Urgent help/advice needed...

Sarahsaver

Ex b*stard had a charge on the property - the house is now in my name, but the charge still remains. It was part of the financial settlement.
My new DH and I have a new mortgage - almost. Should have been completed Wednesday. Just been told mr ex has to give his consent to have the charge at a lower priority to the mortgage. Nobody knows where the ex is.
I want to SCREAM! Cannot they just transfer the charge over and keep it in the same place it was - second priority after the mortgage? what am I to do if absolutely no-one knows where he is?:mad:

silvercar

They can't keep it second without his consent. As removing the current mortgage pushes his charge up to first place unless he agrees to your new mortgage lender going in first place. This shouldn't be a problem (for any normal person) unless you are increasing the size of the mortgage and there may not be enough equity in the property to pay him off.

I don't know what happens if you can't find him.

Option B would be to take an increased mortgage and pay the charge off, but I can see that you may not want to pay him his money just to remortgage.

Sarahsaver

We cannot pay the charge off as that relies on knowing where he is!

Sarahsaver

Just bumping this up on the off chance that someone knows, what do you do about a charge that is in favour of someone who is 'missing'! Do you think I could go back to court for a new financial settlement?

mightymouse

Hi

What exactly do you mean by the house is in your name? if so why is there still a charge, check the terms of the consent order which also should overide the need to contact or involve your ex.

The lenders should through the solicitor be able to comply with the order.

If this fails your solicitor should know how to advise you but post and let us know.

If the charge remains as part of the consent order then you will need to amend the order.

Sarahsaver

AFAIK the consent order cannot be amended. It was a 'clean break' unless you know different. I wish it were possible to change, cos the git still in effect has me over a barrel financially and I am paying over the odds on a mortgage when I have been accepted for a new one @£200 LESS per month, money I could really do with.
The order was for ex to sign house and endowment policy over to me, (so 'the house is in my name' = my name on the deeds) I am to pay the b*stard 40% of the equity when the youngest child reaches the age of 21. (hence the charge) He is 6 at the moment and I doubt an overnight growth/aging spurt LOL;)
Ex b'stard is 'whereabouts unknown' so I cannot contact him, could not pay him off even if I wanted to as you cant pay someone if they are nowhere to be found.

Spudwud

If your ex is genuinley cannot be found then you can apply to have the debt moved in to your name, if the lender does not agree to this then you can do it through the courts to grant you probate. Then once that is done, you need the lender of the 2nd charge to agree to postpone their charge to allow another lender to slip in as the 1st charge. Alternatively you could try and borrow enough from the new mortgage lender to clear both debts - you'd be able to do this without your ex partners signature in most cases and you're likely to have a lower interest rate for the debt if it's part of a 1st charge mortgage (less risk etc).

It happens more often than you think, where perhaps a couple own a property in joint names and one of them does a runner. Obviously if they're missing they are unable to sign documents to allow the sale/remortgage of the property so therefore application can be made to the courts to grant probate, which works similairly to when someone dies, you get a grant of probate to control their assets.

Sarahsaver

There is no lender of the 2nd charge. The 2nd charge is that i pay him 40% of the equity on the property when the youngest child reaches 21 years old.
I dod not know you could get probate for someone 'missing' I will look into that thanks;)

Sarahsaver

Ah if I get probate do I have to take on his other financial 'problems' :eek:

mightymouse

Hi

The order was for ex to sign house and endowment policy over to me, (so 'the house is in my name' = my name on the deeds) I am to pay the b*stard 40% of the equity when the youngest child reaches the age of 21.

I know you say you have to pay 40% equity when youngest is 21 but equity calculated now or at 21.

Is he paying maintenance if so how? what are visitation rights? this confirms that he is alive and responsible for his actions.

is he contributing to the upkeep of his investment doubling as a home for his children?

Talk to your solicitor as the terms of the order might be unclear also fix the equity as 15 years is a long time.

There are twists and turns here so you need more than a forum reply.IMHO

Sarahsaver

The main issue is how to get the charge as second priority below the new mortgage.
Equity calculated when the payment is made.
What has maintenance and soon got to do with it? The answer in any case is no and no one not even his immediate family know where he is.
he is not paying a cent twards the house it was a financial clean break.

How would I get the equity fixed?