Mortgage Advice Please

Gruffwestmidlands

Hi,

Me and my soon to be Ex husband have a joint mortgage together he moved out 16 months ago whilst i remained in the house and paid the full monthly payments. My ex has said he didnt want anything from the house just his name removing. However i have a default on my account which is due to drop of on the 7/4/14. I have an appointment with the bank on 18/4/14 where hopefully they can give me and my new partner a mortgage.

There is minimal equatiy in the proprty (only 10% which was gifted from my mum as a deposit).

Can anyone tell me if when i go to my appoinmenton the 18/4/14 the default will have dropped off my credit file.

Also if anyone has been through anything similar and can advice of the full process that would be great.

Thanks in advance

Gruff x

kingstreet

Sorry, it's not clear if you are moving house and need a new mortgage, or you are doing a transfer of equity to remove your ex and add your current?

Gruffwestmidlands

Sorry,

It wouldbe a remortgage for the property im in so i assume it would be a transfer of equatiy?

Thanks

Gruff x

kingstreet

It isn't a remortgage as you're staying with the same lender due to lack of equity.

Most lenders make this change using the transfer of equity process and although making similar checks on the new borrower as they do for a new mortgage won't actually need to create a new mortgage.

Once the lender has vetted your partner and agreed to the changes the matter is then passed to a solicitor for the legal work to be done.

Typical cost is £450 to £600, plus stamp duty if about the threshold.

Gruffwestmidlands

Thank you, i'm hoping it will go fine however what can i do if he refuses to sign the tansfer of equity. Would he have to take me to court to force me to sell etc?

Thanks in advance

Gruff

kingstreet

That's about it, yes.

There has to be a certain amount of agreement, otherwise the only route is legal action and forced sale.

Gruffwestmidlands

Thank you,

I hope it doesnt go that way but need to be prepared! If he didnt sign the document would he have to appoint a solicitor to go to court to force me to sell. How long does this normally take?

Also how would the division of any equity be split. I had £10000 gifted by my mum for the deposit would that come to me (back to my mum)or be split 50/50. I have also paid the full mortgage for the past however many months would that play a part in the division of equity?

Thank you Kingstreet your helping me out loads

Gruff

kingstreet

He would need to seek legal advice and follow the correct procedures. I have no idea beyond that, sorry.

Division of equity would be based on any legal agreement you had drawn up prior to purchase, or failing that to precedent if it ends up in court. Jones v Kernott is one such case, although I have no idea if the case is in any way similar to yours;-

http://en.wikipedia.org/wiki/Jones_v_Kernott

Wiki entry for information only. Not to be relied on!

moneymaker097

Me and my partner was separated some years ago. We had a joint mortgage at a company called Northwood mortgage at Ontario. At the time of separation the property was transferred to me and I paid the rest of the installments. You can consult an advocate for taking a legal opinion. Hope such a situation won’t arise.

kingstreet

This is a UK site, so thank you for your insight but it may have little or no relevance to a UK audience.