Transfer of Equity AND an Impending Charge

paceturner

Hi all,
After some advice please, and will try and keep the issue brief!

I have recently discovered that my ex-husband took out finance in 2016, defaulted in 2019 and now am in the situation where a charge is to be made against the property we brought together prior to 2016 by his lenders. 

We divorced 7 years ago however as a single parent, I was unable to remove him from the mortgage hence legally he is still entitled to 50% of the house despite never contributing to it in the short time he lived there some 10 years ago.

So my question is, can I get him to conduct a transfer of equity whilst there is an impending charge against the property? The Judge granted me a 21 day period to seek advice, which I will do legally, but just wanted a steer on the situation until I can get to see someone professional. I know a transfer can take 4-6 weeks.

It is my intention to sell the house anyway as I am moving into my new home with my new partner, but I am loathed to allow the charge to be taken from the house equity especially as he never contributed to the mortgage for the short time in which he lived there prior to us splitting up and then divorcing. 

Many thanks

Hoenir

paceturner said:

We divorced 7 years ago however as a single parent, I was unable to remove him from the mortgage hence legally he is still entitled to 50% of the house despite never contributing to it in the short time he lived there some 10 years ago.

Why wasn't a financial consent order drafted at the time?  This would have protected your interests. 

paceturner

Hoenir said:

paceturner said:

We divorced 7 years ago however as a single parent, I was unable to remove him from the mortgage hence legally he is still entitled to 50% of the house despite never contributing to it in the short time he lived there some 10 years ago.

Why wasn't a financial consent order drafted at the time?  This would have protected your interests. 

Hindsight is a wonderful thing isn't it... 

MWT

paceturner said:

So my question is, can I get him to conduct a transfer of equity whilst there is an impending charge against the property? The Judge granted me a 21 day period to seek advice, which I will do legally, but just wanted a steer on the situation until I can get to see someone professional. I know a transfer can take 4-6 weeks.

You clearly need the legal advice you intend to take, but it is not clear from what you have posted so far why your ex would ever be motivated to agree to the transfer of equity, or if your current mortgage provider would agree to the transfer?

How is the Judge involved in this? ... is this in relation to the charge being sought by your ex's lender?

Have you checked with the Land Registry to make sure there are no other charges already on record?

Forester50

paceturner said:

Hi all,
After some advice please, and will try and keep the issue brief!

I have recently discovered that my ex-husband took out finance in 2016, defaulted in 2019 and now am in the situation where a charge is to be made against the property we brought together prior to 2016 by his lenders. 

We divorced 7 years ago however as a single parent, I was unable to remove him from the mortgage hence legally he is still entitled to 50% of the house despite never contributing to it in the short time he lived there some 10 years ago.

So my question is, can I get him to conduct a transfer of equity whilst there is an impending charge against the property? The Judge granted me a 21 day period to seek advice, which I will do legally, but just wanted a steer on the situation until I can get to see someone professional. I know a transfer can take 4-6 weeks.

It is my intention to sell the house anyway as I am moving into my new home with my new partner, but I am loathed to allow the charge to be taken from the house equity especially as he never contributed to the mortgage for the short time in which he lived there prior to us splitting up and then divorcing. 

Many thanks

Confused - the original post from this account back in 2010 referred to the poster's female partner leaving the marital home as met someone else and the necessity of agreeing on sale price. 

Quote: "My partner(?) and I are separating after 15 years. We have two children aged 12 & 11 and have never married. We have owned our home for 8 years and recently put it on the market due to separation."

Would appear to contradict with this post which purports to be from the female partner referring to her male ex's contribution to the family home/finances.

Living together in a house for 8 years, 2 kids etc - not really a "short time" !