charges for paying off the morgage in full! HELP!!

princess11_2

I really hope someone can help me on this.
I split from my ex about 2 years ago and finally the house is in the process of being sold. However, my name was not on the morgage.
He has agreed that as i was paying for half the morgage that i am entitled to half of the profits(we dont intend on buying again!). However, I feel like he could tell me any figure and i would just have to believe him and i think he is going to try and rip me off.
I have figured out what the cost of the solicitors and the estate agents is going to cost but i am unsure of what the morgage company charge for paying off the mortgae in full???
We have had the morgage for about 4 years and still owe £37,000.
Anyone got any ideas??

Plllleeeeeeeaaaaaassssseeee???

Thanks

Bossyboots

The mortgage company will produce a redemption statement showing what they want paying. The contract of sale will have the sale price in. The solicitors will draw up a completion statement with all their fees and other costs included (e.g. estate agent). You should therefore have access to all the figures you need to keep a check on what you should be getting.

clutton_2

""He has agreed that as i was paying for half the morgage that i am entitled to half of the profits"" - you might want to ask him for this in writing, so that your solicitor can write to his solicitor to ascertain the exact amount of your share, and so that your solicitor can get the money for you. Can you prove you paid half the mortgage - did you pay it directly into the Lenders account ? Was it the same amount each month into your ex's account ?

Xbigman

I'm tempted to say you need something in writing to protect yourself and to see a solicitor about this, BUT that will probably make the whole thing confrontational. If you have a good relationship with your ex and you trust him to honour the 50% deal and actually give you the money then at this stage you are probably best off just carrying on with the current arrangement.

As to the costs. Was the mortgage still on a deal, such as fixed rate? If so there will be a penalty of a few% of the outstanding amount on the mortgage.
If not still on a deal the redemtion costs should be a few hundred.
The only way it might be more is if it wasn't a high street mortgage but sub prime. IE ocean finance and the like. In that case the redemption penalty / fee could be several thousand.
Regards


X