Ex-husband has re-married, has he fallen into the re-marriage trap re our house?

silvercar

How did he manage to get a new mortgage, while still being on the deeds/ mortgage of your (joint) property. Did he declare to the new lender that he was already a property owner/ that he was named on an existing mortgage/ that he had a financial commitment elsewhere?

nearlyrich

silvercar wrote: »

How did he manage to get a new mortgage, while still being on the deeds/ mortgage of your (joint) property. Did he declare to the new lender that he was already a property owner/ that he was named on an existing mortgage/ that he had a financial commitment elsewhere?

It didn't use to be as difficult as it is now we got a mortgage (how much do you want?) when we were both still on our old morgages.

LilElvis

If he doesn't believe estate agents valuations, even though they are usually inflated because buyers haggle downwards, then the definitive proof of the market rate for the property will be Land Registry confirmation of actual prices paid in the area.

Guest101

silvercar wrote: »

How did he manage to get a new mortgage, while still being on the deeds/ mortgage of your (joint) property. Did he declare to the new lender that he was already a property owner/ that he was named on an existing mortgage/ that he had a financial commitment elsewhere?

Well if he can afford it why not?

silvercar

Guest101 wrote: »

Well if he can afford it why not?

It is not about affording it, it is about convincing lenders you can afford it. A liability to another mortgage will weigh heavily in lenders decision to lend, particularly in light of the FCA introducing MMR.

Only got to look at the mortgage board to see that people are coming unstuck. I would think an existing mortgage commitment would be reviewed very carefully.

All well and good if it was declared and all above board. If he neglected to mention it, then he committed mortgage fraud and certainly puts him on the back foot in negotiations with OP.

Guest101

silvercar wrote: »

It is not about affording it, it is about convincing lenders you can afford it. A liability to another mortgage will weigh heavily in lenders decision to lend, particularly in light of the FCA introducing MMR.

Only got to look at the mortgage board to see that people are coming unstuck. I would think an existing mortgage commitment would be reviewed very carefully.

All well and good if it was declared and all above board. If he neglected to mention it, then he committed mortgage fraud and certainly puts him on the back foot in negotiations with OP.

I suspect it wouldve coe up in the credit checks

i also dont see how a 3rd party contract would affect his entitlement in settlement on this matter, morally or legally.

nicky22

Thank you for your advice. I have tried to post a link to one of the articles I found regarding the 're-marriage trap' but this forum won't let me do it for some reason. Sorry about this, but if you do a search on Google there are lots of results, but the first one is very interesting and concise, the one from davidleesolicitors. As I said before my main worry is that if he continues to refuse any offer I make to him that he could take me court to force the sale of the house, but reading these articles it looks like he cannot as he has re-married. Just wanted to know if anyone else has heard of this or has had an experience of it. Thank you.

silvercar

nicky22 wrote: »

... due to him having an affair.... making up unreasonably high values.... demanding an unrealistic amount of money from me....

Guest101 wrote: »

i also dont see how a 3rd party contract would affect his entitlement in settlement on this matter, morally or legally.

His morals have already been shown to be questionable. Now he is in a situation where he wants out of this mortgage, he is the one that wants to move on, OP on the other hand would be quite happy to continue living in the property. It is therefore him that should be accommodating.

If (and I accept it is not definite) he has also behaved illegally and committed mortgage fraud, his negotiating power is severely weakened as he would risk the lender requiring at the very least that he remove himself from this mortgage or that they call in his new mortgage. He could even face prosecution.

caprikid1

I think unfortunately you have either agreed the split already or it is jointly owned so no adjustment order is needed.


I do not see that he has to make a Property Adjustment order as he already legal owns 50% of the property.


I would spend half an hour with a solicitor and probably explain to your ex if he wants to force a sale it will cost a fortune in legal bills and he will end up with less. He is using your desire to stay to get you to pay more.


Get half an hours free advice and then put the house on the market. The property will continue to go up and you will probably further from owning it every year that goes by. Sell and buy something smaller that is all yours.

Brighton_belle

This is the article to the OP refers to.


http://www.davidleesolicitors.co.uk/_userfiles/pages/files/Remarriage%20Article.pdf


Do also note the article advises:



As Shakespeare said "a little knowledge is a dangerous thing". Do not rely on what you or your friends think the answer may be. Do not rely upon the internet as unless you know what the (right)question is you cannot get the correct answer.