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QLD Do Consent Orders Need Bank Confirmation?

Discussion in 'Family Law Forum' started by Ken, 1 September 2014.

  1. Ken

    Ken Member

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    Just want to know, do consent orders require bank confirmation to say that they will allow me to take over our mortgage on my own?
     
  2. Sarah J

    Sarah J Well-Known Member

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    Hi Ken,

    What is the consent order regarding?

    A consent order is nothing more than a judgement by court that "consents" to an already agreed upon arrangement, recorded down in writing and signed by the parties. It is essentially an agreement between the parties whereby the court gives it's "consent" and turns the agreement (contract) into an order with the effect of a judgment.

    I do not understand what this has to do with your bank/mortgagee?
     
  3. Ken

    Ken Member

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    Thank you. That is pretty much the confirmation I was after. The consent orders are in relation to her signing our house over to me. If we sell it, we would end up owing money, after real estate costs, etc. I am going to take over the mortgage. It has no equity. She has agreed to, but told me she needs confirmation from the bank that they will refinance in my name. I don't want to give her that, because I am going to rent it, it will be positively geared, the rent is more than the mortgage. I don't want her to know that.
    I don't believe she needs that info, I know she doesn't think the bank will do it, they have already approved it, but waiting on the orders. I understand the orders are done and give you time to be able to undertake what they stipulate. Not that I need to prove that I can do it so she can get the orders done. I think if she knows about the rental arrangements, she may put up more of a fight.
     
  4. Sarah J

    Sarah J Well-Known Member

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    Hi Ken,

    The consent order is between yourself and your ex-partner.

    In relation to the bank as mortgagee, as long as they get paid for the mortgage, there should not be a problem. However, in relation to how you're going to take over the mortgage from your ex-partner, this may require the bank's consent as they are an interested party with claims in the land. You will not need to disclose the fact that you plan to rent the property out, or you may wish to disclose it confidentially with the bank if they should require it, or you may get another bank to act as mortgagee and transfer the mortgage over. However, this should have nothing to do with the consent order itself.
     
  5. Ken

    Ken Member

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    Hi Sarah,
    That is what I figured. Thank you very much for your confirmation. Much appreciated.

    Ken.
     

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