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Ask Clare Your Own Question
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34106
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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My ex wife to be solicitor is putting together an equity

Customer Question

my ex wife to be solicitor is putting together an equity transfer order, is there anything that I need to check and be aware of?the idea my ex wants is for me to take my name off the mortgage and then this will enable her to get a loan against the home to pay me the money we agreed on.are there any pitfalls that I should be aware of? should there be a timescale on when the monies have to be paid etc?the big thing really is...am I safe taking my name from the mortgage without any money upfront?
Submitted: 10 months ago.
Category: Family Law
Expert:  Clare replied 10 months ago.

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further information first.

Why does she not just re-mortgage to buy you out in the normal way?

Customer: replied 10 months ago.
with her salary she says she can not re-mortgage that amount.
Expert:  Clare replied 10 months ago.

So what will be different after you have transferred then property to her?

Customer: replied 10 months ago.
i have no idea to be honesty, she says she as been approved an home owner loan if my name is ***** ***** mortgage.
Expert:  Clare replied 10 months ago.

Has she provided any written evidence of this?

Customer: replied 10 months ago.
no she has not, should there be something in the equity transfer?
Expert:  Clare replied 10 months ago.

It is something you should see before signing anything.

How far has the divorce reached?

Customer: replied 10 months ago.
the nisi will be granted on the 27th September.......equity release order will be sent out to me on the 14th September/
Expert:  Clare replied 10 months ago.

Has anyone spoken about a Financial Consent Order?

Customer: replied 10 months ago.
no not yet, whats that?
Expert:  Clare replied 10 months ago.

It sets out the financial agreement between you?

Customer: replied 10 months ago.
should her solicitor send me that?
Expert:  Clare replied 10 months ago.

Have you actually reached a full agreement on finances - not just on the house?

Customer: replied 10 months ago.
not on paper...but we have spoken about it, there is only the house really - she is keeping her pension im keeping mine - we have nothing else.
Expert:  Clare replied 10 months ago.

You certainly should not sign and Transfer of Equity until there is a Court Order in place confirming that she will pay you the agreed figure

I suggest that you write to her solicitor saying that you require a draft Consent Order and a copy of the loan approval before you consider anything further.

The Order should at the very least specify a time limit for the payment

I hope that this is of assistance - please ask if you need further details

Customer: replied 10 months ago.
yeah that's fine, is there anything else I should look for in the consent order etc?
Expert:  Clare replied 10 months ago.

It shoudl say that nether of you can make any further claims on the other.

Clare and other Family Law Specialists are ready to help you
Customer: replied 10 months ago.
what happens for example if the consent order says my ex as to pay the money within 3 months but she never does?
Expert:  Clare replied 10 months ago.

Then you can take action to enforce the Order - once it has been sealed - and force the sale of the property

Customer: replied 10 months ago.
hi,
I have been sent a copy of the consent order that I have to sign and send back to send court.
Point 1 says " The petitioner do pay or cause to be paid the respondent a lump sum of £ 12,000 within 56 days from the date hereof.Point 2. " upon compliance of the lump sum at 1. above the respondent do transfer to the petitioner all his estate and legal interest in the family home subject to the legal charge.Point 3. " upon compliance with paragraphs 1. and 2. all the petitioners and respondents claims for financial provision, property adjustment, lump sum, pension sharing and pension attachment orders do stand dismissed, and neither the petitioner nor the respondent shall be entitled to make any such further application to their marriage under the matrimonial act 1973.so does this mean my ex-wife should pay me the lump sum before I take my name off the mortgage? because she has just emailed me and said the below...Once it is completed, you want me to buy you out. After it is completed then we can not claim against each other. That's the point.The consent/clean break order isn't going to court until you are signed off the mortgage and after the 20th November as that is when the clasp in the deeds is off. Then the judge will sign and I have 56 days after that to give you the money.Until your name is ***** ***** mortgage I'm not doing anything.is this correct?

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