Removing name from mortgage/deeds

geewcee

Friend of mine has been divorced for over 13 years, 1 year before the divorce he bought a new property with his wife. They decided not to sell the property when they split as they would have been in slightly negative equity and he was happy for his kids to be brought up there. Fast forward a few years and he found out that she had not been paying the mortgage and the arrears had got quite big. Selling wasnt an option again as the negative equity was large due to the 2008 crash. At the time he tried to get his name removed from the mortgage but was told he could not do this as it was in arrears.
So 2018, he now has bought his own home. Is it still correct that he cannot be removed from the deeds/mortgage despite being divorced all this time and no financial connection with the ex? Seems crazy to me. I've told him to seek legal advice but thought I would ask on here too.

kingstreet

If the other party who will remain behind can demonstrate affordability alone and the account isn't in arrears, the party who will remain can apply to the lender and carry out a transfer of equity.

Cost between £600 and £800.

The party who will leave has no control over this. Their part will be to sign their acceptance when asked to do so by a solicitor. They would be well-advised to seek independent legal advice too.

Thrugelmir

geewcee wrote: »

Is it still correct that he cannot be removed from the deeds/mortgage despite being divorced all this time and no financial connection with the ex? Seems crazy to me. .

The mortgage has remained a financial connection. Should have been dealt with formally at the time of separation. He cannot walk away simply because he wishes too. The debt remains. Bound by a contract.

AnotherJoe

geewcee wrote: »

So 2018, he now has bought his own home. Is it still correct that he cannot be removed from the deeds/mortgage despite being divorced all this time and no financial connection with the ex?

You don't think that a mortgage is a financial connection ???

I'm surprised he was able to buy another house is he very wealthy or did he lie on the application?

As you suggest he should definitely see a solicitor possibly trying not to mention his new mortgage or at least not let the new lender know

geewcee

AnotherJoe wrote: »

You don't think that a mortgage is a financial connection ???

I'm surprised he was able to buy another house is he very wealthy or did he lie on the application?

As you suggest he should definitely see a solicitor possibly trying not to mention his new mortgage or at least not let the new lender know

Of course, I worded it badly, I meant no other connection apart from the mortgage. With regards to the new property, I also questioned how he managed to get it, he said he dealt through the estate agents mortgage broker who never asked the question. Reading the other replies it does seem he will be on the hook for his ex-wives lack of financial savvy. But he has to take some blame by sticking his head in the sand all these years.

AnotherJoe

geewcee wrote: »

Of course, I worded it badly, I meant no other connection apart from the mortgage. With regards to the new property, I also questioned how he managed to get it, he said he dealt through the estate agents mortgage broker who never asked the question. Reading the other replies it does seem he will be on the hook for his ex-wives lack of financial savvy. But he has to take some blame by sticking his head in the sand all these years.

So, he needs to be very careful, because if his new lender gets wind, worst case they might call in the mortgage and put him on a register for mortgage fraud. He needs to do this very softly softly.If that involves sending some money his ex's way to sweeten the deal or make it possible, he should do it !

jaybeetoo

Did he pay the additional 3% stamp duty on the second home?

AnotherJoe

geewcee wrote: »

Of course, I worded it badly, I meant no other connection apart from the mortgage.

As an aside, that reminds me of the joke "apart from that Mrs Lincoln, what did you think of the play?"

PersianCatLady

geewcee wrote: »

Friend of mine has been divorced for over 13 years, 1 year before the divorce he bought a new property with his wife. They decided not to sell the property when they split as they would have been in slightly negative equity and he was happy for his kids to be brought up there. Fast forward a few years and he found out that she had not been paying the mortgage and the arrears had got quite big. Selling wasnt an option again as the negative equity was large due to the 2008 crash. At the time he tried to get his name removed from the mortgage but was told he could not do this as it was in arrears.
So 2018, he now has bought his own home. Is it still correct that he cannot be removed from the deeds/mortgage despite being divorced all this time and no financial connection with the ex? Seems crazy to me. I've told him to seek legal advice but thought I would ask on here too.

Doesn't seem crazy to me at all, seems completely logical especially as the ex-wife who still
lives in the property doesn't seem to be able to afford to make the monthly payments.

AnotherJoe

jaybeetoo wrote: »

Did he pay the additional 3% stamp duty on the second home?

:eek:

Good point. Though isn't there a get out in divorce circumstances , where you don't have beneficial ownership of the property ? In any case OPs friend needs to exit this situation silently and smoothly making no waves.

jaybeetoo

AnotherJoe wrote: »

:eek:

Good point. Though isn't there a get out in divorce circumstances , where you don't have beneficial ownership of the property ? In any case OPs friend needs to exit this situation silently and smoothly making no waves.

True but I believe there is a time limit to get your name off the first house.