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Divorce/separation

Here you'll find divorce help and support from other Mners. For legal advice, you may find Advice Now guides useful.

Original poster

Financial Consent Order Question

17 replies

beka88 · 18/04/2021 18:41

Hope that someone might be able to help me with my question.
I have applied for Consent Financial order and a Judge has asked to clarify pls?
What is to become of FMH and mortgage?
Property is in my sole name. My ex has moved out and has now his own place on mortgage. We have 0 equity. If my property would be sold then there would be some equity.

We have agreed in consent order that there would be no splitting of any assets in between us. We have a child and shared responsibility.
How should I reply to the question? Anyone that could help would be very much appreciated.

OP posts:
HosannainExcelSheets · 19/04/2021 16:48

It doesn't make sense that you say you have no equity, but if you sold the house you would. How much equity is tied up in both houses?

You should reply and make it clear that you both own appropriate properties in sole names, and the amount of equity in each house.

State that the FMH and mortgage is in your sole name (and always has been?)

Original poster
beka88 · 19/04/2021 17:09

Thank you for your reply.
I have a mortgage of 89k at the moment I do not really know how much the property would sell for lets say 170 k approximately then that is around 81k equity thats why it is a 0 net equity after mortgage is taken off as it stands now. My ex has purchased his flat for 110k on a mortgage which makes it 0 equity but if it was sold it would have possible 7-10 k equity.

Should I have that added on Consent Order also? that FMH is on my sole name and that it will stay on my name? Do I need to ask my ex if he is happy with that?
Thank you for your help.

OP posts:
ButForTheGrace · 19/04/2021 17:18

But you don't have 0 equity - you have about £81K. If you sold up tomorrow and paid off your mortgage you would have £81K in your pocket (less expenses of course).

Mackie2020 · 19/04/2021 17:21

What? You do have equity. The mortgage is deducted from the gross value of the house, so you have £81k in equity (well, a bit less when taking into account cost of sale. The Court tends to use 3% of the gross value to calculate that).

It seems you've entirely misunderstood how equity in a property works, and completed the D81 incorrectly. This may be what the Judge has picked up on.

rainbowandglitter · 19/04/2021 17:26

You do have equity op.

Original poster
beka88 · 19/04/2021 17:26

So on the d81 form that gets filled in for consent order is it if the property is to sell and then the equity that is tied up ?
Or is it how the property stands at the moment with approximate selling figure less the mortgage?
Sorry if this sounds stupid.

OP posts:
Redcrayons · 19/04/2021 17:28

I think you have misunderstood equity. the equity is the difference between what it’s worth and your mortgage. You do have equity.
He’s unlikely to have any if he’s only just bought it, but not impossible.

Seems perfectly reasonable that you both get to keep your property.

Original poster
beka88 · 19/04/2021 17:34

It was just confusing if it is for if it sells or as it stands now.

How would you think is best to reply to this pls:
What is to become of FMH and a mortgage, clarify and amend.
Should I have that added on Consent Order also? that FMH is on my sole name and that it will stay on my name? Do I need to ask my ex if he is happy with that?

OP posts:
HosannainExcelSheets · 19/04/2021 20:40

So I think from what you've said, your ex has about £7-10k equity and you have about £81k. That's a very unequal split.

What other asset are there? Pensions?

I think it's unlikely that a judge will sign off on one person getting about 10 times more of the assets when you split your finances. Unless there's other factors like a very short marriage and your ex earns a heck of a lot more than you (for example).

Have you looked at getting a fixed price consent order advice package (like from wikivorce)?

Original poster
beka88 · 19/04/2021 21:05

Thank you for your reply.
We have already agreed on things and that we would not be splitting assets or property that we each own. Sent an application off but the Judge queried it.
Do you think it will be approved even if we have agreed on things?

OP posts:
HosannainExcelSheets · 19/04/2021 21:23

Honestly from what little you have written here, no. I don't think it will be approved of it's as unbalanced as it seems.

Original poster
beka88 · 19/04/2021 21:24

Even if we are in agreement of no splitting of anything?

OP posts:
SeasonFinale · 19/04/2021 21:28

the judge needs to be satisfied that the party seen to be "losing out" is fully aware of their rights to a potential claim of the equity.

Original poster
beka88 · 19/04/2021 21:31

So what the Judge might do that he is fully satisfied ?

OP posts:
SeasonFinale · 19/04/2021 21:54

At the moment you haven't declared the equity so the Judge may think you are trying to conceal it. The details needs to show the equity in your property and the equity in the ex's and then the ex say that he is aware of the equity but still is happy to agree to the order because you are housing the child etc.

Mackie2020 · 19/04/2021 22:07

Who drafted the Consent Order?

Honestly, no one should be telling you how to respond without first having read the Order & D81. You need a solicitor to review it and advise. These are important legal documents, & there's a reason why lawyers study & train for so long to have the skills to prepare them. It's the same reason why I go to a doctor rather than attempting my own surgery Wink

Original poster
beka88 · 19/04/2021 22:15

Ok thank you SeasonFinale, really appreciate it.

OP posts:
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