help needed split up between exchange and completion

annabelle81

silvercar wrote: »

Wrong order of events. You cannot transfer to single ownership without the lenders agreement. The lender, if they are happy to lend to you alone (sufficient income/ decent credit rating etc) should allow a transfer of equity to you on your current deal.



Not a clue how this bit would work. Will they have a charge on your property? Would they have allowed you to have the loan if you were on your own? Will they allow the loan to be transferred to you alone?
All questions to ask them, maybe without giving your name at this point in time.

yes, it is a second charge on the property.

annabelle81

skint_chick wrote: »

Are you able to change the application with mortgage lender and ownhome to sole application/guarantor with parent - if you went through a broker they should be able to advise you if this could be done. Your solicitor is telling you to go ahead with mortgage fraud? And after completion removing your ex's name is subject to ownhome, mortgage lender, AND your ex's all agreeing to it. He sounds like the kind of ***hole who would cause problems at this stage.

Speak to another solicitor - be completely honest with them. If you're a union member at work then sometimes you have access to legal advice as part of this. Mortgage fraud is very serious and when you are caught will affect you in the future. Companies share information like this with each other - it WILL come back to haunt you. And you'll be living in fear waiting for that call/letter through the door - not worth it.

I don't think I am, ownhome make you get a mortgage through the coop bank - so I have to have a mortgage through them initially- then you can remortgage with anyone.

Surely treating customers fairly would come into this, if you could afford the payments, with the mortgage guaranteed by parents they surely would be Ok with this.

I will obv. not telling anyone that I found out about this at this stage, i will be finding all this out after we complete.

silvercar

People do split up all the time, lenders judge each case on its merits. If the person wanting the mortgage alone has sufficient income and credit rating they will generally allow the transfer. If they don't they can and do insist that both parties remain on the mortgage.

The difference in your case is that you haven't yet received the money, so to do so now would, in my view, be fraud. Material facts have changed like the deposit, job situation, credit worthiness etc and so to not declare these is to obtain money by deception.

In most cases of people splitting up, the lender has already released the money, so the risks are different.

silvercar

I will obv. not telling anyone that I found out about this at this stage, i will be finding all this out after we complete.

Except your solicitor, who would be legally responsible for this.

Let's pretend that all this came to light after completion.

Now you have the problem of getting the guy to sign the house over to you. Plus sorting out the mortgage transfer. What happens if he decides he wants to live in the house?

annabelle81

silvercar wrote: »

Except your solicitor, who would be legally responsible for this.

Let's pretend that all this came to light after completion.

Now you have the problem of getting the guy to sign the house over to you. Plus sorting out the mortgage transfer. What happens if he decides he wants to live in the house?

he would get done for fraud and be arrested- he is going to sign the form to transfer ownership next friday and then i will send it to the solicitor. his parents will make sure he signs all neccesary paperwork.

the sol seems to think this will work; and to tell the mortgage company/ownhome at this stage would make them pull the offer of mortgage.

but, you are right, it is a tightrope.

michaels

I'm afraid I don't have any advice but I do really feel for you - all this happening at once must be worse than a nightmare. I hope it all works out and you are in your place on your own as scheduled. I am sure with a standard mortgage they will not ask you to change the deal just because you have split up, hopefully the ownhome part won't cause any problems either.

Good Luck

Baz_2

Leon_W wrote: »

Quite frankly you sound like the type that sensible advice would be completely wasted on.

The amount of crap like this posted by so called mortgage advisors on this forum is amazing. What a shocking thing to post.

I hope to god I don't ever somehow end up using a mortgage advisor that thinks like you do.

Right_Choice

Originally Posted by Leon W
Quite frankly you sound like the type that sensible advice would be completely wasted on.

This sort of comment does nothing to enhance broker reputation at all Leon nor does it help this lady with her problem.

Personally I think you need to come clean now. You may well lose the property but this has to be a better outcome than prosecution for mortgage fraud, which you WILL be commiting if you proceed. Your solicitor should be reported to the law society for giving you such advice and your ex boyfriend should be...well the less said about him the better i think.

Good luck

beecher

With debts and no income, presumably your ex has a bad credit rating - was this not picked up by the lender? I thought lenders contacted payroll departments directly?

Leon_W

Just checked back in and it seems I have upset a few of you.

I can assure you that this was not my intention but seems to have been caused by the way I interpreted the original post.

The OP stated "me and my boyfriend were buying a house in Leeds, the problem is he lied about having a job, got fake payslips printed and spent the £8000 his parents gave him to buy the house which was to be used for deposit/stampduty. As far as I now know he is in quite a lot of debt (undeclared on mortgage application) and he has no job (or no income coming in his bank account). "


Now, the way I read this was that the original poster was complicit in the fraudulent application as it wasn't particularly clear that they were totally unaware of what the boyfriend was up to. Subsequent posts now reveal that not to be the case.

So, for the sake of clarity. Apologies to annabelle81 as I read your post the wrong way which can be fairly easily done in a forum format. But for anyone else involved in fraudulent mortgage applications. The original post still stands !