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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.


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Transfer Deed. Is this separate from Re-mortgage?

  • Intrepid82
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20 Sep 12 #357019 by Intrepid82
Topic started by Intrepid82
Hi,

Respondent. I have just been issued my Decree Absolute. After 22 months, this is a big relief .

Obviously my attentions turn to the finances, i.e my ex,she retains the FMH, and is the parent with care etc.

She like most, has had to remortgage to pay me out.

The Sealed Consent Order was issued 3 weeks ago, setting out she had 28 days to pay out the settlement. I assume this is quite routine?.

She is now on her 3rd mortgage offer, but not I am not sure where she is at presently. Previous offers, due to her procrastination, have lapsed. The first offer was issued in early December last year.

My question is, the Conveyance company, who are acting between the Solicitors and my ex''s Bank, have not yet a Form (Transfer of Property Deed) for me to sign.The conveyance company issued a covering letter about the form, but ommited to enclose the form. My Sol'' has been chasing them. Does this effect my wife being able to complete the Remortgage, or is the re finance a separate issue?, from the property transfer. We are/were joint mortgage holders with the FMH.

The Court letter (Consent Order) stated Imprisonment is possible if there is a breach of the Order, i.e non compliance of the 28 day deadline.

I don''t want to cause her trouble, but I really would like my settlement, and on time.

Fustrating for me, as I agreed the figures for the settlement 3 months ago, and I would have thought she should have had the finances in place, before now, and not leave things to the last minute.

  • LittleMrMike
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21 Sep 12 #357038 by LittleMrMike
Reply from LittleMrMike
Let''s be quite clear, shall we ? Sorry, I''m in one of my blunt moods this morning
First of all an order of this type must specify a time limit within which the property has to be transferred ; obviously without such a provision things could drag on indefinitely.
Secondly, I am assuming from the wording of your post that she has to pay you some money as part of the deal. And oh by the way, that you are released from the previous Mortgage.
Now it should be obvious to anyone that you should not agree to a Consent Order which provides for a payment of a lump sum unless you are certain you have the means to make the payment.
Because if people do anything as silly as that, it''s like signing a contract to buy a house when you don''t have the funds.
You ( or your solicitor ) should not - and I mean not - hand over any transfer if your ex doesn''t cough up the cash. Otherwise you will be causing no end of trouble for herself. If she has not got the funds, hard cheese. She should have thought of that before agreeing to the order. What happens in practice is that the three transactions - the transfer, mortgage and payment of the cash - take place at the same time. You can sign a transfer but only '' in escrow '' which in plain English means that your agreement to transfer is conditional on her paying the cash and the document is not handed over until this is done.
My friend, you have a solicitor and (s)he should be explaining all this.
LMM

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21 Sep 12 #357062 by Intrepid82
Reply from Intrepid82
Hi and thanks.

Ok, so I take it that the default setting is that the transfer deed and exchange for cash should be done at the same time. But first my Sol should check with my ex''s solicitor and the conveyance companyance or my ex has the cash in place waiting.

All a bit of a paper chase, but in a way, I feel I am seperate from this, because the order stated she should transfer the settlement within 28 days, which is next Friday.

Is she in breach if there is nothing in my post or at my solicitors by a week on Monday morning ? i.e 31 days after the order?

If so, what then ?

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21 Sep 12 #357072 by LittleMrMike
Reply from LittleMrMike
Well, in theory if she is in breach of the terms of the order you can apply for enforcement.

But rather than rush into it like a bull at a gate, it might be sensible to send a polite reminder before you jump in feet first.

LMM

  • .Charles
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21 Sep 12 #357096 by .Charles
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28 days is a very short period of time - 56 is more usual. However, as your ex is still dealing with mortgage offers I wouldn''t hold out much hope that she will comply with the 28 day term.

Interest will begin to accrue if she defaults on the terms of the order. However, she has 28 days to pay and we''re not there yet so you could potentially be worrying about nothing.

The best you can do is fire off a letter (through your solicitor if they continue to act) reminding her that payment is due by next Friday and that interest at a daily rate of £x will run thereafter.

There is no point in applying to enforce unless she makes no effort to comply as the wheels of finance turn no quicker just because of a court order.

Charles

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21 Sep 12 #357101 by Intrepid82
Reply from Intrepid82
Hi, and thanks to you both for answering.

My point of this thread is to be one step ahead of the procedure.

You see, it has taken 22 very fustrating months to get this far. Now I have the Absolute, (Actually the Court Office told me it was at my Solicitors .. in tray which it is, I have not yet been contacted by him, ah hum), anyway, my intention now is to contact my solicitor early next week for an update from him, but I an minded that I may leave it for a week after regarding enforcement. Just sending a warning letter to ex incurs further delays, and to be honest, I would have thought the written Consent Order stating imprisonment would be enough to a normal person.

I had earlier in the Divorce issued 2 seperate Court Hearings of which I paid a Fee etc, but in the end we came to an agreement , hence the Consent, at last.

I just feel I am being taken for a ride by all the parties. Solicitors should be proactive rather than reactive and be wise to delay tactics from the other side. The fes they charge relate in no way to the quality of the service , just the process, which seems to be strung out. In danger of wandering off the thread here so wil stop.

Regards . M

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