Divorce settlement

molly65

Hi there 
Will be grateful for any advice on the following.
I have just had my final hearing on financial settlement after my divorce the judge has allowed me and my children to keep the house . 

Outstanding Morgage is
£115k
My nett income is £1200pm
I have to pay my X £££
which I have managed to 
borrow from my children to pay him.. 
I’ve been told to take the letter from the judge to the lender (santender)
My X walked out on us 3yrs ago Stopped paying the mortgage demanding for us to move out, we got notice from lender that they will take legal action and house be repossessed, Morgage has been on his name and so are the deeds of the house .
I took advice from my solicitor and kept up the mortgage payment straight into the mortgage account.
How will the lender deal with my situation ?
I shall be grateful for any advice on my situation here
TIA

theartfullodger

Strongly (Strongly!) Suggest you speak with a solicitor specialising in BOTH family law (divorces) and property .

Could also try CaB and Shelter, 0808 800 4444. Shelter's website used to have good stuff on such circumstances.

Best wishes and good luck.

GDB2222

Did the court order ongoing maintenance? 

Have you spoken to a mortgage broker.

If the court has made this financial order, it is a bit late to start seeking legal advice. 

MatyMoo

I think you will need to meet the lender’s affordability requirements before they will agree to move the mortgage in to your name sadly. 

Not sure what happens with the property title at land registry though as the judge has agreed the property is yours once ex has been paid off but the lender will have a charge over it because of the current mortgage in ex’s name

SpiderLegs

molly65 said:

…
How will the lender deal with my situation ?
I shall be grateful for any advice on my situation here
TIA

Unlikely that Santander will give you a115k mortgage based on a 17k salary.
how much actual equity is in the property and how much do you owe your children?

GDB2222

It seems odd to get a court order without first knowing that it is feasible. Still, that’s where the op is right now. 

bris

Doesn't getting to keep the house just mean the Judge won't allow the Husband to sell it and force them out? Pretty sure it does.

The mortgage provider can however still reposses it for non payment, the two are not the same thing.

Afforability will still be an issue but the mortgage provider will show some flexibility if the payments can be met.

canaldumidi

My understanding would be that based on the court's decision, the husband must agree to transfer the property to the OP. However, this can only happen if the OP can get a mortgage in her own name for the outstanding amount(£115K).

I assume that although you "kept up the mortgage payment" there are already considerable arrears ("notice from lender that they will take legal action and house be repossessed").

If the arrears are not paid, and/or the lender won't give the OP a mortgage, the OP would have to sell the property to pay off the mortgage. Or wait for repossession, then for the lender to sell and recoup the mortgage amount, before passing the balance to the OP.

As others have said, legal advice from a divorce lawyer with knowledge of property law too.

Thrugelmir

Could the children join you on the new mortgage? 

molly65

When he left the children were still in education now hold jobs
there are no arrears as I settled that when we got red notice as he went bk to Africa.. 
how much would I need to raise to get a mortgage on my salary,
my children won’t be asking for any money back from me as they all live with me and have survived a domestic break Down of my marriage, sadly they were the ones who told me about him been unfaithful after 25yrs of marriage, I wish to avoid bringing my children into the Morgage as I don’t wish for them to lose on 1st time buyer option in the future .. at present am paying £333.59 mortgage 

The mortgage remains
O/S £115k 
how much will Lender give against my salary.. 
I was told once the bank transfer is made via solicitor into his account he then sign’s documents from the bank releasing himself from the mortgage and it get transferred into my name and I need to show that I can continue paying the mortgage.. 

london21

On your income alone, you will struggle to pass affordability for the mortgage.
Banks will only lend you x4.5 of your income unless you can add a relative like your children to the mortgage as well to boost affordability. 

Hopefully things work out for you.

Get a broker and have plan A and B.