can i remortgage if my two kids own half property ?

tesorocibola

Me and my ex were not married but have now split up,both our names are on mortgage and land registry,we have never had joint accounts i always paid mortgage from my account she has never paid a penny,the house was only purchased to give my children a good start in life as we brought the house cheap and we have accumulated alot of equity so me and my partner both agreed if ever we split we would never take any of the equity that had accumulated on the house as it would be halving the profit made for the children whether we were entitled to it or not,she knows she is entitled to half the equity or at least some of it as its debatable as she never paid it but she did pay other bills,so she may at best be entitled to half or at worst some of it,anyway she has instructed her solicitor to give the equity made on the house to kids,i think this is whats happening as shes never paid mortgage before ,now she has left me and the children living together in the property being brought my guess is shes not going to pay a penny of the mortgage and as i can only get in touch with her through her solicitor as her address is not known to me tells me me thats her intention.

sharpy2010

tesorocibola wrote: »

Me and my ex were not married but have now split up,both our names are on mortgage and land registry,we have never had joint accounts i always paid mortgage from my account she has never paid a penny,the house was only purchased to give my children a good start in life as we brought the house cheap and we have accumulated alot of equity so me and my partner both agreed if ever we split we would never take any of the equity that had accumulated on the house as it would be halving the profit made for the children whether we were entitled to it or not,she knows she is entitled to half the equity or at least some of it as its debatable as she never paid it but she did pay other bills,so she may at best be entitled to half or at worst some of it,anyway she has instructed her solicitor to give the equity made on the house to kids,i think this is whats happening as shes never paid mortgage before ,now she has left me and the children living together in the property being brought my guess is shes not going to pay a penny of the mortgage and as i can only get in touch with her through her solicitor as her address is not known to me tells me me thats her intention.

Ok, that makes things a bit clearer. The next step, I think, is via her solicitor you need to find out exactly what she is/is not going to do with regards to the property. And get it in writing if you can.

CLAPTON

how much is the house worth
how much is the mortgage
how is the property owned.. joint tenants or tenants in common
what's your income
can you get a big enough mortgage to remove her from the mortgage?

having the children as half owners will cause major problems in the future;
so either
-buy her out so you're are the sole owner (she can give the kids the money she makes if she wishes)
-sell the property; divided the spoils and make a fresh start

tesorocibola

clapton wrote: »

how much is the house worth
how much is the mortgage
how is the property owned.. Joint tenants or tenants in common
what's your income
can you get a big enough mortgage to remove her from the mortgage?

Having the children as half owners will cause major problems in the future;
so either
-buy her out so your are the sole owner (she can give the kids the money she makes if she wishes)
-sell the property; divided the spoils and make a fresh start

can she force a sale of the property without my concent,and can she take out any secured loans on the property without my concent,and since shes left she has been giving this address as her dwelling for shopacheck loans i know this as the letters are coming to my address,is this fraud in any way shape or form ?

Mojisola

tesorocibola wrote: »

can she force a sale of the property without my concent,and can she take out any secured loans on the property without my concent,and since shes left she has been giving this address as her dwelling for shopacheck loans i know this as the letters are coming to my address,is this fraud in any way shape or form ?

If it was me, those letters would be sent back, giving them her new address.

holly_hobby

Simplest idea I can see would be for her to sign over her share (if tenants in common) or remove herself completely from the mge & deeds (as long of course as your sole income covers the existing mge & lender is agreeable).

That means that you become the sole owner, and obviously as the children are yours, you will no doubt ensure that your ex's wishes are carried out, in making suitable arrangements for your children to benefit from the property.

Already been said, individuals under 18 are unable to enter into a legal contract, except in very rare circumstances and under the direction and guidance of the court - so are unable to become party to any mge until that time. The requirement of a trust has already been discussed - so I won't expand on that.

Look for the most simplistic way to solve this, that means you will save in both terms of time and money.

Holly

david39

If her name is on the mortgage alongside yours, it is up to the mortgage company as to whether it can be removed. That is something they are unlikely to agree with, as currently their risk is spread across two people not one, even though she has never paid any of the repayments herself.

Of course, if you are making all the repayments and can continue to do so, you could apply for a new mortgage in your name only providing your ex-partner will agree to have her name removed from the land registery deeds.

Also, you would not want your children's names on the mortgage deed even if that was possible - should anything detrimental happen to your financial circumstances, the lender would then be able to come after them for the repayments.

With the added problems of your ex-partner's possible insolvency, the situation is becoming quite involved and I suggest that you take proper legal advice from a solicitor before you go any further.

Advice here is usually given in good faith by contributors but most of us do not have the detailed background knowledge that a solicitor can provide - as you can see, there are already conflicting views, so which ones are correct?

holly_hobby

tesorocibola wrote: »

can she force a sale of the property without my concent,and can she take out any secured loans on the property without my concent,and since shes left she has been giving this address as her dwelling for shopacheck loans i know this as the letters are coming to my address,is this fraud in any way shape or form ?

Just as a follow on ...

No she can't sell the property without your consent, if you are both on the mge/deeds. ALTHOUGH she can attempt to acheive this through the courts, in obtaining a court order, at the direction of the Judge.

Again, no she can't obtain any secured borrowing without both your consent & signature - as you are also the legal owner. (lender permission also reqd in most circumstances)

Holly

tesorocibola

david39 wrote: »

If her name is on the mortgage alongside yours, it is up to the mortgage company as to whether it can be removed. That is something they are unlikely to agree with, as currently their risk is spread across two people not one, even though she has never paid any of the repayments herself.

Of course, if you are making all the repayments and can continue to do so, you could apply for a new mortgage in your name only providing your ex-partner will agree to have her name removed from the land registery deeds.

Also, you would not want your children's names on the mortgage deed even if that was possible - should anything detrimental happen to your financial circumstances, the lender would then be able to come after them for the repayments.

With the added problems of your ex-partner's possible insolvency, the situation is becoming quite involved and I suggest that you take proper legal advice from a solicitor before you go any further.

Advice here is usually given in good faith by contributors but most of us do not have the detailed background knowledge that a solicitor can provide - as you can see, there are already conflicting views, so which ones are correct?

this is the way i want to do it ive already been in touch with the mortgage provider and got the documents so i can apply for a new mortgage just with my name on it and its only going to cost 200 pound to apply if i fail to get it ill get 100 back but in the questionnaire there was a red flag that popped up because im not working im claiming incapacity benefit but ive been claiming incapacity benefit for the last 9 years and still kept up with payments as the mortgage is very low compared to others,the lady i spoke to at birmingham mid-shires was very helpful though she said just apply a note explaining the facts and because my ex has done a dissapeering act how can she make payments if she doesn't want to be found,so i would def like to reapply and do it this way as i think its the easiest and cheapest way to go,as long as she agrees to take her name off the deeds which will only cost 185 pounds.