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Read our latest Financial Settlements guide (2021)

What are we each entitled to in our divorce settlement?

What does the law say about how to split the house, how to share pensions and other assets, and how much maintenance is payable.

What steps can we take to reach a fair agreement?

The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

What is a Consent Order and why do we need one?

A Consent Order is a legally binding document that finalises a divorcing couple's agreement on property, pensions and other assets.

Remortgaging and splitting the cost of the existing mortgage on the property

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Newbeginnings2018
Posted by
Junior Member

26 Aug 25 #526368 by Newbeginnings2018

Topic started by Newbeginnings2018

Hello, I have to sell the family home soon due to the financial Consent Order. I am looking to see if I can remortgage to buy out my ex husband. The equity split is 60%/40% to me. We have an existing joint mortgage of £180k on the family home. Are we both responsible 50/50 for paying off the exisitng mortgage. On the consent order, it says "on or before the determining event the applicant shall have the right to purchase the respondent's interest in the property at an open markct valuation to be agreed, or in default of agreement to be determined by a valuer nominated by the President of the Royal Institution of Chartered
Surveyors who shall act as an expert and not as an arbitrator." But I don't know what that means as regards paying off the existing mortgage. Thanks in advance for any advice.

WYSPECIAL
Moderator

07 Sep 25 #526402 by WYSPECIAL

Reply from WYSPECIAL

The equity is what’s left after you’ve repaid the mortgage and any house sale costs.

So if the house is worth £280k there is £100k equity which would be split £60k to you and £40 k to your ex.

If you wanted to buy him out you would need a mortgage of £220k.

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Moderators: wikivorce team, rubytuesday, dukey, hadenoughnow, Tets, Shezi, Linda Sheridan, Forseti, Mitchum, WhiteRose, Lostboy67, WYSPECIAL, Bubblegum11

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