Help...

Moveon

Help please...!


I am in a bit of a pickle, and my solicitor hasn't much experience of this particular situation......


I am on a mortgage with my former wife for the former matrimonial home. I havn't lived there for 8 years, and have subsequently re-married. My former wife refusing to agree a settlement, 7 or 8 years ago.


Now she wants to get me into the position where I remain on the mortgage (because she can't raise a mortgage due to poor credit score, although she is just about paying it) but....she wants me to remove my name from the title deeds.


My concerns are:


1. If she defaults, the building society will look to me to recover the money.


2. She raises additional borrowing, defaults and 1 happens.


I want non of the equity in the property (about £175K with £20K to go on the mortgage, as of now) and my stance is that if she wants my name off the deeds, then I have no mortgage "come back" ie no mortgage. I am not interested in a share of the equity.


I fear I am being forced into a situation where I will not be on the property deeds, but will remain on the mortgage, and therefore at risk.


What would the building society make of this....could they call half the loan in (my 50%) as there would not be any security in my name ?


My former wife doesn't work, and I do.


Ta

zarf2007

Moveon wrote: »

Help please...!


I am in a bit of a pickle, and my solicitor hasn't much experience of this particular situation......


I am on a mortgage with my former wife for the former matrimonial home. I havn't lived there for 8 years, and have subsequently re-married. My former wife refusing to agree a settlement, 7 or 8 years ago.


Now she wants to get me into the position where I remain on the mortgage (because she can't raise a mortgage due to poor credit score, although she is just about paying it) but....she wants me to remove my name from the title deeds.


My concerns are:


1. If she defaults, the building society will look to me to recover the money.


2. She raises additional borrowing, defaults and 1 happens.


I want non of the equity in the property (about £175K with £20K to go on the mortgage, as of now) and my stance is that if she wants my name off the deeds, then I have no mortgage "come back" ie no mortgage. I am not interested in a share of the equity.


I fear I am being forced into a situation where I will not be on the property deeds, but will remain on the mortgage, and therefore at risk.


What would the building society make of this....could they call half the loan in (my 50%) as there would not be any security in my name ?


My former wife doesn't work, and I do.


Ta

the bank would not agree to this, your name must be on both the mortgage and the deeds.

i think you are best to go to court and force a sale of the property, otherwise at anytime in the future if she stops paying the mortgage it will seriously screw up your credit rating (they will also look to you for the money as you are jointly liable) and will likely prevent you getting a mortgage with your new partner anyway due to affordability.

its the only way you will ever be free of her as the bank will not transfer it into her name.

Thrugelmir

You and your ex need to come to a compromise. There's little the solicitor can suggest that won't result in incurring a sizable legal bill to the benefit of no one.

Suggest to your ex that she sells and downsizes to become mortgage free. As you'll remain on the deeds as long as there is a mortgage on the property.

If your ex defaults then the property can be repossessed and sold to clear the debt.

Alternatively help clear the mortgage debt and in exchange retain an equity interest in the property.

TBagpuss

Are there any (dependent) children? If so, then you will probably need to stay on the mortgage and deeds until they leave school, after which the house can be sold to clear the mortgage.

If not, there is no reason why the house should not be sold now. Are/Were there any other assets? If there has not been a court order then any assets either of you now has can be taken into account, although a court will consider what is fair including how and when assets were built up.

This is not an uncommon situation so if your solicitor is not familiar with it you may want to consider seeing a different solicitor. Look for a family ,lawyer who is a member of Resolution.