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Selling FMH & consent order

  • anewlifeawaits
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22 Oct 15 #468426 by anewlifeawaits
Topic started by anewlifeawaits
Hi
Currently stbx and I have agreed a sale on FMH. We''ve also done the mediation bit and have agreed the terms of the financial split.

I''m currently awaiting Nisi, and have solicitor drawing up financial consent.

Question:
Solicitor has recommended delaying Absolute until consent is approved, but also says that this shouldn''t affect house sale.
How does this affect us splitting financial proceeds of house sale if the solicitor hasn''t got the Consent Order ?
Can we split proceeds as if Consent Order is approved (even though it''s not legally binding until absolute) ?

If someone can help me understand this, I''d greatly appreciate it!
:huh:

  • LittleMrMike
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25 Oct 15 #468536 by LittleMrMike
Reply from LittleMrMike
I thought I had replied to this. For some reason it doesn''t seem to have registered.

In principle, if there is no Court order which prohibits it, there is nothing to stop an owner selling in advance of a financial settlement.

I assume you are joint owners ; you don''t say. If the property is in the sole name of one spouse, it is usual for the non-owning spouse to register matrimonial home rights to prevent a sale before the finances have been settled.

But if you are joint owners, and there is no Court order preventing you, it is possible to sell the property - provided, of course, you can agree on the price, and what to do with the purchase money. The problem, if the sale is by joint owners, is that your solicitor/conveyancer would need to know what to do with the proceeds. If you haven''t agreed that, or if there is no Court order, then he can''t safely pay out the money.

One way is to keep the money invested pending a financial resolution, but this is obviously not satisfactory for either party.

If the property has already been sold, then the Court, almost certainly, could not '' claw it back '' a sale to a bona fide buyer, and therefore the question for the Court would be, how to deal with the proceeds.

To some extent, this will close a Court''s options - for example it would prevent the Court from making a '' Mesher order '' giving one party, usually the wife, the right to live there, usually till the children grow up.

My suggestion is that you should take your solicitor''s advice before agreeing to sell voluntarily. Selling too early just could prejudice your negotiating position and for that reason may be undesirable.

LMM

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