Property Adjustment Order

Jojominx

Does anyone know the answer to this question?

My soon-to-be ex husband has a mortgage in his sole name on our former marital home. I have our three kids living with me (at my parents' house) and have just been to court, where we were told that the FMH should be transferred into my sole name. I am to be awarded a 65% min share of the equity, but he is insisting the property is sold, whereas my barrister is pushing for transfer of title deeds into my sole name.

Is it possible for the mortgage to remain in his name, with him paying it (mortgage is approx £435 pcm for an original loan amount of £67,000 - current valuation is approx £175,000) BUT MY SOLE NAME ON TITLES DEEDS BY WAY OF PROPERTY ADJUSTMENT ORDER????

Trying_to_be_good

Presumably he wants to move on and be able to get a mortgage on another property before too long? In which case, any mortgage on the FMH will need to be in your name, I think. Can you raise a mortgage on your income (some lenders will take maintenance payments etc into account as income)?

Sorry, I don't know about property adjustment orders, but I'm sure someone will be along who does.

silvercar

I don't see how the home can be in your sole name if he is still entitled to some of the equity.

If the lender still insists on both names on the mortgage then it is possible for the mortgage to be in both names and the property either in joint names (if you are both entitled to some equity) or one name (if you have all the equity). Lenders like the property ownership to match the deeds, but if a court orders the home to be put in one name there is little they can do about it other than insist on the mortgage remaining in joint names.

You can get some documentation written that stipulates the division of equity.

If your ex husband wants his name off the mortgage, he may need to reduce the mortgage to a level where the lender will allow the mortgage in your name. If that can't happen then he is stuck with his name on the mortgage, provided that you can afford the payments he can't force a sale AFAIK.

Jojominx

Thanks for info - much appreciated! The deeds will be transferred to my sole name with his interest in the equity (35%) deferred! There will be certain 'triggers' that would mean property has to be either sold or I buy him out, e.g my youngest reaches 18 (currently 8), I meet someone and either cohabit for a period of 6 months or more/remarry, I decide to sell etc.

Kind regards,

Jo