The UK's largest and most visited divorce site.
Modern, convenient and affordable services.

We've helped over 1 million people since 2007.

 
Click this button for details of our
email, phone nbr and free consultations.
 

When to sell FMH (and risks)

  • OakMaple
  • OakMaple's Avatar Posted by
  • New Member
  • New Member
More
06 Dec 24 #524681 by OakMaple
Topic started by OakMaple
Hi - my first post, please bear with me, and please ask any question that I've not made clear:

Question of timing of FMH sale, and the risks if I exchange and complete on the sale of the FMH, before mediation completes and Consent Order is in place.

Situation:
Mid-divorce, some inital mediation sessions followed by solicitor correspondence got us to an agreement on split of assets (savings etc, not pensions yet) and house equity. Our agreeement is 'informal' in that its not formally documented anywhere other than by some emails between us.

We then had to continue waiting for pension CETVs (teacher pension delays) for another 1yr+. Now received but not yet discussed or agreed between us.

In the intervening time we've advertised and agreed sale on FMH, which is now rapidly approaching Exchange of Contracts. We've jointly advised Solicitor of the amounts of Equity split as per our informal agreement.

My question is should I delay the house sale (exchange and completion) until the consent order is in place? When is the FMH usually sold - at what stage in the process? Do you normally wait until the Consent Order is received and only then advertise and sell?

If we exchange and complete on the FMH, split the equity, then what happens if the Court/Mediation determines a different split? What if the money is then tied up in new properties (i.e. that we each purchase to move on with our lives)?

Many thanks for any help

  • WYSPECIAL
  • WYSPECIAL's Avatar
  • Moderator
  • Moderator
More
07 Dec 24 #524685 by WYSPECIAL
Reply from WYSPECIAL
If you’ve agreed a fair split then it is highly unlikely that a court is going to impose a different split upon you.

If neither of you want to live in the FMH then selling now while you have a buyer will allow you both to move on.

If you wait until after the divorce then one, or both, of you is going to have to stay living there and paying the bills for a lot longer than they want to.

You could sell the house now and get the solicitor to keep hold of the money until you have reached agreement although that will probably mean you both have to rent somewhere.

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11

Do you need help sorting out a fair financial settlement?

Our consultant service offers expert advice and support to help you reach agreement on a fair financial settlement quickly, and for less than a quarter of the cost of using a traditional high street solicitor.

 

We can help you to get a fair financial settlement.

Negotiate a fair deal from £299

Helping you negotiate a fair financial settlement with your spouse (or their solicitor) without going to court.


Financial Mediation from £399

Financial mediation is a convenient and inexpensive way to agree on a fair financial settlement.


Consent Orders from £950

This legally binding agreement defines how assets (e.g. properties and pensions) are to be divided.


Court Support from £299

Support for people who have to go to court to get a fair divorce financial settlement without a solicitor.