Transfer of equity/financial consent order - are we doing this the wrong way?

Hi,

I’m currently going through a divorce and my ex husband has been reluctant to get a financial Consent Order or employ solicitors but doesn’t want to continue to pay half towards the mortgage so has agreed a transfer of equity so that I can give him a lump sum. This lump sum is nowhere near the value of the property as I can only borrow a small amount but he wants a lump sum asap and not to have to have any responsibilities around the existing mortgage. He wants me to agree to paying an additional percentage should I ever sell the property and I agreed to this.

I have applied for a transfer of equity and additional borrowing to give him some money and have been approved - this is currently with the mortgage company and conveyancing solicitors and should be complete by the beginning of May.

Our Conditional Order will be heard in court on 18th April and I’ve received notification that we should be able to apply for Final Order by the end of May so I have started looking at consent orders but now I’m a bit concerned that we should have done this before the transfer of equity.

I’m struggling to fill in the D81 form as currently he does not pay child maintenance but is paying the mortgage until the transfer of equity goes through.

I’m incredibly worried that I have agreed to take the mortgage in my name, will give him the lump I can borrow and will then be told that our agreement isn’t fair if we submit the forms for a consent order. The house is worth far more than I can give him but I have 100% custody of the children (they don’t want to see him and he doesn’t have anywhere to have them overnight anyway).

I’m not even sure what I’m asking at this point - I guess I wonder if anyone can advise whether we have done this in completely the wrong order. How likely is the consent order to be rejected after I have given him a lump sum and already transferred the mortgage to my name? Is it better to wait until the mortgage is solely in my name before filling in the D81 form.

I feel so out of my depth with this and it’s causing considerable stress.

It is wise to have any agreement enshrined in a legally binding consent order before handing over any cash. Even if the property is transferred to your sole name it remains a matrimonial asset until this is done.
Do you know why he is in such a hurry to get a lump sum?
Some cash now and some later can be included in an order as a deferred charge/Mesher Order.
How much is fair to will depend on your circumstances including your respective housing needs, your incomes and the assets you have between you, including pensions. You should make sure details of your finances have been shared; these need to be declared if you apply for a consent order

For us to advise more effectively, we would need to know

Ages
Incomes
Length of marriage plus cohabitation
Children - ages and proposed arrangements
Value of former matrimonial home
Outstanding mortgage
Size of FMH
Pensions - CETV and type
Value of other assets in sole or joint names
Debts/loans in sole or joint names.

Hadenoughnow