Who holds the money owed to the ex following divorce and financial settlement.

[sneezecakesmum]

DD and her DH have sold their house to a divorcee who is just waiting for her financial settlement to come through. I am assuming the solicitor dealing with this will pay the money direct to DDs buyer. I have visions of the ex getting hold of it and skipping the country.

Yes I am a neurotic worrier needing reassurance the house sale wont fall through and they lose the house of their dreams.

[mumblechum1]

The solicitors dealing with the purchase of the house will have to liaise with the solicitors dealing with the divorce (ie potentially 3, certainly 2 firms).

The conveyancing sol for the woman's purchase will not allow her to exchange contracts until they are 100% certain that they will receive the money by a fixed date.

So, as an example, the purchaser has a court order that the husband will give her £x on date x. They are likely not even to exchange contracts until they have received the money from the woman's divorce solicitors, who in turn will receive it from the husband's divorce solicitors.

Don't worry. All of the solicitors involved will be very very careful to get the timing right.

[sneezecakesmum]

Thank you so much mumble.. DDs previous proposed purchase fell through at the last hurdle and then their dream home came back on the market, all renovated (45K more)! but they closed on the first one and their offer on the new one was accepted a day later! Their buyer has a date for the money to come through at the end of May for the divorce settlement, I am so relieved the solicitors have control of it!