My divorce is still on going but. Waiting for the consent order to be sealed, I'll have to remortgage the house i already have a offer but this is likely to expire before the order is sealed. But what happens if house prices crash after the consent order and my home enters negitive equity and i am unable to obtain the funds required?
It depends upon the exact wording of the court order but if the wording is that you pay a lump sum of £X in return for having your spouse's share of the property transferred to you then you are liable to pay £X regardless of what the house is worth.
Its exactly that im required to pay to my ex 16k. But the courts are asking how much equity is in the home currently and what that equates too, 31.78%. This was agreed at mediation last may so wondered if that 31.78% figure would alter with current values.
If you required to pay £16K then £16K is what you are required to pay. IF the order says that you are required to pay 31.78% then 31.78% is what you are required to pay. It depends upon the wording. If you are retaining the property in return for paying your ex a lump sum then it would be normal for the amount payable to be expressed as a lump sum rather than as a percentage. In the case of a property a percentage tends to apply if the property is actually being sold.
