Mortgage transfer timings and none 50/50 split

[Roaming76]

Hey need some help with timings please and likelihood the judge will sign off on our settlement as its not 50/50.

I can apply for the conditional order on 7th Jan, so the financial consent will be submitted around end of Feb. I'm staying in the the house, and have already paid ex a sum of money to buy him out (he wants more money but the house has been valued at a lot less than he thought so realistically the money he's had is fair). He is also keeping a pension which is significantly greater than mine but as most accumulated prior to us getting together in 2009 I'm willing to let him keep it all if I can keep the house. He gets to walk away with a 63/37 split in his favour of all of the assets.

He had a property he was buying and told me to get the martial home in my name ASAP so he could avoid extra SDLT. His sale fell through but I'm keen to keep things moving so am applying for change of parties on mortgage to take this on alone, I've already been financially accessed for this so should go through in 8-12 weeks as its just really the conveyancing bit with solicitors and land registry.

I'm just slightly conscience about the timings of all this, is there any reason I'm missing as to why this is a bad idea to take on mortgage alone before the financial consent order is agreed and granted. I guess I just worry it could get drawn out as we're not 50/50 on assets due to his large pension that isn't being split.

Any thoughts/advise would be fab thanks

It’s not very clear from this whether you and ex have agreed a final valuation on the house. If not, then you’ve paid him a sum of money with no guarantees in place about what that achieves. Or have you now got something in writing that he agrees to sell his share to you for a lower price than he initially wanted?

I transferred the house and mortgage to my sole name soon after separation and a long time before the divorce etc went through so exh was free to buy. It doesn’t change anything as far as the settlement is concerned the house will still be treated as a joint asset to be split which may or may not be on the basis of the lump sum you’ve agreed. The only downside is you probably won’t get any credit for the mortgage you pay off from taking it over - the judge will take the equity at the date of any final hearing. However you can try and argue the legal costs of transfer should be split and if it’s a short time frame it won’t be a big difference between the equity now and at final order. If he’s also buying then he may also have acquired some equity by the time the final numbers are run.

Do you have a Solicitor? I’m not sure that’s how I would’ve timed things personally

He has agreed the valuation as it was by our current mortgage company and was matched by both an estate agent and the index linked increase since we bought it. Hes just not very happy because he wanted more money out of me while retaining all of his pension. I do need to get him to agree this in writing though you’re right. I paid him the money as he needed it for a deposit to prove he was proceed-able on his purchase which fell through (and I’m desperate to get him out the house).

I had a meeting with one a few months ago but she quoted £15000 plus for her to sort the finances and I just don’t have that kind of money.