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Query Title deeds
maydledoodle
Posts: 8 Forumite
Took out a mortgage with ex husband approx 5 years ago. Solicitor drew up Scottish contract which says I am entirely responsible for mortgage, this I requested as didn't want any further contact with ex! Cannot now afford to make payments and want to sell the house. Problem is NR will not take ex name off mortgage as they say i don't earn enough. However if I pay £1000 -added on to mortgage then they will. I can't afford this and my new husband can't get his name on to it as his health problems make the insurance payment too high. Can NR insist on the £1000 if I have legal document showing no interest from my ex in property. Spoken to solicitor again but they think I will have to pay.
Thanx
Thanx
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Comments
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Problem is NR will not take ex name off mortgage as they say i don't earn enough.However if I pay £1000 -added on to mortgage then they will.
These two sentences don't make sense together. Are NR saying that you don't earn enough to be taken off the existing mortgage, but that you do earn enough for a new mortgage and this new mortgage has fees?
As for the insurance payments, if anything happened to you presumably your new husband would be unable to make the repayments, so one possibility is putting his name on the mortgage and only insuring yourself. Plenty people take a mortgage without insurance.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Your quite right it doesn't make sense. I am not in a position to pay out £1000, but basically yes they seem to be willing to accept the repayment risk for the extra cash! Would it be considered normal practice to incur such a hefty charge for the removal of a name?0
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I guess there are product fees for the new mortgage. Usually a transfer of equity costs a few hundred as there is some legal work involved.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Perhaps as is reported in nthe press, NR are trying to discourage their customers from staying with them by increasing the interest rate, and fees for their products, perhaps the fee of £1k is to persuade you to leave and seek a mortgage elsewhere!Lic.0
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