Buying partner out of joint mortgage

Dottidi

My daughter is buying her ex partner out of the home they jointly own.

There is £80,000 equity. She has secured her mortgage and I’ve agreed to lend her the £40,000 needed to buy him out. 

Everything is now in place, and she’ll be sole owner of property from 31st of this month. 

Her solicitor has told her that she should transfer the money to her ex partner on Thursday of this week.

Can anyone please advise if this is correct procedure?

I would have assumed the solicitor would be the one to transfer the money and that this would only be done at the new mortgage date. 

Any advice appreciated. 

The money I’m lending is from my hard earned pension fund, so don’t have money to throw around particularly to my daughters ex!

We’re in Scotland.

jackieblack

Both times I’ve bought an ex out, the solicitor who dealt with the Transfer of Equity also dealt with the money - I/my parents had to transfer it to the solicitor shortly before the exes went in to sign the documents and it was transferred to them shortly afterwards.
(In England)

[Deleted User]

Dottidi said:

My daughter is buying her ex partner out of the home they jointly own.

There is £80,000 equity. She has secured her mortgage and I’ve agreed to lend her the £40,000 needed to buy him out. 

Everything is now in place, and she’ll be sole owner of property from 31st of this month. 

Her solicitor has told her that she should transfer the money to her ex partner on Thursday of this week.

Can anyone please advise if this is correct procedure?

I would have assumed the solicitor would be the one to transfer the money and that this would only be done at the new mortgage date. 

Any advice appreciated. 

The money I’m lending is from my hard earned pension fund, so don’t have money to throw around particularly to my daughters ex!

We’re in Scotland.

You've agreed to lend your daughter the 40k.
That needs to be transferred to the ex on Thursday.
You are, indeed, throwing that money around - and on Thursday.
The solicitor doesn't have the money, you do, so you're in charge of transferring it from your account to the recipient.

MWT

[Deleted User] said:

The solicitor doesn't have the money, you do, so you're in charge of transferring it from your account to the recipient.

... and that part is a very bad idea.

The safer route is to have the solicitor holding the funds and only transfer at the point when all paperwork is signed and done.