BTL QUERY

keith69

Unbeknown to me my husband purchased a BTL and we have been living in it for 8 years . Mortgage soley in his name will I be in trouble? I ask as he is now divorcing me and is forcing me to sell our jointly owned property in London to release money and to switch BTL to residential and remortgage (as BTL still has over £200,000 outstanding where as our jointly owned property has much lower outstanding mortgage). I can not afford to buy him out of the small one bedroom property in London as i took early retirement to look after my terminally ill mother and am now 64) . He aims to remortgage and stay in the much larger 3 bedroom property outside London) . He done this same thing with his previous marriage whilst divorcing and he works within financial services himself. I feel like blowing the whistle on him as its me that will have to buy smaller property and certainly not afford to be close to London . His looking to also use this BTL property to bring his new love interest  over from the philipinnes and i cant go anywhere until london flat sold. Can I stop him using this address for that purpose. At this stage of our divorce now financial settlement has been agreed and we have no children/dependants. His so deperate to get access to proceeds of london flat he is bullying me into selling it via a modern day auction rather than put it over to an Estate Agent. What can I do I cant return to london property as i have a tenant there until October and it is totally unfurnished 

sheramber

as he is now divorcing me and is forcing me to sell our jointly owned property in London to release money and to switch BTL to residential


 If he is intending to remortgage the  bigger property and live in it why is he wanting you to sell it?

He just needs to buy you out of it by paying you half the equity. 

His so deperate to get access to proceeds of london flat he is bullying me into selling it via a modern day auction rather than put it over to an Estate Agent. What can I do I cant return to london property as i have a tenant there until October and it is totally unfurnished 

Is this the property you live in or are there three oroperties

1 joint owned house

 2.  prooerty you live in his name only

3 btl flat that you appear to own and he wants you to sell?

elsien

I can’t tell from your wording whether your financial agreement has been settled or not. 

Please can you clarify whereabouts in that process you are. 

itsthelittlethings

Do you have a solicitor?

mlz1413

So let me put your post into sections...

you and soon to be ex husband own:
A small property in London that has a small residential  mortgage on it and has a tenant in it until October. 

A 3 bed house outside London that you have lived in for 8 years and now find out is on a B2L mortgage. 

You want to know if you can blow the whistle on him because he got his own mortgages arranged using his position within the financial sector?

You want to do this because he did this previously with wife No 1.

Has also done it to you, wife No 2, behind your back as didn't explain how he got the money to buy a 2nd house.

He is also using funds to get next wife-to-be in as soon as he can as she need international permits. 

Funds are from selling small London property via auction,  giving you a %, then moving in next woman.

He will change B2L mortgage to residential once sale by auction is complete. 

Have I got the bones of that right?

sheramber

mlz1413 said:

So let me put your post into sections...

you and soon to be ex husband own:
A small property in London that has a small residential  mortgage on it and has a tenant in it until October. 

A 3 bed house outside London that you have lived in for 8 years and now find out is on a B2L mortgage. 

You want to know if you can blow the whistle on him because he got his own mortgages arranged using his position within the financial sector?

You want to do this because he did this previously with wife No 1.

Has also done it to you, wife No 2, behind your back as didn't explain how he got the money to buy a 2nd house.

He is also using funds to get next wife-to-be in as soon as he can as she need international permits. 

Funds are from selling small London property via auction,  giving you a %, then moving in next woman.

He will change B2L mortgage to residential once sale by auction is complete. 

Have I got the bones of that right?

You haven’t covered where OP lives.

First post says they live in btl but later she says there is a tenant in the London flat that husband wants HER to sell. Does she also own a btl? . 

sgthammer

I read it that the London flat is also jointly owned. Whether it's on a BTL mortgage is another question, as it may have been the marital home before they moved to the larger property and let it out.

What baffles me is the purchase of the larger property as a BTL if the husband intended just to live there. What's the scam there? Aren't BTL mortgages usually more expensive rather than less? Or is it easier to get 100% LTV that way?

RAS

If the BTL was bought some time ago, it may have been a way to go interest only?

theartfullodger

BTL you are living in!!!!???? Pretty certain to be in breach of mortgage conditions (s0 v likely to get on mortgage industry blacklist) and has been declaring any "rent" to |HMRC>????

Wot a mess. Sympathy, best of luck...

martindow

I hope that you are receiving advice from a solicitor to sort out the financial side of your divorce as it does read as it your soon-to-be-ex is calling the shots here.  

It is a difficult time for you, but you do need to be sure that the arrangements are fair to all.