Was wondering if someone could give me some advice about the situation my daughter finds her self in ( or someone who's been in the same situation can tell me how they resolved it). My daughter along with her partner bought a house, after about two years they split up and she came back home to live with her child, to cut a long story short every time he gets into difficulty with payments she gets a letter from the bank even thou it's 6 years since they split. does anybody know if she can get herself off the mortgage without forcing a sale of the house, she has been informed that it would cost her £5k to do this, plus he has since remarried and has a young family. She has since moved into rented accommodation and as long as she has this hanging over her head it would be impossible to get a mortgage. Any advice would be most welcome.
Legal advice
- Thread starter Nobby Nobbs
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The binman chronicles
Player Valuation: £80m
Ouch. The question is how much equity is in the house? Surely it would be in her ex's interest to get her to do a transfer of deeds to put it solely in his name.
The problem is can he afford the mortgage on his own (obviously he can as he is paying it now - bar from the hiccups) but will the bank allow him to take full responsibility? They would much rather have two people they can get the money from (I know this from personal experience). He could try and swap your daughter for his current partner but if she has a house already they will get waxed for about 5k with the higher rate stamp duty charge. (Almost had personal experience of this!!) If she hasn't and she has a job and is a suitable replacement for the bank then the remortgage should only cost an extra 300 or so to remove your daughter.
Your daughter needs to get off the deeds as quickly as she can, perhaps she can force the issue by telling him to sell it if they can't find an amicable way around. She would still be entitled to half but if she waves that right it could be in his interests to sell, pocket the equity and rent if he can't afford it to remortgage alone.
The problem is can he afford the mortgage on his own (obviously he can as he is paying it now - bar from the hiccups) but will the bank allow him to take full responsibility? They would much rather have two people they can get the money from (I know this from personal experience). He could try and swap your daughter for his current partner but if she has a house already they will get waxed for about 5k with the higher rate stamp duty charge. (Almost had personal experience of this!!) If she hasn't and she has a job and is a suitable replacement for the bank then the remortgage should only cost an extra 300 or so to remove your daughter.
Your daughter needs to get off the deeds as quickly as she can, perhaps she can force the issue by telling him to sell it if they can't find an amicable way around. She would still be entitled to half but if she waves that right it could be in his interests to sell, pocket the equity and rent if he can't afford it to remortgage alone.
Some solicitors give one hours legsl advice or the CAB is free, but what ever is the method it will be costly to take on the mortgage nowadays!
I am a solicitor, no expert in this field though, but the best option I see is to sell the house, split the equity and start again. I realise this is tricky when people arent amicable anymore but if there is a way of knocking heads together then it really is the way to go. Do what you can to get them talking to get the house sold and do what you can to avoid us lawyers getting involved, its not worth it if you can avoid it. It is mutual destruction but he needs to be reminded that if your daughter does not pay when he is struggling then he is going to lose his home. The consequences of which will hurt both parties and non one 'wins'. Do what you can to guide them to selling the house.
Thanks fellas for your replies selling the house seems the only way forward I can see, it's a horrible situation she finds herself in knowing if he defaults on the mortgage they come looking to her for money.
It won’t cost her £5k to get out of it, just a normal solicitor fee to confirm she is content to waive her share of the equity in the property. If her ex-partner has the finances in place he would then just arrange re-financing in his own name.
However, if her ex-partner has missed payments already then it suggests he would be unable to take on the mortgage alone. I’m surprised he hasn’t asked to sell the house already.
Is there any reason why you think he wouldn’t be agreeable to selling? I work in law mate and agree with @Gablett that you keep us out of it if you can
Blueheart
Player Valuation: Free Transfer
Hi,
I’m said daughter.
He won’t sell the house purely and simply because he does not want to as he knows anything else is a downgrade. The wife doesn’t work and therefore isn’t a suitable replacement and whilst I’m more than happy to walk away with nothing the bank will not take the risk of him being the sole name on the mortgage, despite, as stated has in the main been making the payments. The only way forward (I can see) is for the house to go however this would more than likely have to be via a court order as there’s no chance of him agreeing.
Rock. Me. Hard place.
Thanks for the replies x
I’m said daughter.
He won’t sell the house purely and simply because he does not want to as he knows anything else is a downgrade. The wife doesn’t work and therefore isn’t a suitable replacement and whilst I’m more than happy to walk away with nothing the bank will not take the risk of him being the sole name on the mortgage, despite, as stated has in the main been making the payments. The only way forward (I can see) is for the house to go however this would more than likely have to be via a court order as there’s no chance of him agreeing.
Rock. Me. Hard place.
Thanks for the replies x
roydo
in memoriam - 1965-2024
In fairness to the legal eagles in this thread, when me and Ex Mrs R got divorced, lawyers told us to work out the details through mediation, then they would rubber stamp the papers so the Court Judge could add his. Or hers.
roydo
in memoriam - 1965-2024
I am no expert, not even a little bit, but I guess when he does eventually sell, then you will get half the profit, even if you are not actually paying the mortgage?
Frang
Player Valuation: £70m
# mortgage is ours
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