RBS - Transfer of Title no longer allowed!

chilli_burn

one thing I should mention, is that RBS's valuation of this property sits at 210000, so that would put the current mortgage at around 75%... so assuming they did not want to re-value (no reason they would, same as with a re-mortgage) then they would probably see this transfer-of-ownership as a standard process with little risk

kingstreet

They'll use an indexed-desktop valuation system to re-work the loan to value. They won't go off the original valuation for a TofE. TBH I'd be very surprised if they did!

chilli_burn

ahh shame... not that it matters in this case anyway, as they have already pulled out of northern Ireland...

I have sent the details of this conversation to the legal dude helping me out with the divorce and asked him to include his thoughts into the financial settlement for this specific of the asset split....

my ex-wife wants to leave the country anyway, and move state-side so does not want a local mortgage for the foreseeable future... that said, I have tried to tell her that time changes people and she can not possibly know what she might want in 12 months, 5 years or longer, so needs to protect herself by getting something down in law...

chilli_burn

just called them up to chase, and they have taken the matter internally to see if they can at least waiver the early repayment charge due to circumstances... not what I wanted entirely but it is a start

I still think I will be screwed unless ulster-bank for some random reason decided to honour the RBS valuation being that they are the same company...

opinions4u

There are some odd local practices that go on in parts of Northern Ireland that help "reserve" repossessed properties on the market for those already living in a town.

This drives down the price of repossessed properties which is great for the buyer, but dreadful for the lender.

It then has a knock-on downward impact on other property values in the same location.

I can understand lenders not being keen to lend there.

chilli_burn

if it was an option, I would probably sell up now, take the debt, and move back to England to be honest, but with kids at a delicate time in school, I have to sit it out...

fun times!!!

the Ex seems to be happy with the approach that we go with our original plan, without the actual deeds transfer. I will own the house, she gives up all rights to it, including any future gain I might make by further investment in the property or holding out for housing recovery.

I would like to let this house out in the future, but that beings yet another modification to the mortgage which I am sure RBS would say "NO" to, so will have to cross that bridge when it comes.

will wait for the reply from RBS on the fee, then go into Ulster-bank (who are basically RBS in NI) and then see what options are. better to know they are bad, than to think they are bad...

chilli_burn

well, finally went into Ulster bank (NI bank owned by RBS) to discuss options. they were as shocked as me at the blanket decision made in only the last couple of weeks to stop ANY changes to NI based RBS mortgages, leaving me in a bad position, basically no way out

Ulster bank will take on my mortgage, neg.equity and all, and give me a 90% LTV mortgage... will leave me £80 a month worse off but would free up my ex-wife from the mortgage...

RBS have agreed to waiver the early repayment charge, but this still leaves me £5000 worse off over the term...

the lady in ulster bank said that I should ask RBS to pay that as a sweeteners as it is their change of terms that has screwed me over. so I will try this out and see what happens

what fun eh?

Thrugelmir

At least a step in the right direction.

chilli_burn

I rang RBS after I posted on this and had a 40 minute conversation with various people. I am not expecting much, but they have taken the issue internally to management and told me they would call back today. they asked me what I wanted as the outcome, and what my preference was, i.e. did I want to stay with RBS. I said

1. I would like to stay with RBS, on the same deal, and just complete the transfer of ownership
2. I would like RBS to force Ulster bank to honour a similar deal and I will move
3. I will move to ulster bank onto a worse deal, but RBS will compensate me for the difference over 5 years (circa £6k)

I wonder will I get anywhere

one worrying note, is that there appears to NOT be a record on my account of the early-repayment-charge waiver LOL, so I expect that to be yet another fight should this go forward

maybe I should start playing silly games like saying I can not afford the mortgage, and need lower repayments and play that game to force them to make amendments LOL. looks back on credit report but that can all be repaired over time haa haa
anyway, here's hoping!