Partner stuck on a mortgage with his ex :/

Pixie5740

It might be better to start your own thread.

Foxy-Stoat_3

sparkykink wrote: »

Hi there,
Sorry in advance if I'm on the wrong thread, I'm not a regular to forums!
Could anyone please advise: my daughter and her husband have separated and have a joint mortgage in the house where she still lives with their 2 children. He is back with his parents.
They have made a separation agreement with a solicitor, but he now want's to take himself off the mortgage and deeds (which is fair enough), however my daughter has been told that if he does, then she would not be able to carry on the mortgage on her own even though she can make the payments as she is back to work and is careful with money (she's been paying for the last 8 months). This would effectively render her and the children homeless as she would not be able to get a mortgage alone based on her earnings, at least not enough to buy a property.
I don't understand why the building society ( Halifax) won't let her carry on, providing the payments are met?
There is about £10,000 equity in the mortgage and payments have always been met on time.
Can anyone suggest a solution please?
My daughter has a good credit history with no past or current debts.


Thanks in advance

What did the seperation agreement say about the house and the children, and how old are the children?

They both need to take legal advice but on the face of it, no Judge in the land will agree a forced sale while the children are younger than 16.

If your Daughter wants to release the Ex from the mortgage then she needs to meet all the affordability critera with the existing lender, unfortunatley just making payments on her own money for the last 8 months doesn't mean that the lender agrees that she can afford it.

Assuming the Ex agrees to a Transfer of Equity of course, that will be another issue.

sparkykink

Hi, and thanks for the reply.
The separation agreement states that he wants £3,000 of any equity to go to the children (£1,500 each) either when the house is sold or when the children are 18, whichever happens first.
The children are 6 and 1.
My daughter took legal advice which stated that if he agrees he could be taken off the deeds but his name stays on the mortgage, however the Halifax say that isn't possible?
We are waiting for the Halifax to put this in writing for the solicitor to look over because they are adamant that this can be done.
It's not really a question of whether my daughter wants to release him from the mortgage, more a question of him forcing the issue.
I don't understand your comment about a judge agreeing to a forced sale?
Are you saying that this would override the mortgage provider insisting that she can't stay in the house provided that she meets the payments?




Thanks,

Foxy-Stoat_3

They are both jointly liable for the debt until the Lender agrees otherwise, doesnt matter what a divorce agreement says. So its likley that he cannot be removed from the Deeds. A court order stating the what has been agreed will all that will be required with regards to the equity when the time comes to sell the property, if there is any equity left.

What are the numbers, house value, current mortgage and salary?

The Ex could try and force a sale, but this would cost him a lot of money to go to court, but as there are two children involved, he would not be very successful.

If she is seeking paid proffessional advice then I would leave it them.

Good luck