Hi, I have been divorced for 6 years and having 2 children aged 16 and 18,
The Ex-Wife Remarried within 1 year and now resides with new husband within the matrimonial home which I Technically jointly own with her,
The Consent Order states the Ex-wife will use Best Endeavours to remove me off the Mortgage (Little did I know that Best Endeavours does not mean what it says; It actually means she can approach a lender once a year asking for a mortgage knowing the lender wont lend her the amount required to Redeem me off the mortgage,
The trouble I am having is when the Ex-Wife Misses a payment it damages my Credit Worthiness and when I apply for loans/Credit Cards/Mortgages the lenders run a mile and simply not interested in dealing with me as they think the out standing mortgage is my Responsibility whilst the Consent order says my Ex is Responsible for the payments,
I have not paid any money into that mortgage since the Divorce yet I am Penalised every time she misses or makes late payments the lenders can see it on my Credit File; Can anyone out their help with some good advice as
I already had one Solicitor whom took a fortune out of me and promise the world to find that the judge threw my case out the court indicating your case is " fundamentally Misconceived" ?
The key here is going to be the exact wording on the order.
Did she get 100% of the equity or have you retained a share to be paid to you on sale at an agreed point in the future? In such an arrangement, remarriage is a usual trigger for sale/buyout. There should also be a clause to indemnify you against non payment. As far as the lender is concerned, you are still jointly and severally liable for the mortgage and they would chase you for the money if she didn't pay. You would be able to reclaim the money from her but the court has no power to change the terms of the loan agreement.
I guess the thing is that she is providing a home for your two children and the youngest is not yet 18 (another usual trigger for sale).
If you can post the exact wording, we can advise more effectively.
Thank you for your Reply,
I do feel I didn't get the Correct advice at the time and here is why,
My Ex did get the Matrimonial home on the basis that I owned another property before I met her,
The courts included my other property in the pot and we agreed I would only take 10k when she sells the Matrimonial property,(Looking back at that now it was a mistake)
Yes their is a clause which Indemnifies me against none payments and you are correct by saying I am still liable for the mortgage and this is what is troubling me,
I don't recall seeing a trigger for the sale of the property when the my youngest reaches 18 within the consent order,
I feel as if I am doomed and signed my life away, I don't begrudge my children from their home as that was one the greatest reasons I signed the consent order regardless what happened to me,
I didn't consider weather the Consent order is open ended and the mortgage is to remain under my name for a life time whilst when I apply for any form of credit it looks as if I am responsible and paying for that mortgage as well,
Do you think lenders or credit agencies will consider the order and can they make such amendments when my Ex-wife Misses payments or defaults on the mortgage and that I don't get penalised for it within my credit record?
The courts refused to do anything with this when I recently presented the evidence of Miss mortgage/late payments (They simply dismissed it)
I would really appreciate it if someone can read the order and advise me correctly as I lost trust with my last solicitors as they Mis-led me,?
Are you suggesting when my youngest reaches 18 I can enforce the sale? weather its written down in the consent order or not?
(I don't think that is what it says in the order and I am not sure if your saying its regardless weather it is written down or not)
Really appreciate your advice,