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Would a lien placed on my property affect my remortgage

goody23
goody23 Posts: 65 Forumite
Part of the Furniture 10 Posts Combo Breaker
in Mortgages & endowments
i am going through a divorce i want to remortgage on a shared equity property ... My wife has placed a lien on the property will it affect getting a remortgage i need to do home improvements.

Comments

  • ACG
    ACG Posts: 24,684 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    What is a lien?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Oakdene
    Oakdene Posts: 2,560 Forumite
    1,000 Posts Combo Breaker
    ACG wrote: »
    What is a lien?
    A lien is typically a public record. It is generally filed with a county records office (for real property) or with a state agency, such as the secretary of state (for cars, boats, office equipment, and the like).
    Dwy galon, un dyhead,
    Dwy dafod ond un iaith,
    Dwy raff yn cydio’n ddolen,
    Dau enaid ond un taith.
  • ACG
    ACG Posts: 24,684 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Oakdene wrote: »
    A lien is typically a public record. It is generally filed with a county records office (for real property) or with a state agency, such as the secretary of state (for cars, boats, office equipment, and the like).
    Every day is a school day.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Oakdene
    Oakdene Posts: 2,560 Forumite
    1,000 Posts Combo Breaker
    ACG wrote: »
    Every day is a school day.

    TBF I googled it as I wasnt sure you could turn loan into lien based on a typo...
    Dwy galon, un dyhead,
    Dwy dafod ond un iaith,
    Dwy raff yn cydio’n ddolen,
    Dau enaid ond un taith.
  • goody23
    goody23 Posts: 65 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Oakdene wrote: »
    A lien is typically a public record. It is generally filed with a county records office (for real property) or with a state agency, such as the secretary of state (for cars, boats, office equipment, and the like).

    yep thats right .....my ex-partner will make a claim if i sell the property i am just trying to remortgage
  • goody23
    goody23 Posts: 65 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Oakdene wrote: »
    TBF I googled it as I wasnt sure you could turn loan into lien based on a typo...
    it was not a typo :rotfl:
  • kingstreet
    kingstreet Posts: 39,314 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    It's effectively a charge which prevents you selling or remortgaging without her knowledge and approval.

    You'll also need a deed of postponement from the shared equity provider and that may be problematic if you are trying to borrow more.

    http://www.myfirsthome.org.uk/iwantto/remortgage/
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Oakdene wrote: »
    A lien is typically a public record. It is generally filed with a county records office (for real property) or with a state agency, such as the secretary of state (for cars, boats, office equipment, and the like).
    ...if we were talking about the USA, yes :)
  • goody23
    goody23 Posts: 65 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    kingstreet wrote: »
    It's effectively a charge which prevents you selling or remortgaging without her knowledge and approval.

    You'll also need a deed of postponement from the shared equity provider and that may be problematic if you are trying to borrow more.

    http://www.myfirsthome.org.uk/iwantto/remortgage/

    Great i knew the wise men on here will help ..thanks for the info
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    My direct experience is that the holder of a second charge (aka lien) will need to give permission.
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