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tenants in common_sale proceeds

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  • tenants in common_sale proceeds

    Hi, I hope to get some advice here. Any help would be much appreciated.

    I and my now ex-girlfriend bought a property 2 years ago for buy-to-let purpose. We separated recently and put our property for sale consequently. We are now just before exchanging contracts with the buyer.
    I have been informed by our solicitors that they require both parties to mutually agree on the split of the monies from the sale and that they will not release them until they will have it. They also asking for my authority to hold onto the funds until the split will be confirmed.

    We bought the property as tenants in common, with 50% of the property each. Except the title there is no written agreement between us. We both paid equal money towards mortgage deposit and paid the same portion of mortgage payments etc.

    I thought that once the property will be sold the proceeds are divided 50/50 and that’s it.

    Now I can see how she can easily give me a hard time. She knows that I need money ASAP while she’s got new, apparently wealthy boyfriend. She can stay a way of the agreement dragging it on forever and a day just to fulfil her promises to give me a hell.

    I am right in my scenario? What can I do anything to avoid long months of fighting with her?
    How long can the solicitor justifiably hold my money?

    Thanks in advance

  • #2
    Re: tenants in common_sale proceeds

    A solicitor can't go by anything other than an authority signed by both his clients. If they won't both sign the same authority (or identical ones) then he cannot safely hand over the money to either of you.

    Even if you can show the that the transfer to you was as tenants in common in equal shares the other person might allege some agreement that alters the proportions. This may seem unlikely, but the fact is that your solicitor cannot assume anything which may or may not have happened.
    RICHARD WEBSTERwww.rwco.co.uk
    As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.