Remortgaging when there is a second legal charge?

AllyMac

Hi all, if anyone has experience of this your input would be much appreciated!

My ex husband has been known to, well, lie :rotfl:

He has told me that he is remortgaging in order to pay off the second charge (in my favour, post divorce) and that he should know when in a few weeks - it is with the bank.

I assume that the bank - or a new bank - would not remortgage without contacting me, as I have the second charge.

Does anyone know how that works please? Am I correct, and at what stage would they contact me?

Thrugelmir

Be the appointed solicitor that will make contact with you. Until your ex has a mortgage offer then little will happen.

AllyMac

Wow - that was a quick response! Thank you.
It does rather confirm my suspicion that he's spouting his usual delaying !!!!!!!!.

He apparently started the mortgage application in August. I know enough about his credit history, salary and the equity to think that it was unlikely to be a complicated application.

He has form for claiming everything is "just a couple more weeks".

We're actually not at the trigger date for the charge so I'm not concerned - just rolling my eyes, and trying to set my own expectations!

Thanks again.

Thrugelmir

From a neutral perspective. Why would he rush the process. Though perhaps it isn't as easy as he had hoped.

AllyMac

Situation is that whilst he owes me the money from our formal marital home (he lives there still) he has to pay the interest on the equivalent portion of my mortgage. So right now, I am getting house price increase on capital (it's a % of sale price) AND the interest on my mortgage paid. My mortgage is at 4.49%!

I contacted him in the summer to say I planned to remortgage to a lower rate, which would save him money - but just wanted to check first if he had plans to remortgage with the good rates around now and buy me out early.

He said that actually he planned to. I don't understand why he hasn't before - I think it was the advent of a financially more savvy girlfriend moving in! (which doesn't trigger repayment in case you wonder, as it often does)

Right now he pays me interest, and still owes me appreciating capital. It actually makes sense for him to remortgage, buy me out, and the money he was paying me in interest would pay off his extended mortgage.
He'd be paying less per month, AND he'd be paying off his own debt, not mine - and the money he owes me would no longer be increasing.

Sorry - that's detailed but thought you might be curious!
So it makes sense he should do it, but I can't force it just yet.

I was just curious whether I was right to think that he's not at the point he claims to be, if I haven't been asked about the legal charge by the bank!

kingstreet

The solicitor handling the remortgage will require a deed of postponement from you if the charge is to remain in place past completion.

Otherwise, you will be asked how much is required to settle the debt and have the charge removed.

AllyMac

That's really helpful, thank you!
I'm a bit curious that supposedly the remortgage is about a fortnight away from him paying me back when I've not been contacted about the charge, and nor has my ex even raised how much is owed yet ��

AllyMac

Everything has always been "a couple of weeks" ha ha ha...

kingstreet

Does the solicitor yet know of the second charge?

If this is a "free legals" job, the solicitor gets a copy of the offer from the lender and then sends out its paperwork to the borrower to set the legal wheels in motion.

Until it has that back, it won't get the title stuff from the Land Registry and that will include a copy of the Charges Register.

AllyMac

No idea what the bank's legal people know - it is likely to be a 'free legals' I would think.
I do know that the mortgage broker advising my ex husband is aware that the remortgage is to pay off a second legal charge, because we still use the same mortgage broker! And I put a temporary halt to him looking at my remortgage when ex said he was doing this.

I don't have any "right" to ask him what he's actually said/done - and from past experience of both marriage and divorce, he'll do a combination of lie, and genuinely just to clueless!