mortgage, bankruptcy, confusion...help

rhubarbarella

Hi all,

its been a while since i've been on, turns out if you don't pay the internet bill you get cut off, who'd have thought?!
On a serious matter, I hope someone can help with this question regarding my mortgage?
My partner (not married) was declared bankrupt earlier this year. I am not bankrupt myself.
As the house was in negative equity the OR agreed I could buy out my OH, for £1000+fees, so I sent a cheque. I now have to sign some legal documents to change the title of the property into my name only.

What I need to know is, will I have to reapply for my mortgage with the bank? Or will it just all go on as it does now, but without his name on it? I am a bit confused, as a friend who spilt with her partner and bought him out and had his name removed had to reapply for mortgage. I am really worried, as although i can pay the mortgage myself (and have been doing since the start of the year) I don't think the bank would give me a new mortgage alone, as I am not working and am a full time carer for my partner.

Help!! can anyone advise me what happens now please?

Thanks in advance

kepar

I think that if you want to be the only name on the mortgage, then you have to capable of getting that mortgage with your income only.

silvercar

No reason that you have to change the mortgage. You just live with the fact that the mortgage is in joint names but you own the equity.

rhubarbarella

silvercar wrote: »

No reason that you have to change the mortgage. You just live with the fact that the mortgage is in joint names but you own the equity.

I was told by the OR people that I have to have his name taken off if I have bought him out, otherwise if his name still on it they still view it as his asset to, and so can force a sale to get what they claim is his....even if ive bought him out? and his name has to come off at land registry too? Help, even more confused now

silvercar

Whether his name can come off the mortgage is the lenders absolute decision. You or the OR can't force them to agree.

You probably need to speak to the Land Registry to check whether you owning the BI/ equity means that you should be registered as sole owner.

tigerfeet2006

rhubarbarella wrote: »

I was told by the OR people that I have to have his name taken off if I have bought him out, otherwise if his name still on it they still view it as his asset to, and so can force a sale to get what they claim is his....even if ive bought him out? and his name has to come off at land registry too? Help, even more confused now

Um!! no you don't have to have his name taken off the mortgage. All you are doing is buying the right to the OR's interest in your DH beneficial interest, so if you sell the house you are entitled to the equity and not your DH or the OR. The OR cannot view it as your husbands asset once the BI has been purchased. So you carry on as normal and your home is not affected.

Some one has their wires crossed some where.

Your home/property.

• Dealing with property interests from 1st Jan 2011 ---> Discussion thread
  
• What will happen to my home? (IS)
  
• If my house is sold sometime after the bankruptcy order is any shortfall on the mortgage still a debt in my bankruptcy?
• Charging orders in the county court - National Debtline factsheet (useful if a creditor is trying for a CO before your bankruptcy)

paigesaunt

Exactly as Tigerfeet says, I know because I bought my husbands beneficial interest when he went BR in 2009, so glad I did because he left me for someone else earlier this year, and whilst he doesn't have any claim on the property, he is still on the mortgage, meaning he's joint owner of the mortgage debt only.