Change of Parties question

iwillbedebtfree_2

Hello all,
I would like to start off by asking you to please be as gentle with me as possible as when it comes to the joy of mortgages, I have no idea what I am on about!

It's a whopper of a long story so in the interest of really needing your advice, I will try to keep this as short as possible.

My now husband, bought a property with his best friend before we met (and took advantage on an unsecured loan that NR were handing out!).

I also purchased a property before we met so as you can imagine, when love blossomed, we decided we wanted a bigger place so our intention was to buy his friend out and move into his house.

He was advised at that he would need someone else to take over (so a change of parties to join him on the agreement).

His mother stepped up and was added to the mortgage. We waved his friend off, I sorted out a rental term on my place so all was good.
This was always with the intention of me being added to the property to release his mum at a later time.

We began the process of getting me added to the mortgage and his mum to be taken off it in October/November last year. Sadly, my husbands mum passed away last month very suddenly.

By this point, we were already searching for a solicitor to do the necessary but hadn't officially hired anybody (as their fee's are scandalous).

For a number of reasons, we want to move within the year which also needs to be taken into account.

What we want to know is whether its worth continuing with the change of parties and also if we move and pay back the mortgage through the house sale would we need to payback all of the unsecured loan or could we transfer this?

What happens if we do not go ahead with the change of parties now that one of the current parties is deceased? Is it an option for my husband to go it alone on the mortgage?

So sorry it's a long post. Any help or advice would be much appreciated.

DVardysShadow

Your OH is already going it alone. Provided he pays the mortgage, there is no immediate need to change anything. But I would think that in the current situation the lender would not object to a change of parties, once his mother's estate is wrapped up.

The unsecured loan is not secured on any property, so no need to worry about that either.

iwillbedebtfree_2

Thank you for your reply, I guess I should have made it clearer that I am paying half the mortgage so hubby is not actually alone in this. I have also been approved to be added to the mortgage and remove his mother.
We told them after she passed away and they said it was still fine to continue with adding me (obviously minus the consent signature from his mum).
It's just that as we are wanting to leave that property anyway, we thought if we didn't need to, what would the point be in adding me to it.
We thought it would just be lots of fee's to pay and we would end up leaving there and getting a new joint mortgage anyway.
I just want to check to see if my husband could be the only named person on the mortgage (but I would obviously still continue to pay)
Thanks again, it really is much appreciated.