Equity from joint house sale

[kmpowell]

A really simple logistical question here. Myself and my partner have separated (not married) and the house we own in joint names will be going up for sale.

When it is sold, how does the equity physically get paid to us, and how is it decided how much each gets (I know we are both entitled to a 50:50 equity split, but that's not how it will be split due to agreed financial reasons)? I assume all this is via the solicitor?

Is it;

a) Into one nominated bank account - who decides which bank account?
b) Into two nominated bank accounts - who decided how much goes into each account?
c) Other?

Thanks in advance.

Edited by kmpowell on Friday 17th May 10:12

[Pit Pony]

Tenants in Common or joint tenants ?
Either way, if both of you tell the solicitor the same thing, he can distribute it where ever you both like in any split to as many accounts as you want.
If not, joint tenants it's a 50:50 split and tenants in common, whatever percentage was declared to hmrc on form 17 originally.

[kmpowell]

Pit Pony said:

Tenants in Common or joint tenants ?
Either way, if both of you tell the solicitor the same thing, he can distribute it where ever you both like in any split to as many accounts as you want.
If not, joint tenants it's a 50:50 split and tenants in common, whatever percentage was declared to hmrc on form 17 originally.

Thanks - it's joint tenants, which as I understand is a 50:50 split.

However as part of the separation I should be getting a higher % due to my circumstantial needs from the separation. What I am wary of is her reneging on that agreement at the last minute and claiming the 50% share.

Are you saying that if we do not both give the same instruction.information (i.e. a 65:35 split in my favour), then the solicitor will automatically process it as a 50:50, or will the transaction be stopped until both parties give the same answer?

[Dave350]

Never known of a bloke getting more, i'm intrigued.

[dmahon]

You usually have the money transferred to your solicitor who will then distribute it according to agreed splits.

[PostHeads123]

kmpowell said:

Pit Pony said:

Tenants in Common or joint tenants ?
Either way, if both of you tell the solicitor the same thing, he can distribute it where ever you both like in any split to as many accounts as you want.
If not, joint tenants it's a 50:50 split and tenants in common, whatever percentage was declared to hmrc on form 17 originally.

Thanks - it's joint tenants, which as I understand is a 50:50 split.

However as part of the separation I should be getting a higher % due to my circumstantial needs from the separation. What I am wary of is her reneging on that agreement at the last minute and claiming the 50% share.

Are you saying that if we do not both give the same instruction.information (i.e. a 65:35 split in my favour), then the solicitor will automatically process it as a 50:50, or will the transaction be stopped until both parties give the same answer?

I think your need to talk to a solicitor independently to be honest, I believe the solicitor will do what you both want with the funds BUT as you say there is nothing to stop her changing her mind and claiming the 50% as legally that's hers. Really you should have the agreement on the % split written up and signed before you bought the property, you might be able to do that now not sure if it too late though, have it written down and signed by both parties is the only way I can see you would be sure to get the higher % you need.

I had similar split not married, property joined owned but I paid in more, I had the an agreement written up before the purchase was complete that set out the % split, saved my ass as even with it my ex was trying to get more.

[Mr-B]

Just draw up a simple agreement outlining the agreed split of the net sale proceeds, both of you sign and date it and preferably get it witnessed, have a copy each and give another copy to the solicitor.

[Pit Pony]

Mr-B said:

Just draw up a simple agreement outlining the agreed split of the net sale proceeds, both of you sign and date it and preferably get it witnessed, have a copy each and give another copy to the solicitor.

And refuse the sign the contract of sale for the house unless the agreement is signed.
However joint tenants. So either can sell.witjout.the others permission