Ex might be going BR....HELP!

embrace1204

Hi all

Well, the saga of me and my ex continues. I was approved by Northern Rock for a change of parties to remove my ex from the mortgage - yayyyy! Got my solicitor, all seemed to be going well until I got a phone call last Thursday re. the fact that his solicitor had sent a letter to my solicitor stating that my ex can't declare himself as solvent and therefore the change of parties may not go ahead.

Now, I may be being thick here, but surely you're either solvent or you're insolvent??? He's not gone br and prior to him seeing a solicitor he told me he wasn't going br and was quite happy to proceed etc. My concern is if this is a sign that he's about to go br and I get a letter from his OR re the BI in the property and an offer from me is accepted, I've been told that just because you buy his share of the BI that his name isn't removed from the deeds or titles? Is that correct? If so, what would I need to do to ensure that he's off it once and for all and i'm protected from further charges to the house etc?

Thanks

Amnesty

I`ve not read your earlier posts but just to clarify I take it it`s YOU that wants sole ownership,is that correct.

Amnesty

Sorry,think I read it wrong.As long as he does not go BR before you take over everything,surely your solicitor can get the deeds changed etc,all your ex has to do is sign it all over.Surely that must have been explained to you by the person you are paying for advise.

embrace1204

Thanks for reply amnesty but it's obvious you don't understand the law surrounding a transfer of equity transaction

its-hapnin

embrace1204 wrote: »

Hi all

Well, the saga of me and my ex continues. I was approved by Northern Rock for a change of parties to remove my ex from the mortgage - yayyyy! Got my solicitor, all seemed to be going well until I got a phone call last Thursday re. the fact that his solicitor had sent a letter to my solicitor stating that my ex can't declare himself as solvent and therefore the change of parties may not go ahead.

Now, I may be being thick here, but surely you're either solvent or you're insolvent??? He's not gone br and prior to him seeing a solicitor he told me he wasn't going br and was quite happy to proceed etc. My concern is if this is a sign that he's about to go br and I get a letter from his OR re the BI in the property and an offer from me is accepted, I've been told that just because you buy his share of the BI that his name isn't removed from the deeds or titles? Is that correct? you are correct here. i have just bought my OH's BI and he is still a joint owner with me on the house deeds.If so, what would I need to do to ensure that he's off it once and for all and i'm protected from further charges to the house etc?

Thanks

Hi was just able to help you out with that part. hopefully someone else can help further x

embrace1204

Thanks its, gonna cost me more to sort it than I first thought, but knowledge is power

debtinfo

You can be insolvent without being bankrupt it just means that you cant pay your debts as they fall due

How much equity is there in the property

embrace1204

That's interesting. So even though he's not going br, he can't declare solvency? It's complicated.

Equity is approx £10k (need to have a valuation done) and that's excluding the unsecured part of the together mortgage with N Rock. I have it in writing from him that he doesn't want any payment etc. We split up 4 years ago and this has dragged on and resulted in me paying the mortgage on my own for the last 2 years, so he agreed to just let the house go. I know however once solicitors get involved this often isn't the case but the problem I have is I can't afford to buy him out and the house doesn't have enough equity to be able to remortgage it, and I can't remortgage it until I get him off the mortgage! It's all such a mess!!!