Change of Parties....hit a brick wall!

nickpike

I hope someone can point me in the right direction with this one.

A year ago I initiated a change of parties on my mortgage to remove my ex girlfriend and add my mother as she was putting up the money to buy her out. It's taken a year to complete as I'm with Northern Rock, and they were dragging their heels. However just as the solicitor was about to finalise he noticed that me and the ex had a joint loan which was secured against the house. the only way to get around this is too repay the loan (8.5k) now I dont have that money laying around and my credit rating is such that no-one will touch me. My only option is to secure a loan against the house but they cant do it as her name is still on the deeds and until its off, the completion of the house cannot go through. It's a real catch 22 situation. If they would allow the completion to go through then I could get one secured against the property but like I said the solicitor cannot proceed until its cleared.

Any advice would be much appreciated.

Nick

sdooley

sounds like you'll just have to explain to the ex that you can't get her off the mortgage. if it's a joint loan she's equally responsible for repaying it.