New Mortgage & Title of transer deed

Dorothy1929

My daughter and her ex have split up, he can not afford to buy her out nor she him. As a gesture of good will we discussed with him that if we came to an arrangement of a settlement figure and the lender agreed we would transfer onto the existing mortgage with her and the title of deed as there was only about £22,000 equity in the property and he would come out with less than he had actually paid in if attempting to sell. He did not have anyone to agree to go onto the mortgage with him. We agreed to give him his mortgage payments back and an additional lump sum which equated to £20,000 which in all fairness was what he had paid into the property over the last 3yrs with mortgage payments and buying home ware items. He agreed to this and we proceeded. He got a solicitor and we did also. The lender did an affordability test and agreed for me to go onto the existing mortgage with my daughter as long as we paid the figure of £20,000 and were not expecting the lender to increase the existing mortgage. After all this was done we thought the process would be straightforward. We were due to complete on 6th February 2018. He just needed to sign the completion form which would remove him of the title of deed . Money was drawn down ready for our solicitor to pay his. Then out of the blue we got a letter from his solicitor to say he wished to gain access to the property (bearing in mind he always had access and never been declined but has just chose to not live there or pay towards anything even half the mortgage since he left 15 months ago) to get items he regarded as his. The list was phenomenal and included items of nearly half of the house. We had thought the agreement of the £20,000 was including the contents but his solicitor argued it was to release the freehold only . It had started to look that something so straight forward was going to become messy. We didn't want confrontation so we agreed that items over time can be replaced and it just wasn't worth the additional solicitor costs going back and forth with letters most probably equating to more than the content worth. We signed to say we were happy for him to gain access but as this had come the day before completion would he sign the completion and then he could still gain access to the items. He agreed to this. So we went ahead, the bank completed the mortgage into my daughter and my name, the money was released to his solicitor and he was asked to sign the completion form for the title of deed . Then a massive bang, he has point blankly refused to sign the completion until he has his items. However he is saying he can not give a date as to when he is coming to collect them. In the meantime we have a mortgage in my daughter and my name in place, yet the title of deed in his name and my daughters. Where do we stand with this as I am absolutely panicking. His solicitor is saying he will keep the money in hold and not pay him until he collects his items and completes. However he has now said he is in no rush to collect them and will collect them when he has capacity to store them . Please help our solicitor even appeared lost . What I cant fathom out is how we are now on the mortgage but he still on the deeds. Does anyone know if he can be forced to complete? Can we withdraw, can we get our money back. This is really making me ill that someone that we have trusted so much can do this and is obviously getting his advice from somewhere. Many thanks for all your help.

Thrugelmir

Then it's time to stop being nice. Give an ultimatium. The transaction is completed by x, or the deal is off. You'll then force a sale of the property at the ex partners expense. Of course there's nothing to stop you buying it.

Dorothy1929

Unfortunately we are not in a position to buy it due to not having sufficient funds. My age is against me also for the length of time that I am able to have a mortgage so therefore the existing mortgage has already been lowered from 22yrs to 15yrs and the payments have increased by £150 a month. We are only doing it because we know how hard it is to get onto the property ladder and as he has shown no interest in keeping the property and is residing with someone else, we put it too him that we buy him out and transfer the existing mortgage into my daughters name and mine which he agreed to. Once the mortgage has gone down enough my daughter will apply to take the mortgage over on her own and we will consent to the title of deed to be in her name only. She has just finished her teaching degree and even though she has a job where her salary now is enough to cover the mortgage the bank will not give her a mortgage on her own until she has longer proof of employment in her new role. There is also 15 months of the old mortgage contract outstanding and to have come out of that would have cost around £2500. Therefore doing it this way he benefits and she benefits. If I am honest you do what is right by your children and rather than receive grief from him we thought we were going down the right avenue with this one supporting both. How wrong we were. I have asked our solicitor why has he not completed. She keeps saying he has to complete, and keeps asking us to say when he can get into the property. We keep saying he has keys so there is nothing stopping him entering so if he wants to get in he can. But he obviously has no interest in doing this and this is being in control of her right to the end. My worry is the transfer mortgage is now in my daughters name and my name. The £20,000 of my money sits in his solicitors bank account nicely earning interest, the title is still in his name and her name and I don't know how long this can go on for as in theory he is no longer responsible for anything ie; mortgage etc but still has his name as owning half the house. Can a judge force completion, can a judge sign completion someone has said this can be done but is expensive. Is this paid by us or by him? We have paid a lot of money out which we was our retirement fund. If he keeps refusing to get the items where do we stand with completing? This could take for ever? Sorry about going on but I am so upset over it all.

G_M

PLEASE use paragraphs in your posts.........!

Sounds like your solicitor messed up - the signed transfer frm should have been part of the deal and the money not handed over without his solicitor giving an undertaking that the transfer would happen.

Insist on your solicitor getting the money back as he has failed to Complete.

Do it today, in writing.

Once you have the money safely back in your own solicitor's acount

a) he'll realise he won't see that money without cooperating
b) you can renegotiate
c) you could re-evalate your options

Tiglet2

Sounds like your solicitor messed up - the signed transfer frm should have been part of the deal and the money not handed over without his solicitor giving an undertaking that the transfer would happen.

Insist on your solicitor getting the money back as he has failed to Complete.

Agree with this.

The lender will want to put a charge on the property in your and your daughter's name, which they can't do until the ex has signed the Transfer. His solicitor should have had a signed Transfer in their possession on completion, which they then forward to your solicitor so that your solicitor can make the application to Land Registry to change the title deeds.

Write to your solicitor requesting back the money as G_M suggests, then that will hopefully spur the ex on to sign the Transfer.

Once this is done, you can ask your solicitor to write a letter requesting that the ex removes his possessions by a certain date, otherwise you will dispose of them.

Dorothy1929

Thanks for the advice. I have done as you have instructed and in theory copied and paste your information into an email to our solicitor.

All I received back from our solicitor is they have not heard anything more but have sent an urgent email asking them to confirm his current instructions and our solicitor will come back to us once they hear.

We will just have to sit tight, and wait.

Dorothy1929

Tiglet2 wrote: »

Agree with this.

The lender will want to put a charge on the property in your and your daughter's name, which they can't do until the ex has signed the Transfer. His solicitor should have had a signed Transfer in their possession on completion, which they then forward to your solicitor so that your solicitor can make the application to Land Registry to change the title deeds.

Write to your solicitor requesting back the money as G_M suggests, then that will hopefully spur the ex on to sign the Transfer.

Once this is done, you can ask your solicitor to write a letter requesting that the ex removes his possessions by a certain date, otherwise you will dispose of them.

My daughter and I have both received email confirmation from the lender that the mortgage has transferred and the new mortgage payments are set to go out from 1st March 2018. So I am not sure about the charge as they appear to have set all the transfer mortgage up.

They class it as a new mortgage but it transfers the old mortgage over but the years reduce because of my age which meant it had to be reduced by 7yrs. Our solicitor has now sent his an urgent email which went at 11:21 but not heard anything yet.

Just kicking our heals and waiting on him now.