Release from mortgage

I went to arbitration as the final hearing got cancelled.

the Arbitrator issued a draft award. He said W should remain in the FMH worth 900k (200k mortgage in joint names and 700k equity). He said it was a bit above her needs (which he places at 750k) but he did not want her and the kids to go through the upheaval of moving.

We have few other liquid assets. I’m left with 60k for deposit and I can raise a 540k mortgage to buy a house at 575k (600k with stamp duty) and so even though W is a little over housed he claims it’s justified. 540k is my max mortgage and it seems a stretch but hey ho.

So my proportion of liquid is pitiful, but I do get the pension. Overall a 45% to me and 55% to W split including appropriately discounted pensions.

The arbitrator circulated his draft for comment. I stated that despite her best endeavours W may not succeed in releasing me from the mortgage on the FMH and therefore I could not raise a 540k mortgage which is my maximum. I got email from the broker explaining in general terms that it would impact my mortgage borrowing (basically I could borrow 540k across the two mortgages). So I asked for an order for sale if she can release me as she could rehouse cheaper at 750k if needs be

When I got the final award the arbitrator said he wasn’t sure exactly what would be we the impact if I’m not release as my broker hasn’t provided a specific numbers. (I think it’s obvious and he’s being disengenous). So if not released in 6 months I should apply to court for an order for sale. He also said he was not guaranteeing what would be the outcome of such an application

i think the award leaves me in a hole. If I’m not released from the mortgage, which may well be the case, I don’t want to risk applying to court. Presumably that will be a lengthy hearing involving restatement of assets and liabilities and mortgage calculations. Problem is no guarantee I will win and if I loose I will pay costs. This will be a set back because the only way out of renting is for me to save a large deposit to mitigate my impaired mortgage capacity.

so the reality the arbitrator has not dealt with my housing need while W remains over housed

worth appealing?
any other ideas apart from renting snd hoping to save up for a deposit?
im 49 by the way😔

You don't mention the number and ages of children, pensions or incomes.

Did you agree to legally binding arbitration or do you still have the option of a final hearing?

How big is the FMH? Can she afford to run it

Was a time limit put in the draft order when you would need to be released from the mortgage? Is there a default order for sale clause??

What did the judge at FDR suggest a fair settlement would look like?

Were you represented? Was she?

If you haven't taken legal advice, now would be a good time to do so. You may want to consider consulting a direct access barrister for an opinion.

Hadenoughnow