Advice needed, when will I receive my buy out sum after vacating property

Lalasacorns

Hello
My ex and I spilt 5 years ago and I am currently residing in the property we jointly own. He is looking to buy me and we have agreed quite amicably the equity divide and how much each person wants from it so there doesn't seem to be any issues there! He has been offered a re-mortgage in principal which apparently includes my buy out sum but he is saying he cannot proceed with the mortgage until I vacate the property and he moves in........ I am going into a rented property for a while and I was hoping to use the funds from my equity to fund my rental deposits etc. As I have no savings! Can anybody tell me how I will be protected financially if I do vacate the property, do I need to instruct a solicitor to get something drawn up? Once he is in the property how soon will I receive my money?
Sorry if these questions seem a bit daft but I need to make sure I am protected before I budge.
I am hoping somebody will be able to offer their advice
Thank you!

Lalasacorns

Anybody? ������

Thrugelmir

Lalasacorns wrote: »

He is saying he cannot proceed with the mortgage until I vacate the property and he moves in

Of course he can. I'm assuming that he doesn't trust you to vacate the property either. In that you'll remain in situ. One option would be for your solicitor to hold the bulk of the money until they receive notification that you've vacated the property.

unforeseen

It could be a condition of the mortgage, as it normally is, that there must be vacant possession

Thrugelmir

unforeseen wrote: »

It could be a condition of the mortgage, as it normally is, that there must be vacant possession

Though the keys aren't released until the solicitor representing the seller has received the funds.

Lalasacorns

Thank you for your reply I really appreciate it.
I just find it hard to understand how the mortgage company wouldn't do the re-mortgage to complete on a certain date so we set a date and hand over the key once the money has reached the account, like you would in a house sale, but he is asking me to vacate the property before this has happened is worrying me that the remortgage won't happen and I'll have to force a sale - a costly and lengthy court battle I could do without.