DIVORCE and CHARGING ORDER

[alfred1234]

Hi,

I'm currently going through a divorce and jointly own a property with my soon to be ex-wife. There is a charging order on the property (in my name) against my share of the equity. As part of the divorce settlment, I am considering handing over my share of the equity in the property to her. I do not wish to receive any money for this exchange.

If I do this, does that mean that the charging order is automatically lifted because it is no longer my asset?

If this can be done, what is the process I need to follow and what pitfalls are along the way.. e.g. what can my creditor do to stop this from happening?

All responses welcome. Many thanks

Alfred

[Guest]

Re: DIVORCE and CHARGING ORDER

Is the Charging Order registered by way of a Caution with the Land Registry? This is the usual way that Charging Orders work and means that the creditor has an interest in the sale proceeds but not the property itself.

Is your soon-to-be ex-wife considering selling the property?

[Emerald]

Re: DIVORCE and CHARGING ORDER

It will depend on how you intend to transfer the equity as part of the settlement - if your wife is to remortgage and put the property into her sole name then the charge will have to be satisfied before the title can be transferred.