D81

[Aquila88]

I'm confused with question 10 on the d81 form (after implementation of Consent Order). His solicitor has entered a value in my column "property 1" as the full amount of the value of the property, say £65k. But the consent order states that I will have to pay him half that (buy out), so shouldn't it be £32.5k in both columns? If that's what this section is asking? Thank you in advance.

That is right I principle, although you may need to tweak the figures if you are remortgaging to pay his lump sum. In your box 10A you need to put the total net equity, so value of house less your new mortgage less 3% sale costs.

in his box 10B he will put the figure for the lump sum you are paying him, plus any other money he already had in his bank/savings etc.

you won’t still be joint owners for it to be equal
in 10A if the house is being transferred to you and you’re buying him out.

I mean his solicitors are right in principle, in case that wasn’t clear

Thank you for your reply. Not sure I understand. This section is saying, “Tables at 10 and 11 must show what the capital and income position would be if the proposed consent order is made”. The current value of the house is £65k. I have to give him half that as a buyout according to the consent order. So then my position would be, after the consent order is £32500, I wouldn’t “have” the full amount. I’m just talking about the property, not assets. TIA