Mortgage on property with secured loans

silver0101

Hi,

My husband's ex-wife would like us to buy her out of the equity on the house they currently own (my husband and his ex-wife are both on the deeds although my husband has not been expected to make any mortgage payments, although he is on the current mortgage, as that was part of the divorce deal, similarly, my husband does not lay claim to any part of the property or equity as belonging to him- hence, our intention to buy his ex-wife out). The house is being rented out at the moment and when the tenants leave, that is when it is proposed that my husband and I will take out a new mortgage in our name, and, once the mortgage has a completion date, we will then arrange for the deeds to be transferred from my husband and his ex-wife, to being in the names of my husband and me. That is also the point at which money will change hands and we will buy my husbands ex-wife out of the equity.

I am totally new to house buying, and as this is such an unusual arrangement, I have a lot of unanswered questions about such a process. I was wondering, how would I know that there aren't any secured loans against the property? Would the mortgage company my husband and I apply to check this out and let us know? Does anyone have experience of this kind of house buying/ transferring? Do they have any advice they can offer? Any pitfalls to be aware of, things to look out for?

I would really appreciate any views/advice about this!

Many thanks!
Silver0101

Thrugelmir

The solicitor handling your mortgage will ensure that all existing charges are discharged. This will also be a requirement of the new lender whom the solicitor also represents.

getmore4less

If he has no equity that will require 100% of the value to be raised,

How much have you got for a deposit.

How much mortgage and secured loans are there on the property.