I have recently found out that my x2b is moving to Spain to start a new life with his new girlfriend in the next 6 weeks leaving me with a hefty joint mortgage, a rental property also with a mortgage (his name only) and approximately £30k of unsecured loans solely in his name.
I am looking into taking his name off the mortgage and deeds to the matrimonial home and finding a family member to guarantor with, he has previously agreed to this but what would happen to our home if his name stays on the mortgage? Am I liable for the unsecured debts if he fails to pay them while he is abroad, we must assume that he has no intention of honouring these loans. Where do I stand?
He does not know that I am aware of his intentions and we had only started divorce proceedings a fortnight ago, is it possible to have my solicitor revoke his passport until further notice?
Hi Deve. You cant take someones name off a mortgage. If you are both signetories (did I spell that right?) then you both have covenent to pay it. In other words one of you must or both must pay.
If you want yourself and someone else to have covenent to pay you must apply for a new mortgage and you will both be subject to all the usual credit checks etc. You will need his permision to do this. This usualy also involves a deeds change. This is the important bit.
What I suggest you do is contact the mortgage company and explain the situation and just pay half. Its his responsibilty to pay for his own home. Even though he is not living there. Debts in marriage are joint. But its my understanding that since its his debt he must service it. Are you a garentor on these debts? Its imnportant. Again contact them about this. But when it comes to ancilory relief proceedings all this is put in a big pot and dealt with.
Dont worry if he doesent pay half the mortgage. Provided that the mortgage company know that there are divorce proceedings in process then they dont tend to reposess. Thats all I know. Chris.
Thanks for the info. My x2b agrees that he will sign himself off the mortgage if I can get somebody else on it, I think this is called 'a change of name' and will replace his existing name on the current mortgage, I don't believe that this changes the terms of the current agreement with my current lender.
I do see what you are saying with regards to informing the mortgage lender of the change in circumstances, but am wary of only paying my share of the mortgage as I do not want it to affect my relationship with the mortgage company. I am currently on Statutory Maternity and am not due to return to work until next year, so am eligible for income support in the next 30 weeks, Hopefully they will be able to help towards the interest. In the mean time, if my x2b moves abroad, how can I sell the house without his consent? So far he has signed some forms with our solicitor to that effect, but surely they will be more for him to have to agree upon. Can I not have him stopped from running abroad before this mess is sorted out?
You may have me confused with another poster, my little one is 6 months old now. lol, Gosh I couldn't imagine going through all this being pregnant as well!
Up until Feb 07, we had £75k equity in our martial home and £20k in a rental property. Since my daughters birth my x2b had been drawing down money (£25k) from our mortgage some of which was without my consent £16k (forged signatures). Now I put £55k equity into our home before we were married, however we were living together at the time (this can be proven). I just want to safeguard my initial investment without charges being placed on my home for his debts...eating into the equity.
Now my x2b has already signed the papers to authorise the house sale, and has agreed with our conveyancer that the equity from the home will come to me and my daughter to help towards the purchase of a new home. He has even agreed to sign over the mortgage solely into my name however the loan company will not authorise a sole mortgage to me without somebody else taking his place. However what's to stop his debtors putting charges on my home whilst he is still named on the deeds, that is why I want to change the name on the joint mortgage.
Also, I am currently on extended maternity leave, so income support will be paying the interest on my mortgage at some point in the future. If I change my husbands name on the mortgage to somebody else in joint ownership with me, do you think that this will affect my rights to income support, bearing in mind I am just trying to secure my home?