exchanging on a house when the time finally comes to sign. A form drawn up stating that I sign over my share of the house in receipt of the stated amount of money, the money already held in the solicitors account for release.
This is what I've been told by solicitors but not by my ex partner.
Am I mistaken?
Many thanks,
David
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year ago.

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further informtaion first.

Are you married and are there any children involved?

Customer: replied 1 year ago.
We are not married.
Together for 8 years, lived together for 6.
This house was bought in October 2013.
No children involved.
Expert:  Clare replied 1 year ago.

Then you are correct -there is no need for a written settlement - that would only be essential if you had been married.

Your ex is actually "buying you out" and the Transfer itself does indeed represent the "receipt" as it were.

What will happen is that her solicitor will send you the Transfer and ID documentation to sign and you will send them back to him.

He will hold them "to your order" until the completion date - when he will release the monies to you

Please ask if you need further details

Customer: replied 1 year ago.
Thank you Clare.
Last question-
I'm assuming that documents from the solicitors will have the amount of money to be paid stated on them?
At what stage will this appear, just at completion it before?
Thanks for your help,
Dave
Customer: replied 1 year ago.
Or before not it, sorry
Expert:  Clare replied 1 year ago.

Have you not agreed that between you already?

Customer: replied 1 year ago.
it's agreed but there is nothing official in writing. I don't think there is a problem with it but wondered at what stage I would see the figure written down? Is this what she means by a settlement agreement maybe?
Expert:  Clare replied 1 year ago.

I would expect it to be confirmed in a letter from her solicitor - but an exchange of emails between you and your ex would be fine!

Clare and other Law Specialists are ready to help you
Customer: replied 1 year ago.
Thanks for your help
Expert:  Clare replied 1 year ago.

You are most welcome - I hope all goes well