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Rose Shared Equity refuse to transfer 2nd charge into sole name? Help!
mrs_w
Posts: 29 Forumite
Other half and his wife purchased house from David Wilson Homes in June 2011 and took shared equity loan for the deposit - was registered as a second charge against the house for £35k. Nothing has been paid back to date.
They have since separated - mortgage is with the Halifax - he wants to remove her from the mortgage (she agrees - all amicable) and take on the mortgage himself (Halifax have agreed)
Engaged a solicitor to change title deeds etc to sole name - they have informed us that Rose Shared Equity have to consent to the transfer. Rose will not consent to the transfer and insist that any changes invokes immediate aryl repayment of the balance. So a conundrum - he can't remortgage with the halifax to remove her without the 2nd charge being changed and they won't consent to the change!
The mortgage is currently on variable rate - he wants to fix - Halifax won't do anything without considering her income as she's still named on the mortgage
Very frustrated!
Any help/advice greatfully received!
They have since separated - mortgage is with the Halifax - he wants to remove her from the mortgage (she agrees - all amicable) and take on the mortgage himself (Halifax have agreed)
Engaged a solicitor to change title deeds etc to sole name - they have informed us that Rose Shared Equity have to consent to the transfer. Rose will not consent to the transfer and insist that any changes invokes immediate aryl repayment of the balance. So a conundrum - he can't remortgage with the halifax to remove her without the 2nd charge being changed and they won't consent to the change!
The mortgage is currently on variable rate - he wants to fix - Halifax won't do anything without considering her income as she's still named on the mortgage
Very frustrated!
Any help/advice greatfully received!
0
Comments
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Rose Shared Equity are within their rights - from their perspective why have one person potentially on the hook when they currently have two. Given that Rose are a special investment fund for illiquid assets and "special" credit situations etc, I would expect them to be very firm on this - not like they have a house to sell or customers to keep happy. Looks like the £35k will need to be raised somehow in order to move this forward.0
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Did you have any luck with rose shared equity?
I find them a difficult and very unhelpful company to deal with, I had a similar situation a few years ago and more recently an issue with an incentive they offered on repaying their shared equity, I agreed to it and put my flat up for sale only for them to take back their offer as the time period had lapsed which meant I had to pay thousands more back to them than I had originally planned! Bad company and bad customer service!
I couldn't hate this company more right now!0
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