Divorce and Charge on Property

[ThePlanner]

Hi

I am divorced but the financial consent is dragging.

We, me and ex-wife are in agreement with how everything should be regarding children and property etc. But our issue is that the mortgage company has refused a charge being placed on the property. Ex-wofe has completed all consent forms for the consent to be placed on the property.

Kids Agreed
Assets, Debts Pensions all agreed
Housing agreed - she gets home and i get 50% of the sale when the kids are old enough as she does not have the money to buy me out

The mortgage is now in ex-wife name, and I should have a charge that states that if sold 50% of the net proceeds will go to me. There are some conditions that the force of house sale can go on.

I am stuck of how to proceed, my solicitor is on the case but is slow coming back to me. I am working overseas so cannot go to solicitor for meeting directly.

How can a mortgage company prevent a charge being added in the case of a facial consent order?

Thanks

Edited by ThePlanner on Tuesday 20th March 19:19

[PurpleMoonlight]

Look up Mesher Order.

[ThePlanner]

PurpleMoonlight said:

Look up Mesher Order.

Ok Many Thanks

Can this be ordered after the Decree absolute has been granted?

[PurpleMoonlight]

ThePlanner said:

Ok Many Thanks

Can this be ordered after the Decree absolute has been granted?

I believe so, it's part of ancillary relief.

[ThePlanner]

PurpleMoonlight said:

ThePlanner said:

Ok Many Thanks

Can this be ordered after the Decree absolute has been granted?

I believe so, it's part of ancillary relief.

Many Thanks, I currently have basic protection, but there is no charge to state the division of the net proceeds. I will chat with my solicitor today to see what the next move is.

Wording in Title is below

(30.11.2017) RESTRICTION: No disposition of the registered estate by the proprietor of the registered estate is to be registered without a written consent signed by{Name} of {Address} or their conveyancer

[PurpleMoonlight]

That would prohibit a sale without your agreement, but it doesn't specify your financial interest in the property. You need to establish that via a Court Order to be safe.

[JulianPH]

As the purple one has said above, the consent order needs to state the terms of the sale and distribution of the proceeds. This is very important.

[ThePlanner]

I have uploaded the wording from the signed consent order. This has yet to get court approval.



The mortgage company are not allowing a additional charge on the property as stated in consent order.

So do I really need the charge placed on the title? Or can the restriction of sale and the consent order be enough protect my interest?

[ThePlanner]

Joey Deacon said:

So do you get 50% of the equity once the property is sold, i.e the more of the mortgage she pays off the more money you get?

Also very interested to know exactly how you force someone to sell in this situation, especially if they eventually stop working due to being disabled or simply refuse to sell.

Horrible situation for any divorcing man to be in, it can literally ruin you financially for life especially if you remain named on the mortgage as she doesn't earn enough to take it over.

Hi,

Just to clarify I will no longer be named on mortgage.

There are certain triggers that i can then force the sale with a court order.

This situation is a complete st to be in, but I am trying to sort this with the best interest of the kids at heart. Me I couldn’t give a st about the money. But there is enough money in the property for my kids to have a good deposit on a a place if there own. I want to safeguard the money for them.

I am in the process of buying a new house, but that is on hold until the consent order has gone through the court!

[JulianPH]

ThePlanner said:

Hi,

Just to clarify I will no longer be named on mortgage.

There are certain triggers that i can then force the sale with a court order.

This situation is a complete st to be in, but I am trying to sort this with the best interest of the kids at heart. Me I couldn’t give a st about the money. But there is enough money in the property for my kids to have a good deposit on a a place if there own. I want to safeguard the money for them.

I am in the process of buying a new house, but that is on hold until the consent order has gone through the court!

If you are no longer named on the mortgage I assume you are no longer named on the Title Deeds. This is likely to have been the problem.

If you have passed beneficial ownership to your ex on the basis that upon sale you receive half of the value released then this needs to be documented within the Consent Order.

You need the cut off pint for sale (when your youngest finishes education - that is the general point) and for the Consent Order to document what will happen with the proceeds of the sale (equity). If it is not documented within the Consent Order it doesn't exist for you.

[Robertj21a]

I'm no expert but it's not clear from what I've read as to how much mortgage will still be outstanding vs the current valuation. Surely, any lender will still need to ensure that the sole mortgagor has sufficient income to make repayments ? Is that why they refuse to change the names ?

....or have I misunderstood ?

[Powerkiter]

ThePlanner said:

Hi,

Just to clarify I will no longer be named on mortgage.

There are certain triggers that i can then force the sale with a court order.

This situation is a complete st to be in, but I am trying to sort this with the best interest of the kids at heart. Me I couldn’t give a st about the money. But there is enough money in the property for my kids to have a good deposit on a a place if there own. I want to safeguard the money for them.

I am in the process of buying a new house, but that is on hold until the consent order has gone through the court!

Wish my ex-wife would agree to this. She wants me to pay off the mortgage on the FMH with my savings and then transfer the whole house to her, so she would be mortgage free in a large four bed detached house with only two children. I offered that she stays there for 9 years (until the youngest is 18 or a number of other conditions apply) then the house will be sold and the equity split 50/ 50; she would still be able to buy a smaller property mortgage free then that suits her needs but has refused the offer.

It is complicated by the fact we have a rental property which she says I can have but the equity in this is only around 25% of the value.

She's also refusing mediation so looks like court!

[ThePlanner]

Powerkiter said:

ThePlanner said:

Hi,

Just to clarify I will no longer be named on mortgage.

There are certain triggers that i can then force the sale with a court order.

This situation is a complete st to be in, but I am trying to sort this with the best interest of the kids at heart. Me I couldn’t give a st about the money. But there is enough money in the property for my kids to have a good deposit on a a place if there own. I want to safeguard the money for them.

I am in the process of buying a new house, but that is on hold until the consent order has gone through the court!

Wish my ex-wife would agree to this. She wants me to pay off the mortgage on the FMH with my savings and then transfer the whole house to her, so she would be mortgage free in a large four bed detached house with only two children. I offered that she stays there for 9 years (until the youngest is 18 or a number of other conditions apply) then the house will be sold and the equity split 50/ 50; she would still be able to buy a smaller property mortgage free then that suits her needs but has refused the offer.

It is complicated by the fact we have a rental property which she says I can have but the equity in this is only around 25% of the value.

She's also refusing mediation so looks like court!

I know how you feel, I am now into the 4th Year of these proceedings and I am getting totally pissed off with all of it. Just stopping me moving on with my life

[carinatauk]

I had a legal charge placed on my old property. The financial settlement in the divorce papers had caveats, ie X% proceeds to be passed to me in the event of marriage, children reaching 21 yo, sale of property, etc.

It was placed on the property with the Land Registry, which is shown in any searches. This means no-one can sell the property without your permission.

If the mortgage company won't allow this charge, then you need to to change or she does. It is unusual for this to happen as the charge is on the proceeds of the sale not what is owed to them. The only complication is that if your wife walks away from the mortgage and hands back the house, then the legal charge can cause them a few issues when they want to dispose of the handed back property.

[Powerkiter]

ThePlanner said:

Powerkiter said:

ThePlanner said:

Hi,

Just to clarify I will no longer be named on mortgage.

There are certain triggers that i can then force the sale with a court order.

This situation is a complete st to be in, but I am trying to sort this with the best interest of the kids at heart. Me I couldn’t give a st about the money. But there is enough money in the property for my kids to have a good deposit on a a place if there own. I want to safeguard the money for them.

I am in the process of buying a new house, but that is on hold until the consent order has gone through the court!

Wish my ex-wife would agree to this. She wants me to pay off the mortgage on the FMH with my savings and then transfer the whole house to her, so she would be mortgage free in a large four bed detached house with only two children. I offered that she stays there for 9 years (until the youngest is 18 or a number of other conditions apply) then the house will be sold and the equity split 50/ 50; she would still be able to buy a smaller property mortgage free then that suits her needs but has refused the offer.

It is complicated by the fact we have a rental property which she says I can have but the equity in this is only around 25% of the value.

She's also refusing mediation so looks like court!

I know how you feel, I am now into the 4th Year of these proceedings and I am getting totally pissed off with all of it. Just stopping me moving on with my life

Four years!!!!! I've been going two years, renting for one. Was hoping to be out of rented accommodation after six months but looking unlikely.

The percentages above don't read quite right. It is 50/ 50 of the equity in both properties, so I only want a 37% of the equity in the FMH. She also has a greater pension than me, 70/ 30 in her favour.

[ThePlanner]

Powerkiter said:

Four years!!!!! I've been going two years, renting for one. Was hoping to be out of rented accommodation after six months but looking unlikely.

The percentages above don't read quite right. It is 50/ 50 of the equity in both properties, so I only want a 37% of the equity in the FMH. She also has a greater pension than me, 70/ 30 in her favour.

My story is a crap one. I got a job overseas and returned to the UK and basically found out she was having an affair, that was New Year 2014. I know she is planning on remarrying this year. I can't wait for that to happen as it removed my spouse support payment of in excess of 800 a month! and just leaves me supporting the kids.

Thankfully I have a reasonable place to live now, but I cannot buy any new place until this consent order is sorted out otherwise when will have a possible claim on that!