Removing a name off a mortgage

teapot100

I need a bit of advice. I have been divorced for 6 years during that time I have paid the mortgage but it has remained in joint names. My ex husband is ill!! and has never worked since, neither has he paid any maintenance for my 2 daughters. For a period of time I didn't even know where he lived and he has now told me to contact him at his mothers address. During this time he has built up lots of debt and has a very poor credit rating with debtors calling my home all the time. My credit rating has been affected by association. He has now agreed to put the deeds and mortgage in my name to secure his childrens home. My salary will cover the mortgage and I have never missed a payment in all that time. When I tried to do this once before it was almost as if the building society would rather I lose my home to his debtors that put it in my name a person who has a responsible job, and has never missed a payment. I wanrt a bit of forewarned advice before I arrange to go and discuss this, can anyone help?

holly_hobby

Unless the debts you talk about were held in joint names your Husbands poor credit rating will not have a negative impact on you.

To have your ex released from the mge your own income will need to be sufficient to service (pay) the mortgage on its own.

I take on board you pay it now etc, but from a lenders point of view, they can only assess affordability based on your proven income.

By the way, with regards to the house being caught up in his debts (if you are not party to them),is unlikely. His creditors can only apply for a charging order, if they have already had a CCJ on him that he has failed to maintain. Even then, it is up to a Judge as to whether an order of sale or charging order can be applied (for level of debt), and the fact that you jointly own the property, which also homes your children would (in my opinion) negate any order. Unless I say there is absolutely mounds of equity.

Have an initial chat with your lender to see if they consider your income sufficient enough to transfer the mge to your own name.

Once you know that the transfer is possible from your lenders point of view, you can approach your ex for his agreement to remove him from the mge/deeds.

If he agrees you can get the ball rolling with the lender, and you shall need to appoint a solicitor to effect the "transfer of equity!" (which will involve your ex signing his consent), and there will naturally be a charge for disbursements and Solicitors fee.

Hope this helps

Holly

teapot100

Thanks Holly,