Can ex-wife re-mortgage with additional borrowing while my names still on mortgage?

edmond

My ex and I split 3 years ago, we have 2 children and theylive in the family home.
My name is still on the mortgage however we are goingthrough the process of removing my name as I would like to buy my own property.
In our divorce we have a number of triggers which ifactivated mean I will get 40% equity of the house.
I found out on Tuesday that the mortgage is up for renewaland she is going through the process of re-mortgaging the house.
She also informed me she would be borrowing additional funds.
I am unsure if while my name is still on the mortgage ifthis is aloud, if it is how does this additional borrowing effect my equity inthe house?

Let_Us_See

Yes, if she forges your signature!

Is this a re-mortgage to another lender or a product transfer with additional borrowing with existing lender? If true re-mortgage then you would have to confirm your consent to re-mortgage, or if the re-mortgage will solely be in your wife's name, your can remove yourself from the title deeds and mortgage commitment. This would also depend on agreement of split of equity.

edmond

Thanks for the response

This is a re-mortgage to anotherlender with additional borrowing

The re-mortgage will be solely bein my ex-wife’s name.

If I remove myself like I want to,how does additional borrowing affect me in the long run

getmore4less

if it is a re mortgage in her name only then the borrow is nothing to do with you.

Your issue is releasing your name from the deeds and getting your money from the transaction.

You should have a solicitor acting for you in the transfer of equity to your ex.

edmond

The re-mortgage will be in her name only

When we divorced I agreed she and the children could stay inthe family home and I would move out.

My 40% equinity would only be released if she sold thehouse, the children reach the age of 18, she marries, or cohabits for 3 months.

I said I would remove my name from the mortgage. If I lookto transfer the equity now does this not go against the triggerswe agreed to in the divorce?

Mojisola

If it hasn't been done already, you need to have a legal charge on the house to protect your equity.

Thrugelmir

Once the property is no longer in your name. Then you will lose control over your equity. As even a charge will take second place of the mortgage lenders charge. So if your ex ends up in financial difficulty. Then you'll lose an asset.

Did your solicitor register a deed of severence at the time of the divorce?

Yorkie1

Do not release your name from the deeds unless and until the re-mortgage in your ex's name is carried out. Otherwise you remain liable for the mortgage but have no say in either any equity split, nor any repayments.

getmore4less

Is this one of the triggers that releases the funds?

You should have an independant solicitor acting for you if this is the action that is going to transfer the property to her sole name.

edmond

Sorry for the delay in responding to your comments.

The triggers to release the funds are:
Children reach age of 18
Ex get's married
Ex sells house
Ex has live in partner for more than 3 months.
Ex deceases

I have yet to receive any forms in relation to the legal charge
which is to take effect from the date of transfer.

I don't want to be in a position where the Ex can in affect re-mortgage till her hearts content.

As the consent is in the favour of Nationwide and the EX is looking to move this, does an amendment need to be made to the original consent order?

getmore4less

be careful

she may be trying to combine a re mortgage with the transfer and your charge(which will then be behind the bigger mortgage.

get your charge in and the transfer BEFORE the re mortgage.