Divorce & Bankruptcy

edited 30 November -1 at 1:00AM in Mortgages & Endowments
4 replies 652 views
tech2_2tech2_2 Forumite
274 Posts
edited 30 November -1 at 1:00AM in Mortgages & Endowments
Hi All

Dont know if any one can help on her but worth a try.

My wife and I are going through divorce and I have kept the house as arranged, unfortunalty due to the BR I am unabke to take her off even though it has been 3 years now with 3 still to go.

The mortgage company dont seem to understand that has the property was included in the BR that they will never be able to put a claim against either of us as we can just hand the keys in. Yes it will cause some trouble but all I want them todo is to remove her from the mortgage.

I spoke with their legal team over a year agao and they dont seem to have an angle on wat the BR actually means to them and that they can make no claim to either of us so taking her off makes no difference..

Can anyone shed any light on this or to any info on the net I can guide them too...

Thanks

Tech 2 :D
If Carling made web-sites this would proberly be the best website in the world :T

Get your SOA done here.... http://www.makesenseofcards.co.uk/soacalc.html

Replies

  • edited 30 January 2013 at 8:14PM
    ThrugelmirThrugelmir Forumite
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    edited 30 January 2013 at 8:14PM
    There's no obligation for the lender to remove your wife. The mortgage is a joint and several liability. As such you don't meet their criteria for a new mortgage in your own right. So the lender will maintain the status quo.
    It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros
  • antrobusantrobus Forumite
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    tech2 wrote: »
    ...
    Can anyone shed any light on this or to any info on the net I can guide them too.... .


    If you have a joint debt and are made bankrupt, you can include the whole of the joint debt in your bankruptcy. If other people who signed the contract are not bankrupt, the creditor can still pursue them for the full amount of the debt.

    http://www.bis.gov.uk/insolvency/personal-insolvency/bankruptcy-debts#joint-in-bankruptcy
  • tech2_2tech2_2 Forumite
    274 Posts
    Thanks

    We both went BR and then bought back the right to the hiuse form the OR in my name only and not hers. We agreed that she keeps her pension and I have the house, but I have 4 yrs to get her name off otherwise she has the right to force the sale. Im not happy with this and the Halifax would have no regress on either of us. The mortage was and has never been in arrears...

    The other option her solicitor has come up with is to let it run until our daughter is 18 so gives me 10 years then sell the house.

    What do you guys recommend???

    Tech 2
    If Carling made web-sites this would proberly be the best website in the world :T

    Get your SOA done here.... http://www.makesenseofcards.co.uk/soacalc.html
  • ThrugelmirThrugelmir Forumite
    82.2K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    tech2 wrote: »
    We both went BR and then bought back the right to the hiuse form the OR in my name only and not hers. We agreed that she keeps her pension and I have the house, but I have 4 yrs to get her name off otherwise she has the right to force the sale. Im not happy with this and the Halifax would have no regress on either of us. The mortage was and has never been in arrears...

    Again I repeat. The mortgage is a joint and several liability. Any personal agreement you have come to has no impact on the contractual agreement with the Halifax. The mortgage being in arrears or not has no bearing.

    If the Halifax are unwilling to offer you a mortgage. You will need to either remortgage to a new lender or failing that sell the property.

    Your ex is within her rights to force you to sell the property. Though unlikely this will happen as your daughter lives with you. So maintaining the status quo for the time being is probably your best option.

    Is your mortgage interest only or repayment?
    It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros
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