Charge on Property and wills

[norksinmywaistband]

My divorce is now finalised and the finacial order has been made.

On several triggers I have to pay my ex 22.5% gross value of the property.

This is all fine and I understand this, however, my ex has now made a will and has stated in it that on his death the charge has to be put into trust for the children if it has not yet been paid out.

My question is, if he does die before the charge has been paid out, do I need to pay out the charge at the point of his death ie remortgage so the money can be put in trust by his executors, or would it still have to wait for one of the trigger events.

I am probably worrying over nothing but just scared now that if he died I would lose the house as do not earn enough to cover current mortgage and an extension to that

TIA

The answer is no.

To be a little clearer, the trigger events still apply.

I dont know for sure but my understanding of a charge is that it is something that is attached to a property until it is sold or a mortgege debt is in default.

My main experience of charges is based on Charging Orders granted by courts to a bank when someone has stopped paying back a personal loan but still owns a property with some equity. The bank cant force the person to sell their property but when they do - the charge has to be paid out of an money left over after the mortgage has been cleared.

In your situation your former husband just wants to make sure the 22.5% of the gross value from the property goes to the children and not to someone else. Incidentally it also means you probably will not be able to get a mortgage against the full value of the property as your former husband has first call on that 22.5% of the value of the house and that means a mortgage company would not be willing to lend against that portion of the value.

Thankyou, that definately makes me feel more relaxed about things