Q&As

A financial remedy order provides for the family home to be sold. In the event that a purchaser cannot be found, can the parties agree that one of them should buy-out the others interest in the property? If an agreement cannot be reached regarding transfer of the property and there are no prospective purchasers, what steps can be taken to conclude the matter?

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Produced in partnership with Katherine Illsley of 4 King’s Bench Walk
Published on LexisPSL on 02/05/2019

The following Family Q&A Produced in partnership with Katherine Illsley of 4 King’s Bench Walk provides comprehensive and up to date legal information covering:

  • A financial remedy order provides for the family home to be sold. In the event that a purchaser cannot be found, can the parties agree that one of them should buy-out the others interest in the property? If an agreement cannot be reached regarding transfer of the property and there are no prospective purchasers, what steps can be taken to conclude the matter?

Section 24A of the Matrimonial Causes Act 1973 (MCA 1973) provides that the court may make an order for the sale of a property in which either or both of the parties to the marriage has a beneficial interest. The court also has the power to make supplemental provisions as it may think fit pursuant to MCA 1973, s 24A, so that if the difficulty with sale is the result of one party setting an unrealistic asking price, or generally being uncooperative, the other party may apply for sole conduct of sale and vacant possession or for provision that requires the property to be ‘offered for sale to a person, or class of persons, specified in the order’.

If, however, the parties are both being reasonable but the former matrimonial home is just not attracting any interest, then it is open to the parties to apply to the court for a variation to the financial remedy order by consent. MCA 1973, s 24(1)(a) gives the court jurisdiction to order the transfer of a property from one party to another. It would be advisable for the draft consent order to include provisions covering how the value of the transferring party’s inter

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