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Jun 8, 2021 · Tue 8th Jun 2021. Sophie Jones, Chartered Legal Executive in Coodes Solicitors’ Residential Property team, says timing is crucial when arranging a transfer of equity in a divorce. The matrimonial home is the biggest asset in most divorce cases. That means the transfer of equity – when one spouse is removed from the property title deeds ...
Nov 3, 2023 · An important part of most divorces is reaching a financial settlement alongside the divorce itself. There is usually a family home to be sold or transferred to one of you. There are often second properties or other savings and investments. It is essential not to overlook pensions. 03 Nov 2023.
- Accessing Er Funds to Pay An ex-partner
- Claim Time Limits
- Short Fall in Equity Release
- Do The Different Parties Need to Be Represented by A Solicitor?
- Involvement of The Lender
- Important Information to Acquire
Firstly we need to remember that the requirements will vary depending on the lender. Some of the lenders and their solicitors will have set requirements that don’t change case to case, but others will vary their requirements. If the parties are separating, firstly we will need to know if they have a separation agreement in place drafted by a solici...
If a client divorced in the nineties and doesn’t have a Consent Order, there is no time limit on an ex-partner seeking a claim on a property. Some lenders will refuse to proceed if there is no such order in place, regardless of when the divorce was issued. In these cases, we can never really have too much information. The best action is to establis...
It is important to consider possible holdups in the process. If the Equity Release proceeds are to pay another party and there is a shortfall, we will need to collect evidence relating to the source of these funds to satisfy our AML requirements. Alternatively, if the third party is willing to accept the money directly from the client, we may be ab...
This will depend on the lender. We can confirm this once we have the instruction and the offer, and the lender requirements. Essentially, these are the usual rules: In relation to any transfer of property title, if a party needs to be removed, as a minimum, the outgoing party will need to have had their identity checked and advice upon the effect o...
In terms of the agreement or order, the lender will sometimes get involved with amending the terms, depending on the case. If your client has a draft agreement or order that is yet to be signed or finalised, we advise you to send us a copy. We can then obtain the lender’s approval to it upfront by sending it to their solicitors for comment. This ap...
Unfortunately, we cannot provide a definitive set of requirements because they do vary depending on the circumstances and the proposed lender. However, the general rule of thumb is to provide us with as much information as possible at the outset so we can tailor our advice. In summary, it is important for us to collect information from the client w...
Apr 9, 2024 · Divorce is an emotionally taxing process, and the complexities of dividing assets can add to the stress. In the UK, understanding the time limits for financial settlements after divorce is crucial for both parties to ensure a fair division of money and belongings. This guide aims to demystify the process, offering clear, actionable advice for ...
Nov 15, 2023 · Findings on divorcing couples show: Median total assets including home, pensions, and taking into account any debts, was £135,000. Only around one third formalise their settlement through a court order – most people reach an agreement outside of the legal system. Just 10% go to court. More than 10% sought no advice to help them with their ...
Nov 1, 2023 · Tens of thousands of couples in England and Wales get divorced every year. Figures show that in 2021, 113,505 divorces were granted – up nearly 10% from the previous year when there were 103,592 divorces. Even the most amicable marriage break-up is likely to cause stress for the couple themselves, any children in the relationship, and the ...
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May 13, 2021 · The financial settlement claim. Not long after they had separated, they had entered into an agreement which sought to provide a financial settlement for the wife’s claims. There was no court order, and it was questionable whether the agreement was final and whether the wife should be allowed now to pursue her financial claims against the husband.
