Problems Removing Ex-Wife From Mortgage

ecpcsb

Both my ex-wife and I owned 2 properties, each property was in both our names. When we got divorced, one property went to my ex-wife and the other to me. The wording of the legal documents stated that each of us would use our 'best endeavours' to release the other from our mortgage. This was 4 years ago.

A few months ago my ex-wife sold her property therefore releasing me. She is now applying the pressure on me to release her.

The problem I have, is that after my divorce I lost my job. I have recently gone self-employed and set up a business which is thriving. I earn enough to pay the mortgage each month but as I don't have the required number of years accounts, I cannot release my ex-wife.

My mortgage is an interest only product with the Nationwide. The mortgage is for £195000 and the property is worth approximately £225000.

The problem has come to a head recently as my ex-wife is threatening to force the sale of my house, effectively leaving me homeless. I've spoken to the Nationwide and they haven't been particularly helpful.

My family aren't in the position to help. The only option I can think of is to put my father's (age 74) property (mortgage free, value £400K), as a guarantee against my property.

Do any of you have any advice please? Is there something I haven't thought of? Would really welcome your replies, many thanks.

Debt_Free_Chick

Would you not sell up and rent?

antrobus

ecpcsb wrote: »

Both my ex-wife and I owned 2 properties, each property was in both our names. When we got divorced, one property went to my ex-wife and the other to me. The wording of the legal documents stated that each of us would use our 'best endeavours' to release the other from our mortgage. ...

That's the standard divorce procedure.

ecpcsb wrote: »

The problem has come to a head recently as my ex-wife is threatening to force the sale of my house, effectively leaving me homeless. ....

She might equally well threaten to do all sorts of things.

I would write to Nationwide to make a formal request for your ex to be removed from the mortgage, in order that they are obliged to respond in writing with a firm 'no' and explain why. You can then forward a copy of that letter to your ex to demonstrate your 'best endeavours' .

Since your ex has (I presume) no legal or beneficial interest in your home, I doubt very much whether should get a court to even consider forcing a sale.

ecpcsb

I don't want to sell the property, for me to get back onto the property ladder would be near enough impossible.

I'll write to the Nationwide and see what they say. It's so frustrating that I'm in the position to pay my mortgage with ease, but can't get it solely in my name!

antrobus

ecpcsb wrote: »

...I'll write to the Nationwide and see what they say. It's so frustrating that I'm in the position to pay my mortgage with ease, but can't get it solely in my name!

The other option would be to approach a mortgage broker to see whether or not there where any other lenders out there with different lending criteria.

Thrugelmir

antrobus wrote: »

Since your ex has (I presume) no legal or beneficial interest in your home, I doubt very much whether should get a court to even consider forcing a sale.

The ex has a very real monetary liability which limits their ability for independence to move on with their lives.

After 4 years "best endeavours" to remove the ex is wearing thin. So the court would most likely rule for sale of the property and uphold costs.

Wh05apk

antrobus wrote: »

That's the standard divorce procedure.



She might equally well threaten to do all sorts of things.

I would write to Nationwide to make a formal request for your ex to be removed from the mortgage, in order that they are obliged to respond in writing with a firm 'no' and explain why. You can then forward a copy of that letter to your ex to demonstrate your 'best endeavours' .

Since your ex has (I presume) no legal or beneficial interest in your home, I doubt very much whether should get a court to even consider forcing a sale.

The process is not to "write to Nationwide" but to complete a transfer of equity, if you write, they will simply refer you to the correct process.

You will not be able to keep on an interest only basis as you are nearly 90%, you would need to convert to repayment.

You say you do not have "the required number of years accounts" how many do you have?

tlirvine

My ex and I currently own 8 properties together as businesses. I own a further 6 individually and we own 4 others with another couple. She has agreed to be released from the properties, but the mortgage company for the properties we jointly own are refusing to release her - how can I get her off? She and I have absolutely no contact and it is making the running of the business extremely difficult following a very acrimonious split. I would like to have the clean break and run the business myself- I just can't get the mortgage company (mortgage Express) to assist.
Any advice would be very helpful.
Many thanks