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Buyer has name on another mortgage
Comments
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He can't unilaterally "remove his name". His ex needs to arrange a mortgage in their sole name and buy him out.smifferson said:
Do you think it's unreasonable for me to ask him to remove his name from her mortgage even if it causes issues for her. Why he didn't get his affairs sorted before all of this is beyond me.5 -
Not that simple, sounds simple but likely to take month(s) to sort out.smifferson said:Yes I think that is his problem, he would owe a lot more on stamp duty. I think as a minimum he should attempt to remove his name from the mortagge and the land registry to show some willing. It might be that his ex sells within that time but at least we know there's an end to the process. If we're just waiting for her house to be built who knows how much longer it will take.
Lots of red flags imo2 -
If only it was that simple - turning up and saying "I don't want my name on this mortgage any more".2
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He can't really just do this to show willing. He needs the agreement of his ex and I highly doubt she has any interest in removing him, remortgaging and paying associated fees for a few months. Can she even afford to take on the house on her own? If the answer is no it's a non starter and nothing for them to do, as they can't change it. The point is, looking like they are doing something they can't do, is no use to you.smifferson said:Yes I think that is his problem, he would owe a lot more on stamp duty. I think as a minimum he should attempt to remove his name from the mortagge and the land registry to show some willing. It might be that his ex sells within that time but at least we know there's an end to the process. If we're just waiting for her house to be built who knows how much longer it will take.
For perspective, my sister's new build was delayed by 1 year, so I would have no faith in it not being delayed again.
You need to see what your chain wants to do. If they are not happy to wait then you really have no choice but to relist it.
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The exs house has a sale agreed and and she has brought this new build off her own back so I presume she can afford it. Apparently there was a delay getting services connected in the property and they expect it to go through by end of September. I will ask the up the chain and then make a decision. If it falls through its such a shame there's no way of re claiming the cosst from our buyer for causing the problems. Shame we don't have a same system to Scotland.0
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You misunderstand the system in Scotland. Nobody in Scotland would be concluding missives before they have a mortgage offer. This wouldn't be any different in principle (though the timescales in general would at least be faster, so you'd have figured out the problem a bit sooner).smifferson said:
Shame we don't have a same system to Scotland.2 -
Fair enough, sounds like we're in between a rock and a hard place then. Very frustrating as we won't find another property for what we have paid. I guess we just wait and hope that this guy doesn't have any other issues that he hasn't declared and the chain can wait. Seems unlikely
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Not 'in theory'. In law.smifferson said:propertyrental said:smifferson said:
For further info, our buyer isn't using any funds from his ex's sale. He is just held back with his name being on the mortgage and the land registry.
Please explain why this impacts on his ability to purchase your property/ What is 'holding him back'?
I presume he needs the other mortgage to be paid off to be able to borrow another mortagge on his own. Also with SDLT he would be paying the 3% extra as in theory it's his second property.I might just have to put pressure and threaten to put the home back on the market.1 -
No, no - don't do that.smifferson said:The exs house has a sale agreed and and she has brought this new build off her own back so I presume she can afford it. Apparently there was a delay getting services connected in the property and they expect it to go through by end of September. I will ask the up the chain and then make a decision. If it falls through its such a shame there's no way of re claiming the cosst from our buyer for causing the problems. Shame we don't have a same system to Scotland.
Do your own due diligence on this before going further.0
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