The restriction is against your
equitable (financial) share. Your ex-wife owns half the property and because of that, your
creditors cannot have a legal charge they can only have an equitable one. A
legal charge can only cover the whole property and not half of it and as your ex
wife owns half of the property, they cannot have a legal charge. So, that explains
why it is shown as a restriction and not a legal charge.
If the whole property is transferred
to you then the charge refers to the whole property and the creditors can apply
for a legal charge to attach to the whole property.
If you take your ex-wife off and put
your new wife on directly i.e. her half of the property goes directly to your
new wife, you may possibly get round it. I emphasise, possibly.
Your new wife would have to be paying
full value for the half share of the property
If the whole property was transferred
to you and then to your new wife your creditors could probably get the transfer
to your new wife in part, set aside, because it may be seen as a disadvantage on
However you try to get round this, if
the court views it as a way of trying to avoid your obligations to your
creditors, they can set which ever transaction
it is, aside.
There is no guaranteed magic way of
doing it to ensure that your ex-wife's half of the property is ring fenced
apart from her keeping it herself and holding it on trust for you (you can have
a separate trust deed) until such time as your creditors have been repaid.
I'm sorry, I appreciate that this is
not the answer you wanted but there is no point in me misleading you.
Does that answer the question? Can I
assist any further?
I am happy to follow up any individual
point you make
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