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What are we each entitled to in our divorce settlement?

What does the law say about how to split the house, how to share pensions and other assets, and how much maintenance is payable.

What steps can we take to reach a fair agreement?

The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

What is a Consent Order and why do we need one?

A Consent Order is a legally binding document that finalises a divorcing couple's agreement on property, pensions and other assets.


House settlement

  • Bopeep12
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13 Jul 12 #342889 by Bopeep12
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Please can anyone tell me how to calculate the house settlement costs , as I wish to buy my Ex share of the house . The solicitor explain this stuff , but I expect them to put it in writing. Too scared to ask them again , as they keep charging every time I phone them

I know we have have to consider:

House sale price ( based on houses sold in my area)
Estate agents fees
Remortgage/ redemption fees
Solicitors fees


Anything else?

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13 Jul 12 #342891 by cookie2
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Email is often a better way to contact a solicitor than phone, especially if it''s a matter you''d like in writing. You can always look back and re-read emails. Also solicitors can reply to emails in a more efficient manner, they often cost you less than a phone call which is charged by the minute or 5-minute block.

Yes, what you list are the expenses of selling a house, I don''t think there''s anything else. But really if you''re doing a Consent Order, there''s no fixed way of doing it - it''s whatever price you agree on with your ex.

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13 Jul 12 #342892 by Bopeep12
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Thank you , its good advice. Please can you advice if the Consent Order should be used for co habitants

  • maisymoos
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13 Jul 12 #342903 by maisymoos
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If you have only been cohabiting and are not married a Consent Order will not be needed.

  • hadenoughnow
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13 Jul 12 #342904 by hadenoughnow
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If you are cohabiting and not married then the situation is completely different.

The division of equity depends on the terms of the original purchase. Is the house in joint names? Or did you have a deed of trust setting out who owned what proportion?

As far as costs of sale go, the usual figure applied in financial settlements is 3% of market value. Mortgage redemption costs would be on top of this.

Hadenoughnow

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13 Jul 12 #342907 by maisymoos
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I think 3% is considered too high in this economic environment where deals can be had on estate agents fees. The judge at my hearing put sale costs at less than 1.5%!!! I personally think 2% is more realistic.

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13 Jul 12 #342919 by Bopeep12
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thank you

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