removing ex name on mortgage

sanova76

Hi,


Need some advice please.

I'm going through divorce at the moment. We have a joint mortgage and house is in joint name. Ex agreed to hand over the house ownership to me so I can continue to stay there with our 9 year old son.

Consent order is being drafted but apart from a lump sum he wants a share if the house sold in the future if his name remains on the mortgage. I'm not happy and agreed to this.

I've been paying for the mortgage for the last 5 years and he hasn't contribute any money for the last 5 years (and to date). I would like to remove his name on the mortgage but with my current earning I don't think I'll be able to remortgage (I assumed if I want my sole name on the mortgage means I need to remortgage?) What to do? Try to meet with the mortgage advisor? Will the mortgage withdrawn once they know my circumstances, being the only one who pays?

Also, I heard that I will be able to change the name on the house deed without the other party consent? Is this true?


Please advice/give me some information.

I'm really stress at the moment.


Many thanks.

San

Thrugelmir

You need to thrash this out via your solicitor. Let them guide you and take the strain. Your ex has little option but to remain on the mortgage (at least in name). As the welfare of your son will be the primary concern of the court in their capacity as guardian.

It is possible to be named on the mortgage but removed from the property title. Thereby restricting liability to the money owed with no interest in the equity.

AnotherJoe

sanova76 wrote: »

Hi,
Need some advice please.
I'm going through divorce at the moment. We have a joint mortgage and house is in joint name. Ex agreed to hand over the house ownership to me so I can continue to stay there with our 9 year old son.
Consent order is being drafted but apart from a lump sum he wants a share if the house sold in the future if his name remains on the mortgage. I'm not happy and agreed to this.
I don't understand that wording. He wants a lump sum now and a lump sum when it's sold? You aren't happy and you agreed ?

I've been paying for the mortgage for the last 5 years and he hasn't contribute any money for the last 5 years (and to date). I would like to remove his name on the mortgage but with my current earning I don't think I'll be able to remortgage (I assumed if I want my sole name on the mortgage means I need to remortgage?) What to do? Try to meet with the mortgage advisor? Will the mortgage withdrawn once they know my circumstances, being the only one who pays?
No it won't be withdrawn

Also, I heard that I will be able to change the name on the house deed without the other party consent? Is this true? Not without their consent. Otherwise any one person could take the others name off, sell the house and run offwith the money !
Please advice/give me some information.
I'm really stress at the moment.
Many thanks.
San

You need advice from your solicitor in particular how the equity in the house is split and what happens to the house when your son reaches 18.

sanova76

Hi,


Thanks for the replies.


What I'm trying to say is:

Ex agreed on a lump sum and transfer over the house ownership to me. But, he wants his name removed from the mortgage. If his name stays on the mortgage, he wants another lump sum when/if I sell the house because he knows he's unlikely will be able to get a mortgage in his own name if his name still attached to another one.

I'm not happy and has not agreed with this proposal (giving him another lump sum if I sell the house) but I don't have much choice as I know I won't be able to get a mortgage in my own name with current circumstances. I've no plan to sell the house at the moment.

Should I try to meet with the mortgage advisor?

peachyprice

Well he can't have a lump sum twice!

You either remortgage to remove him and give him a lump sum, or keep paying the mortgage with his name still on it and give him a lump sum when the house is sold.

If the latter, it's up to you to decide between you how you calculate the lump sum: either 50% of equity when sold or more equity in your favour bearing in mind that you will have been paying the mortgage but not paying him 'rent' to live in the house he jointly owns but can't live in.

You have nothing at all to lose by meeting with the mortgage advisor, they won't withdraw the mortgage just because you're asking for a review. They won't be interested in how the mortgage is being paid now, only that it is.

foxy-stoat

You want the house but cannot get a mortgage on your own because of your earnings, he will need to remain on the mortgage and you BOTH with be jointly and severally liable for the debt. That is why he wants a percentage when/if its sold.

Why not agree to this and don't ever sell it. Get the mortgage balance down to a level you can pass the affordability of it on your own then remove is his name.

Make sure the wording between solicitors is 100% clear - you only pay him an additional lump sum on the sale of the property but he needs to agree that once you can get a sole mortgage, he will agree to the transfer of the equity for nil consideration.

silvercar

You need legal advice.

You don't want to run the risk that when you are in a position to remove him from the mortgage, he refuses because he is holding out for a greater share of the equity.

AnotherJoe

sanova76 wrote: »

Hi,


Thanks for the replies.


What I'm trying to say is:

Ex agreed on a lump sum and transfer over the house ownership to me. But, he wants his name removed from the mortgage. If his name stays on the mortgage, he wants another lump sum when/if I sell the house because he knows he's unlikely will be able to get a mortgage in his own name if his name still attached to another one.

I'm not happy and has not agreed with this proposal (giving him another lump sum if I sell the house) but I don't have much choice as I know I won't be able to get a mortgage in my own name with current circumstances. I've no plan to sell the house at the moment.

Should I try to meet with the mortgage advisor?

No, your solicitor.

sanova76

Hi,

I met my ex today and he said he's going to ask the bank to withdrawn the mortgage because he's the main borrower. Can he do that?

Also, I know he'll need a court order to force me to sell the house. He's really putting my life in hell right now!

Edi81

The mortgage can’t be withdrawn so you don’t need to worry about that.
Are you 100% certain that you can’t get a sole mortgage?

sanova76

Edi81 wrote: »

The mortgage can’t be withdrawn so you don’t need to worry about that.
Are you 100% certain that you can’t get a sole mortgage?

Thanks for the reply.

I'm not earning much at the moment but managed to keep up with my bills/mortgage with help of benefits. But I guess benefits won't last forever and can be used as guarantee to get a mortgage?