Getting ex's name off the house deeds??

millymollie

Hi,
My husband's ex-wife is still on the mortgage on the house that we live in as it wasnt sorted out at the time of their divorce.
We were advised to go for a transfer of equity to get her name off and my name on, however the bank turned us down flat as our credit score is not great.

We have heard that we can get a legal document drawn up which would take the ex wife's name off the deeds whilst her name would still be on the mortgage, in return for a cash settlement which we think she would be agreeable too.
Does anyone know if this is correct? And would this mean she has no claim on the house?
Cheers in advance for any help!

holly_hobby

I can't in all honesty seeing the wife go for this, no name on the deeds means no call on the property -but by leaving her name on the mge - she remains together with the other party, FULLY liabile for the repayment of the mortgage. Which means that if you & your hubby don't maintain the repayments - ex wife must pay - or the house is repossed ..etc .. etc

So in essence you are asking her to forgo any claim benefit of the property, but remain legally liable for its repayment ... its a big ask.

Thats if the mge lender agrees permission to an amendment to the deeds. (which as having 1st charge I would imagine will be reqd).

Hope this helps
Holly

handytips

Hi Millymolly
Sadly i hear this kind of story on a regular basis. If you are able to Re-Mortgage to another lender the Transfer of Equity can take place then, however a sum of money would have to be agreed for the payoff. Once the payment has been made and the TOE has taken place the new mortgage deed will show the new names on the deed. If your credit score isnt that good you may still be able to get a deal as long as your income stacks up and you have had no serious credit problems in the last 2 years. A good local broker will be able to advise you whether or not you will be able to remortgage as it sounds like you must be on the reversionary rate anyway.

millymollie

Hi thanks for the replies-
Holly- ex wife has said she will agree to it, she just wants some cash and there is very little equity in the house due to present market conditions. There is a charging order on the property from a loan which my husband defaulted on, its about £7000. Would this have to be cleared before we could do anything about the deeds?

Also, on a separate note, my husband and his ex have a daughter of 15 who lives with us. When she turns 18 if the ex is still on the mortgage I know she can legally ask for half her share of the house, however my husband has paid the mortgage on his own since she walked out 8 years ago, would a court take this into account?

Cheers for the good advice so far!!!