Hi - my husband an I are separating and selling the family home to fund the purchase of two separate properties. We will each need to take out another mortgage and the bank requires us to have a separation agreement in place before we can draw down the mortgage. Has anyone had any experience of this - cost and time frame? The split is amicable and we hope to be able to agree on all the salient points.
Separation agreement for mortgage
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NoRegretsCoyote
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I don't know why people bother with judicial separation.
Some day one or both of you will want to re-marry, and you'll have another process to get a divorce.
Some day one or both of you will want to re-marry, and you'll have another process to get a divorce.
Brendan Burgess
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Can a couple not agree a separation agreement amongst themselves?
Does the bank require a judicial separation?
I thought a judicial separation was one where they could not agree.
Brendan
Can a couple not agree a separation agreement amongst themselves?
Yes- they can but those danged bankers will insist that they are both separately legally represented and the even more danged lawyers will suggest that all matters at issue be addressed in one document. Not just some handwritten mini agreement about the house.
The bank don't require a judicial separation but I've had cases where the parties don't have the requisite period for Divorce but need Pension Adjustment Orders.
Only a Court can make those Orders.
mf
Yes- they can but those danged bankers will insist that they are both separately legally represented and the even more danged lawyers will suggest that all matters at issue be addressed in one document. Not just some handwritten mini agreement about the house.
The bank don't require a judicial separation but I've had cases where the parties don't have the requisite period for Divorce but need Pension Adjustment Orders.
Only a Court can make those Orders.
mf
Brendan Burgess
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Sorry MF1 - I was not suggesting that Johnny and Mary come to their own agreement without the use of solicitors.
I was just wondering could they reach an agreement via their solicitors and not need to go to court.
Thirsty says it takes 12 months at least to go to court.
Presumably if both parties agree and give the terms to their solicitors it can be drawn up, signed and sealed within a few solictors days.
Brendan
NoRegretsCoyote
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"Presumably if both parties agree and give the terms to their solicitors it can be drawn up, signed and sealed within a few solicitors days. "
Are they going to disclose all assets, liabilities, income and outgoings with further agreement on maintenance, pensions and property plus whatever in those few days?
Generally, we find that without all of the above, one or other of the parties will inevitably decide that they were badly advised, proper provision was not made and those solicitors were rubbish and need to be sued.
mf
Are they going to disclose all assets, liabilities, income and outgoings with further agreement on maintenance, pensions and property plus whatever in those few days?
Generally, we find that without all of the above, one or other of the parties will inevitably decide that they were badly advised, proper provision was not made and those solicitors were rubbish and need to be sued.
mf