Please help! Scared. Need advice.

swebber

Hello,

I own half a house with a Mortgage on it, in my name and my ex-husbands. We seperated well over a year ago and he is living in the house, as I moved to my Mums then away to be with a new boyfriend.

My ex is buying a new place, he's just gotten confirmation from the mortgage company to buy, but here's where is gets complex. I agreed to buy him out of our house for a cash sum, but I wanted a legal agreement in place, as I can't take his name of the mortgage yet, as due to moving 4 times this year, I don't have permenent job, I'm only temping.

I was planning to sell the house, after doing some work to it, re-painting, new carpet etc, but now myself and new partner have decided to move into the house to live (we're in London at mo, so no chance of buying).

Ok confusing myself, but I have just spoken with my solicitor, who says that for ex to get a 2nd Mortgage is Fraud, is that true?

Ex has said that he was going to convert our Mortgage to Buy to Let, so does that negate the 2nd mortgage being fraud? Although I signed some paperwork agreeing to the transfer, apparently it was lost, so mortgage isn't buy to let yet, so does that mean he can't get 2nd mortgage without it being fraud, until our mortgage is converted???

AAhhh, can someone please help, as my ex, although we've been getting on fine, has said he needs the money for his deposit and wants NOW. I do have it, but scared to hand it over until agrement is in place and solicitors says I'll be implicated in fraud as well if ex gets new place.

HELP, HELP, HELP.

Sara

herbiesjp

Having a second mortgage in itself does not mean he is committing fraud.

Ask your solicitor what the reason for the "fraud" is - it may shed a little light on the scenario

The situation is a little confusing - why is changing to BTL if he is going to sell his part of the property to you anyway

swebber

As was said, I can't afford to buy his part of the mortgage out and don't have a steady job, so that is why there will be a legal agreement, his name will have to be on the mortgage, even though I will solely be responsible for payments, my boyfriend will help too, so I know I can afford them, but he has to give up his perm job to move away with me.

Well I think that the news that having 2 mortgages isn't fraud, is probably all I needed to know. I'm thinking maybe my solicitor, is thinking along the lines that you can't promise to pay more than you earn??? As the combined cost of half our current mortgage and his new mortgage would be very close to it.

If lender has agreed money on the assumption that his other Mortgage is Buy to Let, if it actually isn't, that woul dbe fraud wouldn't it?

Thanx for help so far. Sara

Conrad

Be careful this has the potential to become very complex.

As an example the B2L lender may want utility bills etc showing all your addresses in the last 3 years (you say youve moved a lot).

As long as broker is ultra thorough and considered every potential bend in the road it should be ok. I find however that many brokers do not consider everything up - front.

tyllwyd

I think you need to speak to your solicitor again. I don't see why a solicitor would start talking about fraud without good reason. Is the solicitor thinking that your ex has not disclosed the existence of the first mortgage to his new mortgage company? Solicitors have pretty heavy professional obligations, and I wonder if the solicitor might decline to act on your behalf if he/she thinks that the transaction will involve fraud.

swebber

Conrad wrote:

Be careful this has the potential to become very complex.

As an example the B2L lender may want utility bills etc showing all your addresses in the last 3 years (you say youve moved a lot).

As long as broker is ultra thorough and considered every potential bend in the road it should be ok. I find however that many brokers do not consider everything up - front.

Yes I know, its a nightmare.

Technically though, I have never moved out of the house the mortgage is on and I've been at my Mums, renting a room at my boyfriends parents and now in a rental place with boyfriend, which we paid 6mnths rent upfront, so thats got to be good.

Also, we are staying with the same company we have our current mortgage with, so its just a conversion, which over the phone chatting to them, they ahve said should be fine.

I know the broker my ex is dealing with and I have faith in his advice.

Thanx everyone for advice, I do agree it is a mess, but isn't most of like nice and complicated. ;o)