Re mortgage with restrictions

Bev67

I have been accepted to do a remortgage on my property however my ex husband did not pay a unsecured loan so they put a restriction on the deeds of the house in his name only. Can I do a transfer of equity if he agrees & can I remortgage without having to his debt.

Thrugelmir

Who currently owns the property?

Xyzzy

Im assuming the property is in both names, if there is charge relating to his debt (decree NISI?). There will be a subsequent charge against the property. To take him off the mortgage and remove this charge you would need the permission of the charge holder (debt company). You wont get that without repaying the debt. Even to keep his name on you will need a deed of postponement from the charge holder; an agreement that the new mortgage lender's charge can take precedence over their own.

ACG

As above, but to simplify it - the loan provider has a valid charge against the property. They have to agree to remove it, which they are not going to do without it being paid. Otherwise anyone who had a charge against the property would just do a transfer of equity.

At the minute, they can not get payment, but they know if you ever sell up they will get payment. Chances are this debt is also accruing interest and potentially at a rate of 8%, so it is probably worth looking at this sooner rather than later.