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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.

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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.


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Transfer of Equity / Selling House

  • finallyhere
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13 Jun 12 #336521 by finallyhere
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Hi all,

Just a quick question that''s just occurred to me.....

Following a Final Hearing I was awarded the FMH and the transfer of equity has now taken place with confirmation paperwork from the land registry received.

Ex is still on the joint mortgage for this property as i am unable to raise a mortgage on my own at this stage (young children and working part-time) although I do make all mortgage payments without any financial help from ex (or child maintenance but that''s another story!). Mortgage lenders gave their agreement for this transfer of equity prior to the conveyancing.

My question is, if in the future I come to sell the property or remortgage when income allows, will the mortgage lenders automatically make any equity payments to me solely? Being that ex is still on the mortgage? I dont want to get to this point and suddenly find Im having legal wrangles trying to obtain what''s solely mine.

Thanks!

  • fairylandtime
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13 Jun 12 #336534 by fairylandtime
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I have had a Tfr of equity & taken on the morg for the MFH, I didn''t think you could do one without the other, as basically although the house is in your name the "debt" morg is still in joint names therfore you don''t actually own the house??

Am I wrong, if it is a joint morg I would think that you would need your x''s agreement to sell the house & pay off the morg & any money additional for the house would be in joint names 50/50 each.

Unless I am completely wrong? I couldn''t get the TfE until my x signed which (as per) he took ages over & it has just come through this month.

Hope others know better?

JJx

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13 Jun 12 #336537 by epitome title
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Hi

if you remortgage in your own name, the new lender''s advance (in your sole name) will pay off the existing mortgage and any left over after legal fees etc will be paid solely to you as the property is in your sole name and the old joint mortgage will have been paid off.

If you sell, the monies from the sale will be used to pay off the mortgage and if you are buying another property in your sole name with a sole mortgage, again, if there is any left over after estate agent''s fees and legal fees, will be paid to you

You have the benefit as it stands that you are the sole registered proprietor of the property but the mortgage is in your joint names, this means that if you default on the mortgage, the lender can come after both or either of you to recoup any default figure, you have the best of both worlds really :)

Kind regards

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13 Jun 12 #336563 by finallyhere
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Thanks ET, Im understanding it now! Because the equity has been transferred into my sole name then any equity remaining after the mortgage is paid off would come directly to me. I hadn''t remembered that a house sale is dealt with by a solicitor and not the bank. Doh!

It would be hard for the ex to default coz he pays bugger all anyway!

fh

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13 Jun 12 #336567 by epitome title
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Hi FH

It would be if you defaulted (as you are the one who is paying the mortgage) that the existing lender could come after both or either of you - win win really !

:)

Kind regards

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