When to use Yellow Apricot - divorce |
YELLOW APRICOT WORKING IN A DIVORCE SETTLEMENT
Where the value of the matrimonial home is disputed in a Divorce, the only winners are the Legal Advisers. The longer the dispute runs, the more money they make out of you due to no fault of theirs. After all, they are merely doing their job! Selling the property through Yellow Apricot has the following advantages:
• The property is sold at Open Market Value, the value placed upon it in the open market;
• Open Market Value is the fairest and most unbiased way of valuing a property as it is the actual price that somebody is prepared to pay for it;
• Neither party can be accused of cheating or shady dealings as the entire transaction has been at "arm's length"
• Contracts are Exchanged immediately, which means that the figure cannot be changed or disagreed upon at a later date and
• The process is simple and quick, which can save thousands of pounds in legal costs arising from disagreements as to how much the property is worth or when or how to sell it.
Example:
Mr & Mrs Lithium have decided to sell their home after 10 years of marriage, deciding to go separate ways. Their home is worth approximately £450000 and after repaying the £200000 mortgage, they will split the sales proceeds equally. Both parties are keen to make sure that they get the maximum price quickly without any shady dealings.
They decide to sell the property through a Yellow Apricot Auction. A Reserve Price of £425000 is set with a Guide Price of £375000. On Auction day, the property ends up selling for £466000. This is £16000 above the estimated selling price and as the house has sold on the open market, they are assured that the house was sold in the fairest way possible. After paying off the mortgage, they will each end up with approximately £130000 each in 28 days time, giving them enough money to put down as a deposit on a property of their own and to move ahead with their individual lives.
Mr Lithium decides to keep the money in his bank account and to move in with his parents until he decides on what to do. Mrs Lithium is so excited that she buys a flat near her mother for £115000 from the following Yellow Apricot Auction for cash. She now has a flat with no mortgage repayments to make and still has £15000 cash left over. She decides to spend £5000 on a sports car and to keep the remaining £10000 in her bank account for a rainy day.
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