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 Aston Lawyer Your Own Question
Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10731
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
Type Your Law Question Here...
Aston Lawyer is online now

I,m selling my 70% share of my flat for £92000 and the buyer

This answer was rated:

I,m selling my 70% share of my flat for £92000 and the buyer is also happy to pay me £5000 in cash...can this be doane???
Hi,Do you have a Mortgage over the Flat?I take it that you are happy to add his name to the Deeds and which will show that you own 305 and he owns 70%?Is there any reason why he wants to pay you £5,000 in cash- why can't it be added to the £92,000?I look forward to hearing from you.Al
Customer: replied 1 year ago.
hi aston, I am selling my 70% share in the flat, to the new buyer for £92000, it is this sum of money ,due to colne housing ,who own the other 30% saying I can not sell my 70% share for more than £92000. which i have agreed with them., but my new buy is happy to give me an extra £5000 . how can I get the £5000.
Hi,Thanks for clarifying matters.You could proceed with receiving this extra £5,000 in cash, provided you are aware of the following-1. If either Solicitors find out, they will insist that this additional £5,000 be paid with the £92,000 (I appreciate that you can only receive £92,000 in line with the Housing Association's stance).2. Your Buyer may be in breach of his Mortgage conditions by providing this extra £5,000 to you.3. As neither Solicitors can be made aware of this deal, you have to trust that the Buyer will indeed pay over this £5,000 to you. As I have said, as there will be nothing in writing formally agreeing on this extra payment, you would NOT be able to take any action whatsoever against the Buyer if for whatever reason he never paid you the 5,000.I hope this assists you, and answers your question.Kind RegardsAl
Hi,Can I assist you any further?Kind RegardsAl
Customer: replied 1 year ago.
hi aston, so I just have to talk to the buyer and hope I and trust him to pay the £5000?
Customer: replied 1 year ago.
could I and the buyer go to another solicitors and sort something out there , not involving the flat solicitors?
Hi,I'm afraid you are just going to have to trust the Buyer if you wish to proceed. No other Solicitor will want to get involved as they will see it as a potential money laundering issue and may indeed have to report it!!So, I'm afraid it's not an ideal situation to be in, but that's the way it is.Kind RegardsAl
Customer: replied 1 year ago.
o.k. thank you for your time, so would I be braking the law is it take the 5000 in cash from the buyer ?
Customer: replied 1 year ago.
if I was to take the 5000
Hi,You wouldn't be breaking the law, by accepting the £5,000, but afraid there is nothing you can do to make it a "legally binding agreement".Kind RegardsAl
Aston Lawyer and other Law Specialists are ready to help you
Customer: replied 1 year ago.
Thanks so much for your help Al, sounds like me and the buyer need to just meet and shake hands on the deal of £5000 . Again thank you .
Customer: replied 1 year ago.
When you say cash, can I have the buyer pay the £5000 from his back into mine....? Or is it £5000 in cash in an brown paper bag?
Customer: replied 1 year ago.
Hi,It could be either!Kind RegardsAl