Remortgaging and Title Deeds - Divorce

Angelschild

Hi all,


New to this forum as a poster, but always come here for advice.
I'm separating from my husband, after years of emotional abuse, strong possibility he's got NPD (although he hasn't been diagnosed).
Anyway long story short, we had a martial home, which he is in, I moved into rented with our son last summer. In order for me to buy a new property he is remortgaging in his sole name and there will be a Transfer of Equity that effectively removes me from the title deeds of the house and releases a deposit for me. Now the deposit amount is £25k, a fraction of what the house is worth, but I'm prepared to take the financial hit to not have to live with him or his abuse any longer.
We also have 2 BTL properties, both mortgages in both names and both names on the title deeds. He is remortgaging those into his name to reduce the mortgage on the martial home so he can take it on.
My question is, if he just remortages those BTL properties, if at a later point we divorce, will I still be entitled to a claim on them as part of a settlement? As long as I remain as a Joint Tenant on the title deeds am I covered?
I have a real fear I am going to lose out massively and I am desperately trying to protect myself and my son, especially his future. Half of the equity of all our properties would be roughly £200K, so it feels the £25k he is releasing to me is not a fair amount.
I don't want a lot, I am not interested in half of everything, I just want enough to be stable and live in peace!
Thanks everything, any advice or legal guidance would be massively appreciated.

Happier_Me

I get that you aren't interested in a share of everything but you are entitled to it none the less. He's really done a number on you to get you to walk away with very little of the marital assets.

There are also pensions to consider and these can be of greater value than the equity in your properties. You need to consider all the assets, both his and yours as well as any joint debts and savings before you can work out whether £25k is an awful deal or not.. but with the information you have given it sounds like it is.

I can understand your need to escape him but you will always be tied because you have a child together... walking away without a sensible share of the marital assets does not guarantee he won't try to control and manipulate you in the future.

I would speak to a solicitor, take some proper legal advice before agreeing to something that you could regret long term.

Angelschild

Thanks for your reply.


I've literally just had it confirmed by our mortgage advisor that the intention with both BTLs is to do the same, transfer the equity to his sole name, I absolutely did not agree to this.


I have a pension, he's self employed do he doesn't. We don't have any joint debts, I have a little bit on a credit card and a monthly car I pay for.


I've consulted a solicitor, he advised me it would be costly to proceed with a divorce due to the BTLs, he's self employed and the martial home is mid-renovation at the moment so not easy to value accurately. I have no spare cash at all, so cannot afford to start proceedings or even get any further advice. I have no savings and no rainy day money. I know he has a large amount in savings (some cash, some in the bank).


I just feel completely desperate, I can't afford to rent monthly, a mortgage would be a lot cheaper, but I can't get a mortgage until I come off our current residential mortgage and that is dependant on the BTLs being re-mortgage to raise some funds to lower his mortgage.

Mojisola

Angelschild wrote: »

Anyway long story short, we had a martial home, which he is in

We also have 2 BTL properties

What's the value of the family home compared to the BTLs?

Would it work out alright for you if he kept the family home and you had sole ownership of the BTLs?

TBagpuss

Don't consent to it. Youwould still have a clai against all three properties unless there is a final order, but you lose a lot of leverage and ngotiating poower, plus once the propertis are in huis name he could sell or trnasfer or mortgage them and you wouldn't necessarility know.

Other options might be -

Transfer ONE of the BTLs to his name, and for him to remortage to raise an initial deposit for you. The other 2 properties can be sorted out once you are both in a more stable position, as part of the divorce.

Sell one of the BLT to relases capital, the other two cna be sorted later on

Jointly remrtage the BLTs to release capital - they can be trnasfered later on. (talk to you mortgage lender to make sure that this won't affect your ability to buy a home, and aim for no or short lock in peridsfor the new BLT mortgage so you can tranasfer or sell them as part of the divorce settlement.

Also - consider speaking to another solicitor. You could look into applying for short term maintenace from him so you can afford to rent until you have a financial settlement. Is there any profit from the rents once the BLT mortgages are paid? If so, who is currentyl getting that? could it / more of it be paid to you so you can afforf to rent?

Could you give notice to one of the tents and move in to one of the BLTs yourself?

Angelschild

Thanks for all the replies and suggestions. I've kind of exhausted them all already to be honest. Don't know if anyone has any experience living with/dealing with someone with NPD, but negotiation, solutions anything practical and sensible do not go down well. You just get narcissist rage and woe is me.


I am going to try and reason with him, that for me to sign over the BTLs he needs to make me an offer to buy my share. So far my suggestion has been met with abuse, but who knows where it will go today.