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Mortgages and Divorce
TonyandMargaret
Posts: 3 Newbie
I’m trying to advise DD on best action to take.
Three houses - all jointly owned
A. valued at 210K with 175K outstanding
B. valued at 130K with 100K outstanding
C. valued at 66K with 61K outstanding
A. is the martial home, B &C are on repayment mortgages with consent to let.
One year ago DD split from her husband and moved, with their two children, from A to B, C remained rented out.
The agreement in principle was that her husband would retain A an C and, as DD cannot get a mortgage for B (working part time, two small children), B would be sold with DD retaining the equity and her husband making up the difference so that the equity from the three houses was equally divided. Currently the husband pays the mortgage on B as is equates to the maintenance amount.
His is now reneging on the agreement proposing that B is retained in joint names until such time DD can afford a mortgage and that A and C are transferred into his sole name but DD remains on the mortgages for the two properties and “ This way the bank doesn’t need to be informed and DD doesn’t have to worry about the mortgage’
Is this legal? I thought there had to be confirmation from the bank before any transfer of property and DD would still be liable if she is on the mortgage? Is he back tracking because he has found out he can’t get a mortgage/mortgages? He earns 50K plus commissions. The bank have not been informed of the split.
Three houses - all jointly owned
A. valued at 210K with 175K outstanding
B. valued at 130K with 100K outstanding
C. valued at 66K with 61K outstanding
A. is the martial home, B &C are on repayment mortgages with consent to let.
One year ago DD split from her husband and moved, with their two children, from A to B, C remained rented out.
The agreement in principle was that her husband would retain A an C and, as DD cannot get a mortgage for B (working part time, two small children), B would be sold with DD retaining the equity and her husband making up the difference so that the equity from the three houses was equally divided. Currently the husband pays the mortgage on B as is equates to the maintenance amount.
His is now reneging on the agreement proposing that B is retained in joint names until such time DD can afford a mortgage and that A and C are transferred into his sole name but DD remains on the mortgages for the two properties and “ This way the bank doesn’t need to be informed and DD doesn’t have to worry about the mortgage’
Is this legal? I thought there had to be confirmation from the bank before any transfer of property and DD would still be liable if she is on the mortgage? Is he back tracking because he has found out he can’t get a mortgage/mortgages? He earns 50K plus commissions. The bank have not been informed of the split.
0
Comments
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Suggest she consults her legal advisor and enforces the financial consent order.0
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Thanks for replying. She has sought legal advice but her husband is by passing the solicester and approaching her directly. He is pressurising her to sign an agreement he has drawn up without legal advice.
It was his proposal she agreed to initially! Is this because he can’t get a mortgage?0 -
she needs to seek independent finical advice asap. I wouldnt be trusting what the husband had to say / drawn up.
A solicitor will help work out what is fair for her; and will remove any doubt you have about her being ripped off.0 -
So your it looking at Best £70,000 equity in All Three properties !
They ( husband and wife ) also have £336,000 worth of mortgage debt.
This is before buying and selling costs, stamp duty, capital gains tax ( if any )
Income tax on renting etc
Add a couple of kids and working part time as well.
Up the creek without a paddle spring to mind0
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