Consent Order - Ex taking over mortgage

[1lottie]

Hello
We are in agreement as part of a consent order (yet to be submitted) that I will relinquish equity to my ex and come off the mortgage of the family home she still resides in with the children. Obviously to do this she needs to take over the mortgage and I'm not convinced she can finance this as a SAHM, although she says she has found a way to, I assume via a guarantor. Assuming the consent order is approved, what happens if she can't get a mortgage to allow me to come off the current joint mortgage, thereby not satisfying the consent order?
Thanks for any help

The order needs to say. Usually, you are stuck on the mortgage indefinitely but you need advice from a solicitor on your precise case.

Depends on the settlement you’ve reached but there should usually a be provision for an order for sale should she not be able to find a lender etc. Depending on your agreement however, the sale may be delayed until a certain trigger event.

I agree that the order needs to say that if you are not released from the mortgage the property should be sold. The court cannot force third parties to guarantee a mortgage, so if this is your wife's plan the only way to ensure your removal is to make sure the property is sold in default. This nearly always ensures minds are focused. Without such a clause your wife may decide to simply ignore getting a guarantor, and there would be nothing you can do about it. The order should also contain a recital setting out exactly what is envisaged will happen.

If you're doing this yourself - don't. It's too risky. Get a solicitor to draft it.

Thanks for all your comments, no not doing it ourselves, just trying to get ahead of the game