Transfer of Equity with a mortgage in place - HELP PLEASE!

Hoenir

daddy_of_four4 said:

I should of  said I have no financial interest in the property I just want my name removed from the mortgage 

We understand this. Your issue is surprisingly frequent on here. People want to move on with their lives. However haven't dealt fully with the legal financial aspects of their old lives. Can cause all manner of unexpected problems. 

daddy_of_four4

Hoenir said:

daddy_of_four4 said:

I should of  said I have no financial interest in the property I just want my name removed from the mortgage 

We understand this. Your issue is surprisingly frequent on here. People want to move on with their lives. However haven't dealt fully with the legal financial aspects of their old lives. Can cause all manner of unexpected problems. 

Hindsight is a wonderful thing, I only wish I had dealt with it there and then but unfortunately I haven’t. I’m just hoping I can figure out a solution to the problem now 

lfc321

If there is nothing in place for paying off the capital when it becomes due in 7 years time, your ex-wife will have no option at that point but to sell the property to repay the loan. As things stand, she may be left with relatively little in terms of equity once the loan has been cleared. 

For her own sake as well as yours, she should be looking at remortgaging to a repayment mortgage asap, over a longer term if necessary. We don't know whether she can pass affordability for that, but she might find it even tougher in 7 years time as she will be 7 years closer to retirement.

If she can't get a repayment mortgage over a longer term then you are pretty stuck, and at some point over the next 7 years she will have to sell.

daddy_of_four4

lfc321 said:

If there is nothing in place for paying off the capital when it becomes due in 7 years time, your ex-wife will have no option at that point but to sell the property to repay the loan. As things stand, she may be left with relatively little in terms of equity once the loan has been cleared. 

For her own sake as well as yours, she should be looking at remortgaging to a repayment mortgage asap, over a longer term if necessary. We don't know whether she can pass affordability for that, but she might find it even tougher in 7 years time as she will be 7 years closer to retirement.

If she can't get a repayment mortgage over a longer term then you are pretty stuck, and at some point over the next 7 years she will have to sell.

This is what I have tried to explain to her several times, she turns 60 this year so time is slowly running out on how long she will get a mortgage term for. She is living with a new partner (Younger than her) so I have suggested they remortgage it together to give them a better chance of success. 

Her feelings about selling the home hasn't changed and she keeps saying it is for her son (he's 19) but like I have explained numerous times the full balance of the house is still owed, so whatever equity is in it will be minimal if any after selling fees and legal costs etc.  

I have been doing some research and have found information on applying to court for a 'order to sell' has anyone had experience of this and how successful it is? 

Hoenir

daddy_of_four4 said:

Hoenir said:

daddy_of_four4 said:

I should of  said I have no financial interest in the property I just want my name removed from the mortgage 

We understand this. Your issue is surprisingly frequent on here. People want to move on with their lives. However haven't dealt fully with the legal financial aspects of their old lives. Can cause all manner of unexpected problems. 

Hindsight is a wonderful thing, I only wish I had dealt with it there and then but unfortunately I haven’t. I’m just hoping I can figure out a solution to the problem now 

You need professional advice. Your ex still retains a claim on your assets such as pension. 

daddy_of_four4

Hoenir said:

daddy_of_four4 said:

Hoenir said:

daddy_of_four4 said:

I should of  said I have no financial interest in the property I just want my name removed from the mortgage 

We understand this. Your issue is surprisingly frequent on here. People want to move on with their lives. However haven't dealt fully with the legal financial aspects of their old lives. Can cause all manner of unexpected problems. 

Hindsight is a wonderful thing, I only wish I had dealt with it there and then but unfortunately I haven’t. I’m just hoping I can figure out a solution to the problem now 

You need professional advice. Your ex still retains a claim on your assets such as pension. 

How? I have a personal pension and my current wife is down as sole beneficiary of my pension? 

poseidon1

daddy_of_four4 said:

Hoenir said:

daddy_of_four4 said:

Hoenir said:

daddy_of_four4 said:

I should of  said I have no financial interest in the property I just want my name removed from the mortgage 

We understand this. Your issue is surprisingly frequent on here. People want to move on with their lives. However haven't dealt fully with the legal financial aspects of their old lives. Can cause all manner of unexpected problems. 

Hindsight is a wonderful thing, I only wish I had dealt with it there and then but unfortunately I haven’t. I’m just hoping I can figure out a solution to the problem now 

You need professional advice. Your ex still retains a claim on your assets such as pension. 

How? I have a personal pension and my current wife is down as sole beneficiary of my pension? 

Suggest you Google 'pension sharing order'. Yet  another potential adverse consequent of failing to address financial matters arising from the original divorce. Depending on the size of your pension pot, your ex wife's potential to access a share thereof  long after the divorce, may put your current property woes in perspective.

daddy_of_four4

Appreciate your advice thanks, I will look into that more when I next speak to my solicitor. 

however my priority right now is dealing with this mortgage situation to enable us to buy a property for our family and young kids. 

She has spoken to the mortgage company today and is reapplying for the transfer of equity in both her name and her partners name , who she lives with 

MWT

daddy_of_four4 said:

Appreciate your advice thanks, I will look into that more when I next speak to my solicitor. 

however my priority right now is dealing with this mortgage situation to enable us to buy a property for our family and young kids. 

She has spoken to the mortgage company today and is reapplying for the transfer of equity in both her name and her partners name , who she lives with 

Do make sure that they also explore a new repayment mortgage, not just the transfer of the current interest only mortgage.