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Early marriage breakdown
Peter_Ellam
Posts: 2 Newbie
A close relative's marriage has broken down less than 2 years into a 100%mortgage. Relative, with well paid job, has been paying mortgage easily for several months and soon to be ex has signed an affidavit to the effect that he has no objection to relative becoming sole owner of property. Mortgage lender seems to be insisting on a new mortgage of less than 100% based on current valuation of house which is less than it was 2 years ago due to credit crunch. This will entail relative paying the difference of £15000 between the old and new valuation. Is this apparent rip-off necessary, or can the name on the deeds be changed without this rigmarole?
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Comments
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The lender is correct here - it's not a rip-off, house prices have dropped in the last 2 years. How much was paid for the house about 2 years ago?"You were only supposed to blow the bl**dy doors off!!"0
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I'm going through a similar situation at the moment. The name on the deeds can be changed ( I have permission from the building society to do this and a court order so I'm not sure they could have refused) and hence the ex becomes the legal owner.. However, they are refusing to take ex off the mortgage as his wages are what are needed to secure the amount.
So, it is possible that the land registry deeds can be changed into sole ownership but that a new mortgage needs to be applied for in order that the second person can be taken off the mortgage deeds.0 -
Thanks for those replies. It seems a shame that although the new monthly repayments will be less the cash will have to be found up front before the name on the mortgage deed can be changed.0
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I would be asking the ex to fork out for half of this cash - they should be sharing the loss as well.0
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It's not enough for him to do that, he is jointly and severally liable for the shortfallPeter_Ellam wrote: »ex has signed an affidavit to the effect that he has no objection to relative becoming sole owner of propertypoppy100 -
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