Hi I have a consent order that states that my ex has been awarded 10% market value of house and myself 90%. I’m thinking of selling as I pay for mortgage and repayments take up most of my salary. Just a bit confused with wording on consent order-
‘The Respondent Petitioner Wife shall be entitled to direct the trustees to sell the property and to apply the proceeds in the purchase of such other freehold or leasehold property as she shall direct for her occupation ‘
Who are the trustees in this instance?
Also it says ‘the new home shall be held upon the same trusts, and the trustees shall have full power as if they were beneficial owners thereof to execute such mortgage deed as May be necessary to enable the purchase thereof to be completed.’ Just struggling to understand in plain English!?? My main question is if for example I sell my house and my ex is entitled to 10% - how is this calculated ? I can’t afford to pay ex until trigger points ie my youngest turning 21 and I would buy a much cheaper house. My aim is to sell and drastically reduce mortgage and buy much cheaper home. Will my ex husbands 10% be calculated on home I’m selling or cheaper new home ? Many thanks in advance
The mention of trustees implies that the house is owned by a trust rather than directly by you and your ex. Without knowing more about the trust its hard to comment on that element.
I think that the plain English interpretation of the parts of the order that you quote are as follows: they enable you to move to another house (sell current house and buy new one) without having to pay your ex his 10% earlier than the trigger points.
When the first trigger point happens (e.g. youngest turns 21) then you will need to pay out the 10% and I assume it will have to be calculated to pay him out as if you had not moved - i.e. based on 10% of original property.