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  • FIRST POST
    • kingdave
    • By kingdave 12th May 18, 7:21 PM
    • 2Posts
    • 0Thanks
    kingdave
    Remortgage/Name removal
    • #1
    • 12th May 18, 7:21 PM
    Remortgage/Name removal 12th May 18 at 7:21 PM
    Please help.

    My ex left 2 years ago. From day one she said she didn't want a penny from me. Must've been the guilt. Anyway a couple of months ago she said she wants her name off the mortgage. No problem. I thought it was about time to remortgage. Again, she said she doesn't want a penny. Just her name off the mortgage.

    So I go to my mortgage advisor to start the process. He found me the best lender, and I decided that I would get a loan to pay my debts off and set myself up for an easier life. The loan is tailor made for exactly what I need to pay off all my debts, plus I added an extra 1000 to give my ex as a way of saying thanks for keeping this drama free.

    My ex got her paperwork in the other day amd she flipped out. She saw what the house is worth, what the equity is and that I was going to give her a "measly" 1000. She has effectively wrecked all my plans and now wants a lot more. Bare in mind she didn't want a penny up till a few weeks ago. She didn't see that I was getting into debt to give her a gift of 1000. (Also I didnt know the value of the house when I decided to give her the 1000).

    So I went to my mortgage advisor yesterday to tell him this and he got to work on his computer. He looked up what my house was worth when we moved in. Then looked up what it was worth when SHE left. It had actually depreciated. There was no equity. Then he worked out what the balance was when we moved in, and what the balance was when SHE moved out. There was a differnce of 4495. So he said that is the only eequity she can claim for because that is the only time she can say made contributions. Once she left she wasnt contributing.

    So he said 4495 minus solicitor and estate agent fees would bring equity down to arond 2700. Then 2700 split between the 2 of us would be 1350. So she would only be entitled to 1350. He also said the solicitors could drag it out and she could end up owing more than 1350. So effectively she could end up owing money if she fights this.

    My question, is my mortgage advisor correct? Is she only entitled to the equity she contributed to up until January 2016? She hasn't paid a penny since then.

    Thanks
Page 1
    • ACG
    • By ACG 12th May 18, 7:28 PM
    • 17,505 Posts
    • 9,322 Thanks
    ACG
    • #2
    • 12th May 18, 7:28 PM
    • #2
    • 12th May 18, 7:28 PM
    It is not really down to your broker to decide who is due what. A court would do that if you both dragged it out far enough.

    You could potentially turn around and say its not worth you switching mortgages and paying her off, so you will leave everything as is.
    You could ask her for half the mortgage payments over the last 2 years.

    There are many different ways to look at it, but ultimately you need to agree or leave it to a judge.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • kingdave
    • By kingdave 12th May 18, 7:48 PM
    • 2 Posts
    • 0 Thanks
    kingdave
    • #3
    • 12th May 18, 7:48 PM
    • #3
    • 12th May 18, 7:48 PM
    Thanks ACG.

    I understand that its not up to broker. But is it accurate that she can't expect half of the equity for the past 2 years? Or can she hit me for everything?
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