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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33953
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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Divorce and re-mortgage

Customer Question

Divorce and re-mortgage
Submitted: 2 years ago.
Category: Family Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
Could you explain your current position and what it is you wish to know?
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33953
Experience: I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
Clare and other Family Law Specialists are ready to help you
Customer: replied 2 years ago.
Hi Clare,
I was editing my question but couldn't send it because you already had replied. I though it was a chat service. I was changing the fee too because I realised I asked too more than one question.
I got divorced in September 2013 in Venezuela because we married there. We have been living in London since 2005.
It was a friendly divorce. We agreed between ourselves who was going to get which assets and we did not declare any of them in the divorce decree. There are not children.
There was not much to share but we were clear we did not want to sell anything so we agreed to split the goods. If it makes sense.
Among the most important assets were a flat in the UK and 10 horses in Venezuela.
I did not want the horses and my ex did not want the flat so it was a done deal that did not involved anyone else but us. He kept the horses and I kept whatever amount paid for the flat.
Now, the flat is in both of our names and I am in the process to transfer it into my solely name. We bought it in 2007 and as per evaluation it has a current equity of £33K plus the amount paid off which is £15K.
I have received papers from the layers dealing with the re-mortgage asking some questions that I am not sure about. They are the lawyers from the bank who declare not to be able to provide advice. They will only be dealing with the legality of the transfer. Hence, my question.
They are asking whether there would be exchange of money with the transaction. Which the answer is technically 'no'
Also, there is a clause that says that I have to declare my understanding of "If the exchange of money is considered to be less of the value of the property in can be considered as a gift. If the party making a gift is made bankrupt within 5 years of the transfer then the appointed Trustee in Bankruptcy may set aside the transfer'
I have been doing some research in the matter and this can be an issue that will not depend on my ex's good intentions. If he has a loan o debts that I am not aware of and he declares bankruptcy in the next following 5 years the debtors can come after my flat. Am I right?
Now, I think I can declare there will be exchange of money to avoid an unfair deal if the transaction is reviewed in the future. If I do so, will I at some point need to demonstrate the transaction? Or it will be the lawyers asking my ex whether he received the money? I have discussed it with him and he is happy to declare he has received such amount. Which he technically has... with the horses.
There is another question in the papers: Is the transfer a result of a divorce, separation, etc. If I answer no, nothing happens. If I answer yes they asked for the court order. I don't have the court order here, it is in Venezuela and in another language. I can have it sent over and translated but it will take time and I have already started the process for the remortgaging.
So, summarizing:
1.- What the implications of saying there will be exchange of money with the transfer.
2.- What would be the implications of sayings the transfer is not a result of a divorce?
Thank you
I understand I have made more than one question. If I am satisfied with the answer I am willing to pay £36 o more.
Expert:  Clare replied 2 years ago.
Hi
Does the Order actually deal with the financial issues?
Clare
Customer: replied 2 years ago.
The court order for the divorce? No, we did not declare any goods as a result of our marriage.
The re-mortgage application? They are assessing whether I can afford the mortgage. I am in the stage to change the name on the deeds. To continue with the mortgage application they need to change the Land Registry which is in both of our names.
The mortgage has to be on the same name as the Land Registry.
Expert:  Clare replied 2 years ago.
Hi
Is there a real risk that your ex will go bankrupt here is the UK?
Clare
Customer: replied 2 years ago.

Well, we never know. The declaration says for the next 5 years. He has never had financial problems.


I just want to protect myself, because it will be a circumstance that will not depend on him (the bank asking me to sell to recover money owned by him).


The clause only applies if in a case of bankruptcy the transfers is considered unfair or a gift. Which it is likely to be if I say there will no be exchange of money. However, if I say there will be an exchange of money this risk will disappear, I guess. My point is, can I declare there will be an exchange of money when there will not be any? If I do so, for the solely purpose of the transfer to have a true value, will I be, at some point of the transfer, be asked to 'pay' him and to demonstrate payment?


 


 

Expert:  Clare replied 2 years ago.
Hi
It was very sensible to check that you understood all of the implications but in fact you can simply tick the box stating that this is as a result of a divorce - and that there is no Order to be sent.
Many people do not have a Financial Order - it is not compulsory and the Mortgage Company are aware of this.
In the highly unlikely event of his Bankruptcy the fact that he kept the horses will be sufficient protection for you - if you have any worries simply ask him to confirm in writing the basis of your agreement.
No one else needs to see this at present.
I hope that this is of assistance - please ask if you need further details
Clare
Customer: replied 2 years ago.
Dear Clare,

I am sorry I did not reply earlier. It has been an extremely busy day.
I called the company and certainly I am not sending the divorce papers.
And I will be doing the private document. I am guessing I need to have it notarised? Am I right?

Thank you very much for your help. I has given me peace of mind and clarity on how to move forward with my application.

I hope you have a lovely weekend.

Expert:  Clare replied 2 years ago.
Hi
If you mean the letter - then it just needs to be signed - not notarised!
Clare

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