Theoretical house sale due to split
Discussion
Not for me but.. theoretically..
House worth 400k. Split up means that ex-partner is owed half of sale cost.
Sell house for 300k to a friend. each party gets 150k. 70k in cash is moved from under buyers bed to under sellers bed
.
Does this go on a lot?, what are the chances of getting busted ?
House worth 400k. Split up means that ex-partner is owed half of sale cost.
Sell house for 300k to a friend. each party gets 150k. 70k in cash is moved from under buyers bed to under sellers bed
.Does this go on a lot?, what are the chances of getting busted ?
Edited by Aviz on Thursday 3rd June 12:45
Depends on the source of the "worth" you mentioned at 400k. If that's a realistic worth, considering a forced, rapid sale, then alarm bells will ring with the ex-partner, and she'll probably ask HMRC if they'd be interested. Which they would.
If the 300K is a realistic price for a quick sale, then the boxes under the bed ought not to come into it. (PS Make sure that the boxes under the bed can be accounted for when they knock on the door comes
)
If the 300K is a realistic price for a quick sale, then the boxes under the bed ought not to come into it. (PS Make sure that the boxes under the bed can be accounted for when they knock on the door comes
)Aviz said:
Not for me but.. theoretically..
House worth 400k. Split up means that ex-partner is owed half of sale cost.
Sell house for 300k to a friend. each party gets 150k. 70k in cash is moved from under buyers bed to under sellers bed.
Does this go on a lot?, what are the chances of getting busted ?
So your man risks a load of hassle for himself and mate, to give said mate a house at £30k/7.5% discount and all he gets is an extra £20k ?House worth 400k. Split up means that ex-partner is owed half of sale cost.
Sell house for 300k to a friend. each party gets 150k. 70k in cash is moved from under buyers bed to under sellers bed
.Does this go on a lot?, what are the chances of getting busted ?
£70k of which he has no way of banking without questions being asked.
Not to mention the ex might have a bit of common sense and get a valuation done.
ps what the hell is a 'sale cost' ?
Vee said:
Aviz said:
Not for me but.. theoretically..
House worth 400k. Split up means that ex-partner is owed half of sale cost.
Sell house for 300k to a friend. each party gets 150k. 70k in cash is moved from under buyers bed to under sellers bed.
Does this go on a lot?, what are the chances of getting busted ?
So your man risks a load of hassle for himself and mate, to give said mate a house at £30k/7.5% discount and all he gets is an extra £20k ?House worth 400k. Split up means that ex-partner is owed half of sale cost.
Sell house for 300k to a friend. each party gets 150k. 70k in cash is moved from under buyers bed to under sellers bed
.Does this go on a lot?, what are the chances of getting busted ?
£70k of which he has no way of banking without questions being asked.
Not to mention the ex might have a bit of common sense and get a valuation done.
ps what the hell is a 'sale cost' ?
As i said, figures were just for representation. I don;t know exactly how much is involved.
And i thought from the outset that it might sound a bit unfeasable. He wouldn;t have any problem with 70k cash anyway. Most of his earnings and outgoings are in cash.
Cheers for opening my eyes to all the reasons why it's not as simple as he explained
fatboy b said:
Aviz said:
what are the chances of getting busted ?
Pretty high now you've declared it on a public forum 
Being at the tail end of my divorce as we speak, specifically in the middle of financial disclosures (we're doing it arse about face for good reason)..long story...it did come up in convo with my solicitor about valuations of house, cars, etc.
Firstly, you (the royal "you") and "her" are encouraged to attend mediation. Government's latest "helpful" direction.
...it actually isn't bad. It isn't marriage counseling. It is also a short-cut to getting the spade-work done for the consent order without spending s fortune with solicitors. If you can get your Wife to attend and not walk out halfway through, then you're a better man than I.
As part of this Mediation, you're sent away with homework. This includes obtaining 3 x independent valuations for the property from local estate agents.
It also includes valuations for things like cars - the more thorough the better, as far a magistrate is concerned, i.e., 1xGlasses Guide, selection of PH adverts, Auto-Trader, etc. Pensions, savings, building a financial outgoings analysis.
This all builds the picture to the magistrate as to the net worth of marital asset pot. This then gets split depending on circumstances. You cannot opt out of showing things like pensions valuation. For example, we didn't want to split our pensions (worth bugger all), but we still have to show to the magistrate we've given it due consideration.
It may, or may not [cough] have come up in conversation about possibly selling a car to a mate for a silly low amount. It was very strongly discouraged, said solicitor having been on both sides of that kind of practice. (The Royal)You WILL get found out, assuming of course that whatever values you've investigated, make it past the scrutiny of her solicitor and onto the magistrate that's examining your case and granting Decree Nici (and then Decree Absolute).
If it ever does get through (*IF*) then at the very least, the other party will come hunting after you for whatever you've swindled them for, plus you'll accrue potentially huge legal costs sorting that out (contesting it in court, for example)....and thats without even getting into the legalities of tax/HMRC.
In summation, don't even "go there".
Firstly, you (the royal "you") and "her" are encouraged to attend mediation. Government's latest "helpful" direction.
...it actually isn't bad. It isn't marriage counseling. It is also a short-cut to getting the spade-work done for the consent order without spending s fortune with solicitors. If you can get your Wife to attend and not walk out halfway through, then you're a better man than I.
As part of this Mediation, you're sent away with homework. This includes obtaining 3 x independent valuations for the property from local estate agents.
It also includes valuations for things like cars - the more thorough the better, as far a magistrate is concerned, i.e., 1xGlasses Guide, selection of PH adverts, Auto-Trader, etc. Pensions, savings, building a financial outgoings analysis.
This all builds the picture to the magistrate as to the net worth of marital asset pot. This then gets split depending on circumstances. You cannot opt out of showing things like pensions valuation. For example, we didn't want to split our pensions (worth bugger all), but we still have to show to the magistrate we've given it due consideration.
It may, or may not [cough] have come up in conversation about possibly selling a car to a mate for a silly low amount. It was very strongly discouraged, said solicitor having been on both sides of that kind of practice. (The Royal)You WILL get found out, assuming of course that whatever values you've investigated, make it past the scrutiny of her solicitor and onto the magistrate that's examining your case and granting Decree Nici (and then Decree Absolute).
If it ever does get through (*IF*) then at the very least, the other party will come hunting after you for whatever you've swindled them for, plus you'll accrue potentially huge legal costs sorting that out (contesting it in court, for example)....and thats without even getting into the legalities of tax/HMRC.
In summation, don't even "go there".
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