• Buying Out Partner's Share

    By Guest on 23rd May 2017

    I need a basic contract to accompany the attached letter. Can you advise please.

    Dear Ms Morgan

    I have failed to achieve successful communication with you following your court appearance on 27 March, whereupon your TOLATA case was awarded in your favour.

    In order to expedite communication, I have obtained a transcript of proceedings from the court and the Judge's additional directions on your award.

    As you are aware I wish to resolve matters as soon as possible and to secure tenure of the property by purchasing your share of interest in the property.

    I enclose a copy of the relevant section of the court transcript, with direction that I can buy the property at the price stated within the order, that being £492,000.

    I additionally enclose an Excel spreadsheet prepared by Breathe Financial illustrating the deductions and costs of sale and the 50% share due to each owner of £97,098.

    I propose forwarding you an initial payment of £30,000 and then within 14 days of this payment forwarding the full settlement amount or, if my mortgage application has not completed, an additional payment of £30,000 within 45 days with the balance on final completion. I have been informed that on your acceptance of this offer my mortgage application should finalise in approximately 4 - 8 weeks.

    At final completion additional payments will be reconciled with regards to fees, losses and costs and I would pay a mutually agreed figure.

    In additional I ask that you return all items of my property which have been held by you since our separation in 2014.

    I trust you will be in agreement with the attached and I ask that you provide your signature of agreement on the attached contract and advice as to your preferred method and point of payment.

    Should you have any additional points or enquiry, please feel free to contact me.

    Yours sincerely



    Emmanuel

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