Decree Nisi - Annuity - Property Restriction Clause

Wylief3500

I would appreciate some advice on the Restriction clause in a property deed and the financial consequence of cashing-in a private pension, when proceeding with a decree nisi.

Here is some rather long background information which might be useful:

I was legally separated in 1994. Since 1999 as instructed by the Court, the monthly payments to my wife have been fixed at GBP 1,200 per month.
The Court awarded our house, its contents and car to my wife. I continued to pay the mortgage.
In 1997 I was made redundant. I received GBP 14,000 cash redundancy payment. I elected to take a reduced pension and a cash settlement of GBP 65,000.
Out of the GBP 65,000 I paid off the house mortgage – approx. GBP 30,000 and transferred ownership solely to her name. As instructed by the Court the remainder went as a cash settlement of GBP 32,000 to my wife.

In 1997 I took out a mortgage on a flat in London which I have since repaid with the help of my partner’s earnings. I am sole owner of the property.

Current financial status:
My private pension provides 1,354 p.m
State pension is 550 p.m.
My net income from renting the flat in London in EC1 is 600 p.m.
My total income tax is 560 p.m.
I also pay maintenance of 1,200 p.m.
Therefore my monthly net income = 744 p.m.

Last year my wife sold her house (proceeds unknown) and has since lived with our daughter and family, although I understand she intends to purchase her own property again one day.

I now live in my partner’s house and need to supplement my income by selling the property in London (current value approx. 260k) but there is a clause in the Land Registry document which states:
“RESTRICTION: No disposition of the registered estate is to be registered without a certificate signed by the applicant for registration or his conveyance that written notice of the disposition was given to **** at (solicitors name) being the person with the benefit of an interim charging order on the beneficial interest of (myself) made by the ** Court on ….”

What I would like to know is:
· In order to get a decree nisi, I understand I will need to convert my private pension into an annuity to cover the 1,200 p.m. maintenance. How can I determine if the annuity will be enough to continue with the 1,200 p.m. payments?
· Does the Restriction clause prevent me from selling the property?
· Will the decree nisi enable the restriction on the property deeds to be removed?


Thanks!

JustinCredibleGillespie

Apologies, I didnt want to read & run but dear me £1200 a month in maintainence to your ex is shocking to say the least!:eek:

JCG

xx

Wylief3500

JustinCredibleGillespie wrote: »

Apologies, I didnt want to read & run but dear me £1200 a month in maintainence to your ex is shocking to say the least!:eek:

JCG

xx

JCG, In what way do you think Pds. 1200 a month shocking?

DS4215

You divorced in 1994, so any child from the marriage would now be over the age of 18. You would no longer be liable to pay child support (except help with university fees, etc), but you are still expected to pay £1200 pcm to your ex-wife. Is this arrangement for life?

You also paid off her mortgage and gave her most of the money from your pension cash settlement. It seems that unless you are very well off you were well and truly done by her solicitors!

Wylief3500

DS4215 wrote: »

You divorced in 1994, so any child from the marriage would now be over the age of 18. You would no longer be liable to pay child support (except help with university fees, etc), but you are still expected to pay £1200 pcm to your ex-wife. Is this arrangement for life?

You also paid off her mortgage and gave her most of the money from your pension cash settlement. It seems that unless you are very well off you were well and truly done by her solicitors!

Thanks for your reply. DS4215.
Not Divorced but legally separated. Two Daughters in there early 40's. Maintenance I understand is for life (my Life). That's what I feel and I had to pay all costs!

harrys_nan

I think you need to go and find yourself a very good solicitor, why are you still paying maintenance? Does she not work? I cant believe you should be her meal ticket for life

aileth

Sorry I can't help, but I just want to add as above that you sound like you got shafted big time having to monthly maintenance and pay all lump sums to her AND give her house car etc. I bet she's on cloud nine.

DS4215

Agree with the other poster suggesting you speak to a good solicitor. An agreement to pay that amount of money for life is completely unrealistic - All it takes is redundancy or illness and you wouldn't be able to manage. Don't get me wrong, you should contribute to the upbringing of any children but if they are 40 then you should be ok.

You would also have joint responsibility for any outstanding debts in joint names (mortgage, etc), but spousal maintenance is rare these days - especially after nearly 20 years of separation.