Hello, I am Law Denning and Iam a practising solicitor in a High Street practice. I have been an expert onthis website in UK law since 2008. During that time, as you appreciate, I haveanswered thousands of questions from satisfied users on a variety of subjects.Because we are all in practice with clients and court and other users, I mightnot always respond in minutes, particularly evenings and weekends. Please bearwith me in that caseIt is my pleasure to try and assist you with this today. Please bear with mewhile I gather some further information from you in order for me to be able toadvise you fully.
Unless Ihave all the facts that I need, my answer would not be accurate.
No, she agreed to transfer her interest in the former matrimonial home and I agreed to indemnify her against the mortgage, a secured loan and to repay a joint CCJ (CCJ is now satisfied)
The restriction is against yourequitable (financial) share. Your ex-wife owns half the property and because of that, yourcreditors cannot have a legal charge they can only have an equitable one. Alegal charge can only cover the whole property and not half of it and as your exwife owns half of the property, they cannot have a legal charge. So, that explainswhy it is shown as a restriction and not a legal charge.
If the whole property is transferredto you then the charge refers to the whole property and the creditors can applyfor a legal charge to attach to the whole property.
If you take your ex-wife off and putyour new wife on directly i.e. her half of the property goes directly to yournew wife, you may possibly get round it. I emphasise, possibly.
Your new wife would have to be payingfull value for the half share of the property
If the whole property was transferredto you and then to your new wife your creditors could probably get the transferto your new wife in part, set aside, because it may be seen as a disadvantage onyour creditors.
However you try to get round this, ifthe court views it as a way of trying to avoid your obligations to yourcreditors, they can set which ever transaction it is, aside.
There is no guaranteed magic way ofdoing it to ensure that your ex-wife's half of the property is ring fencedapart from her keeping it herself and holding it on trust for you (you can havea separate trust deed) until such time as your creditors have been repaid.
I'm sorry, I appreciate that this isnot the answer you wanted but there is no point in me misleading you.
Does that answer the question? Can Iassist any further?
I am happy to follow up any individualpoint you make
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Thanks for your response. Would it make any difference if we remortgaged in joint names with wife instead of ex wife?
(04.12.2006) RESTRICTION: No disposition of the registered estate is tobe registered without a certificate signed by the applicant forregistration or his conveyancer that written notice of the dispositionwas given to Egg banking PLC (Co. Regn. No. 02999842) at Pride Park,Riverside Road, Derby DE99 3GG (A/c Ref: xxx being theperson with the benefit of an interim charging order on the beneficialinterest of xxxxI have four of these dated 2006/7 and they are restrictions because my ex wife is joint owner of the property.What happens to these restrictions if I-1. Have title transferred to me as sole owner?2. Remortgage in joint names with new wife?3. Sell the property and buy a new one in joint names?Thanks
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