Help with a Mesher Principle

BargainAholic_2

Hiya All

was wondering if anyone could shed any light on this.

When my husband split from his wife in 2005 he was given a 30% charge on the marital home.

It has come to our attention that she is moving in April so will be selling the house. We did a land registry search & found that she remortgaged in Feb 2010.

What exactly happens with this? Has he got 30% off the equity left if the property after she remortgaged?

What if she has a 100% mortgage? Does he stand to get nothing?

Any help would be appreciated.


Mel x

rach29

There's something wrong here, She shouldn't have been able to re-mortgage without him knowing. As a Second charge holder the mortgage company should have asked for his consent to the re-mortgage.

Does the Land Registry search show his second charge? I would suggest you contact the solicitor who dealt with the original order and ask their advice.

BargainAholic_2

The land registry says that my partners charge was registered on 31.03.2006 but then it says that the mortgage company has its charge dated 24.02.2010.

I'm assuming this was a remortgage? Or could it have been a name change as it is now Santander?

onlyroz

BargainAholic wrote: »

Or could it have been a name change as it is now Santander?

My old Abbey mortgage is now a Santander mortgage and as far as I'm aware nothing has changed. Why doesn't your husband just ask her?

Broken_hearted

Either ask her or get a solicitor to find out. If all the equity is gone and she hasn't got any money then it couldbe lost.

Emmzi

if hubby has a charge, and this is not a repo, I think he can prevent sale by refusing to lift his charge unless he gets his cash.

solucitor is best tho.

Mrs_P_Pincher

A solicitor acting in a sale would be negligent if he did not contact the holder of the second charge and arrange for repayment from the proceeds of sale. You wouldn't actually need a solicitor yourself. Her solicitor should contact you.

Mrs P P

DVardysShadow

BargainAholic wrote: »

It has come to our attention that she is moving in April so will be selling the house. We did a land registry search & found that she remortgaged in Feb 2010.

What exactly happens with this? Has he got 30% off the equity left if the property after she remortgaged?

What if she has a 100% mortgage? Does he stand to get nothing?

BargainAholic wrote: »

The land registry says that my partners charge was registered on 31.03.2006 but then it says that the mortgage company has its charge dated 24.02.2010.

You need the proper legal advice, but my understanding is that his share of 30% is 30% of the whole value of the property - and the charge from the lender dated 24.02.2010 can only be paid once the earlier charges have been paid - to do otherwise would require partner's signature to waive his rights.

We brings up the nasty [but less likely] possibility that his signature has been forged ...