Alliance & Leicester Mortgage, quick question

Sally-B_2

Hello

I took out an Alliance & Leicester Plus Mortgage in July 2007 with my ex partner who I have been trying to take off for almost 3 years!

Anyway, It was bought for £85000 but we got a mortgage for £87000 (£81000 was secured and £6000 unsecured) I am unable to go through with the TOE until the unsecured part is paid off. My solicitor is currently dealing with this and A&L are till messing me about sending the wrong inf which we requested and I would need to get a seperate loan for the unsecured loan in order to pay that off so they can 'consider' taking me and my current partner on. We have always kept up on payments an neer fallen behind.

This is now taking way to long, I have thought about allsorts of different ways we could sort this out ad my ex is really not one to cooperate therefore my Solicitor is trying to get him to sign deed to say aslong as I pay that £6000 and they send the forms then he will agree to his name being taken off. To be honest, he doesnt have a clue and hes just trying to be stubborn and immature about it all.

So my question is, because all this is taking too long to finally be sorted out what will happen if say he agrees to take his name off the deeds and could he sign something to say that if th property was to be sold but we made £10k on it that he could waive his rights to takin half of i as he hasnt u anything into the house! I know mortgage lenders dont see it like this but is it possible to take his name off the deeds and wold he have any rights ove MY house?

Thanks for your help in advance

Sally

dimbo61

Hi Sally,
1 not sure if you will be able to borrow £6K to pay off the secured part ( that depends in income or yourself and your new partner!)
2 Has your EX been paying half the mortgage since he moved out ? Or did he leave it all up to you.
Did your new partner move in straight away?
Just a guess but as you bought at the hight of the market and borrowed more than the house was worth do you have any equity?
No deposit and what did you do with the £6K
3 Your EX needs to wake up and a letter from the solictor saying that the property will be sold asap and any debt will be split 50/50 with him should wake him up.
4 Solictor may be happy to send lots of letters as it increases his/her bill.
GOOD LUCK

CloudCuckooLand

Interesting definition of a quick question...315 words...

Until his name is off the deeds, it is still 50% his house.

There are documents that can be signed to "waive" rights. But they are a temporary measure, to deal with the limbo phase you are in.

It will not speed up the A&L change, nor officially remove him from the deeds. I do not know if such a waiver has been tested in law...something I'd want to know - perhaps your solicitor is best placed to reassure you on that point.

Sally-B_2

Hello, I already have half the money to pay off the unsecured loan. Not sure why £6000 was unsecured as we only gt £2000 extra added to the mortgage and this went on doing the house up. Since he left he has not paid a penny to this house. I was living it on my own but i managed to keep up all payments then my current partner moved in with me around 6 months later and has paid half to every payment. I did buy it at the height of the market but it was a private sale and we got it for a little less anyways. I dont think theres any equity in it at the moment but I dont think its lost much.