Separation Agreement house

PeterJames123

Property Settlement – Second Opinion Requested

Hi everyone, I’m looking for some feedback on a property agreement that both of us have mutually agreed to. This relates to a jointly owned property (let’s call it Property X). Here’s what we’ve put together:

• The property is jointly owned and currently has a mortgage of around £178,000.
• My ex will remain on the title as security for a lump sum payment of £23,500:
  
• £5,000 will be paid once she secures a new rental property.
• The remaining £18,500 will be paid privately between us (not through court).
• 
  
• She will transfer her full legal and beneficial interest in the property to me no later than 31 December 2030 (or earlier if we both agree).
• When the transfer happens, she’ll also consent to remove any restriction on the title.
• Until the transfer, I’ll be solely responsible for the mortgage, insurance, maintenance, and all other costs associated with the property.
• If the transfer hasn’t taken place by 31 December 2030, the property will be sold.
  
• She will receive any remaining balance from the £18,500.
• Any leftover equity after that will be retained by me.
• 
  

Would appreciate a second opinion on whether this sounds reasonable and enforceable before we hand it over to a solicitor.

Thanks!

gwynlas

If you are both named on the mortgage you will remain jointly liable until such time as it is cleared.

You could put ths in front of a solicitor as a basis for financial settlemment but the problem in drafting contracts yourself is that you might not understand all the nuances of the law and what would be the consequences if this was not upheld.

VyEu

No one can possibly say without knowing a) are you married b) What's the net equity in the house (what's its current market value)

Also if a), then it's more than just the house to consider, it's sole name and joint name accounts pensions etc.