Transfer of equity in finance consent order

[UmberSnake]

I’m just divorced and as part of the finance consent order agreement, I have to pay my ex a lump sum within 56 days, and he has to sign over his share of the house at the same time. My question is, he is very slow to do anything and it’s already been 5 weeks and he has not accepted the draft transfer agreement yet. What happens if he hasn’t signed it by the time it’s time to send the funds ? If they are not paid by the 56 days then interest is due. Will I still be liable for this if he won’t sign and do I therefore have to transfer the money knowing he hasn’t signed

Definitely don't transfer money until your lawyer has the signed deed! If he's the one delaying matters interest would not be payable. Perhaps message him to ask for a timescale? And if it will take you x number of days to arrange the funds then let him know so he is well aware of when the deed needs to be retuned by to meet the order deadline. That should cover you.

@karma1979 thank you for this, are you certain interest would not be liable as I’m scared to risk not paying on time as I really can’t afford extra costs

Are you using a conveyancer for the transfer of equity? They should be chasing your ex for the signed deed to be returned. I've just done a TofE with my ex, everything went through the solicitors - my money to them, them to his sols, his sols to him - all on completion day.

@WhatsitWiggle yes we are using solicitors but his were not aware of the process according to mine 🤷🏻‍♀️. There’s still another 2 weeks to go but he is on holiday for 1 of them. I’m just panicking I suppose as the whole divorce has been stressful, as it was an abusive marriage. I just didn’t want it to go to the wire and be done well before the deadline.

As WhatsitWiggle said, surely you should be transferring the funds to your solicitor?

@helleborus yes I will be transferring funds to solicitor, it’s just if it’s not completed by the 56 days I’m worrying about as stated in the consent order . If I’ve done my bit but he hasn’t signed I don’t want to be paying the penalty of interest payments if it misses this date

Speak to your lawyer but I believe that so long as you are able to complete on or before the deadline you are good- maybe your lawyer holding the funds could work - but then you are potentially losing interest - how could that be fair/equitable otherwise? No judge would grant order for interest if he is the delaying party. Mind you I've only dealt on other side - we were being bought out and he couldn't stump up funds in time so we had accrued interest payable. Give your lawyer a call to ease your mind

Well just as I thought he missed the deadline of 56 days as stated on the consent order. My funds have been with my solicitor for nearly 3 weeks awaiting confirmation from his solicitor that he had signed the TR1 form to transfer his equity in the house to me and complete. Waiting to see what will happen now 🤷🏻‍♀️

I'd not worry too much if I were you. The funds are there waiting and he is the one holding it up.
My ex left it until the very last minute too and even on the day the funds were meant to be released, he wouldn't give my solicitors his bank details, so we were a bit late.
From what I remember my solicitor saying, he can in theory charge you interest, but it will be expensive for him to do. Plus as above, you can prove you are waiting on him