He won't take me off mortgage

[wezc4]

Hi Andyorch and Steam powered

 

Thanks for your messages. I have not contacted the mortgage provider yet but I know when the ex partner looked into this a few years back he said he would not take me off as it would cost him money. I ve had enough now, I need to be removed. We are not on speaking terms and his only agreement is that he will look into when he is ready..

[steampowered]

It will be easier to get him to agree if you do the legwork first by contacting the lender to work out where you stand. He may be making wrong assumptions about how much it would cost. On the other hand he might be correct if the lender would charge substantially higher interest to him alone than both of you together.

[wezc4]

Hi

 

My ex refuses to remortgage to remove me from a property we once owned, that he still lives in (and I have no financial interest in). The lender will not help, only to state he needs to apply to remortgage so I'm left with no alternative than to force an Order for Sale.

 

Can anyone advise on where I go, what forms etc? Anything I should specifically state?

 

Thanks a million in advance

[AndyOrch]

Three threads merged all of the same matter......wezc please do not keep staring new threads on the same subject.

 

Regards

Andy

[wezc4]

Hi Andy, sorry about that - will keep to this thread. I mistakenly thought if it was an old thread people might not respond.

 

The mortgage company say he has to apply to remortgage - and he's not doing it. 2 solicitors letter have been sent plus a copy from the lender to say he needs to remortgage.

 

Would you know what my next steps are with forms etc and what I should state?

 

Thanks again

[AndyOrch]

The mortgage company can offer a facility of Transfer of Equity as per my post #21 above.That is your only option you cant make someone re mortgage (whether he has the means to or not).

With regards to force sale In marriage - there would need to be a Court Order to 'order' a Sale of the MH if it exceeded the needs of either party; and neither could afford to take on the mortgage or buy the other out.

 

Why is this a problem ? Has he defaulted on the re payments?

 

Andy

[wezc4]

Hi Andy

 

I contacted the lender and they didn't say Transfer of Equity was an option, only remortgage. Should I go back and request this? I wrote to them and explained the situation and they just told me to go into the nearest branch and remortgage. Two different solicitors have advised on the court order to force the sale. My concern is that my ex partner is unstable and a psychopath too and I feel vunerable with regards to the debt if he defaults. Also, this issue plus another one relating to a different matter have been dragging on for years and I need to just to free of any potential future headaches.

[AndyOrch]

How do I Arrange a Transfer of Equity

 

It goes without saying that you will need a conveyancer to act for you and your mortgage company; it is extremely dangerous to try to deal with this type of transfer yourself and most certainly your mortgage lender will require it. But before you get to this point there are a few things I think you need to sort out first:

 

It is a sad fact that not all marital splits are amicable; but even if this is the case with you then you must still make sure that you get advice from a Solicitor specialising in divorce ( I am including the breakdown of common-law and civil partnerships in this). You need to be absolutely certain that everything is fair and equitable, otherwise it could come back to bite you a few years down the line.

How much is to be paid for the outgoing owners share? If you aren't sure of the value of the property then get at least 3 independent valuations and agree on a reasonable figure from there.

How are you going to raise the money to buy the share? If you intend to get a further advance on your current mortgage or remortgage then you need to speak to an independant financial advisor.

Even if you don't need to remortgage or raise any money on the house to buy the additional share, you will still need to get consent from your current lender. They will need to execute the transfer document as well and they must have approved the transfer before you appoint a conveyancer to help you. The mortgagee is not obliged to allow the transfer to take place if you can't prove that you can afford the mortgage payments.

 

 

Once you have been through these points and you are both happy then, and only then, do you contact a conveyancer to deal with the legal work. You don't necessarily have to have the same conveyancer, in fact if the situation between you is less than friendly then it is highly advisable for you to have separate representation - it costs twice as much but at least you are both protected and there is no chance of anyone being favoured.

[wezc4]

Hi Andy

 

Thanks for your detailed response. You say I need to speak to a solicitor specialising in divorce. I've had two solicitors involved now, I don't know that they specialise in divorce per se, but neither of these solicitors I've seen mentioned the above, why would that be - just out of interest?

 

The ex (we were not married) and I split about a month after buying the property. He paid me back the money I'd put in for my share of the flat (less £1K as he felt it was fair to deduct this for rent, even though I only stayed there a few nights) so I've been paid back as good as, several years ago, and I'm not interesting in buying the flat.

 

He is not responding to any of my messages about sorting this property mortgage business out and I can't see him responding on any further solictors letters either to be honest. So where do you go when someone continually ignores you?

 

This is just racking up costs I don't want to spend. All I want is to just get my name off the mortgage.

 

Do I still have to go down the conveyancy route?

[AndyOrch]

Did you mention it to them ? its not a normal request when a couple split.The law does not allow a party to walk away from a joint debt.

 

When you take out a loan in joint names the debt is joint and several...therefore the only way they will release you is when the loan is settled (or re mortgaged in the interested parties name) That is their security...im sure if you lent money you would do the same.

 

It may rack up costs and you dont ness need a divorce Solicitor but you will need a conveyancer to deal with the land registry etc.

[wezc4]

Thanks Andy

 

No I didn't mention it to them as hadn't fully understood - and was surprised the solicitors didn't mention it before, I guess that's where the confusion lies. I will go to the lender and request this and see what happens.

 

Still confused as to why the solicitor's didn't give this as an option

[AndyOrch]

Because its not a normal option...its a consequence of all broken relationships which is not your creditors problem.

[wezc4]

One question - can he refuse to co-operate with this transfer of equity? Sign forms etc? I am not getting any help at all. Bizarre really when you think about it

[AndyOrch]

It will require his input at some point by way of signatures but at no cost to him.

[wezc4]

Hi Andy

 

Wow, so he doesn't have to pay a single thing?? What about paying my share of stamp duty back to HMRC - I think he would have to do that. Do I have to get involved in that cost? I had a look around on other forums, it looks like to complete a transfer of equity with a solicitor, conveyancy and then the forms it could cost around £1K. ouch.

 

Would you know why this is a better option than forcing a sale through the court?

[AndyOrch]

I have no Idea as I sated earlier in your thread mine was done by my Mortgage company with a small admin fee.

 

" Would you know why this is a better option than forcing a sale through the court? " I haven't a clue but forced sales are as rare a chickens teeth but I assume better than making someone homeless and you may just need further favours in the future.

[steampowered]

Forcing a sale through the court should always be a last resort - legal fees are not cheap. The first thing is to speak to the lender and find out what is required ... you are more likely to get a response if you can tell him exactly what he needs to do.