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If you do not each have your own solicitor it is not worth the paper it is written on.
I would suggest you file Consent orders with the court this will be binding. But a BFA requires a solicitor to sign an independent certificate and if there is any error they can be overturned.
Signing it as it is without the legal advise is a waste of time and effort.
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You do not file BFA's with the court. Consent orders you file with the court.
Here is the DIY kit
You need to have them signed in front of a JP.
Then link has other links explains and giving you examples of the draft orders.
This is the best option.
Yes do consent orders not BFA
Both are valid but the consent orders are ratified by the court.
You should obtain legal advise on both but if you decide not to with court orders the court will make them if they accept it is fair and equitable