A well respected, award winning social enterprise
Volunteer run - Government and charity funded
We help 50,000 people a year through divorce

01202 805020

Lines open: Monday to Friday 9am-5pm
Call for FREE expert advice & service info


What are we each entitled to in our divorce settlement?

What does the law say about how to split the house, how to share pensions and other assets, and how much maintenance is payable.

What steps can we take to reach a fair agreement?

The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

What is a Consent Order and why do we need one?

A Consent Order is a legally binding document that finalises a divorcing couple's agreement on property, pensions and other assets.


Do you need help sorting out a fair financial settlement?

Our consultant service offers expert advice and support to help you reach agreement on a fair financial settlement quickly, and for less than a quarter of the cost of using a traditional high street solicitor.


bought ex out but name still on land reg & mortg

  • skippy179
  • skippy179's Avatar Posted by
  • New Member
  • New Member
More
16 May 12 #331016 by skippy179
Topic started by skippy179
This is my 1st time & i will try to keep it simple!! I divorced 4 years ago & bought ex out of the FMH last year, as it was to be sold as per CO but did not after a long time. I bought out my ex''s interest & she moved out. I have indemnified her against the mortgage & the court throughout our divorce held me liable for all mortgage payments. I have tried to ‘with my best endeavours’ to remove her name from the mortgage deed. However, for reasons best know to themselves, Santander point blank refuse to remove her name. I have being trying to do this since August last year & finally went down the complaint route with them. I gave them tonnes of evidence why she should be removed, even stuff she signed saying she owns nothing, works in a shop & has no money & that she has received money from my buy out & solicitors letters etc but they still wont. I can’t change mortgage companies as I have a mega good deal with them for the life of the mortgage & my credit score was affected whilst the divorce was going on, so I won’t be able to actually get another one, not for a good while anyway!

So, this I feel is a bit of a mess. The only other option now is to remove her name from the Land Registry title deed, so she has no claim on the house, I am under the impression that I have ‘indemnified’ her against the mortgage, so I can’t see an issue with her signing the TR1 form. However, will a solicitor advise her against doing this? I am uneasy with her name being on the Land Registry deed as if I die, where does that leave my new wife & the house? & indeed if my ex dies & her name remains on the deed, she could leave her half to anyone. I have life insurance which will cover the mortgage upon my death, but if the house is still registered in her name, even if i leave my half in my will to my new wife, then she will effectively be owning the house with my ex!

All this was not sorted out during the buy out for various reasons, as the situation of the house not selling was untenible as I was paying all the bills for the house & my ex was still living there. our relationship was not amicable & the deal did not go ahead until last minuite. The house is worth about 800K & the mortgage is 500K. I am not concerned if her name remains on the mortgage as long as its off the land reg. Please can anyone help me? thank you

  • cookie2
  • cookie2's Avatar
  • Platinum Member
  • Platinum Member
More
17 May 12 #331071 by cookie2
Reply from cookie2
skippy179 wrote:

it was to be sold as per CO
...
I bought out my ex''s interest & she moved out.

I''m a bit confused by this. What does the CO say? Does it say it must be sold, or does it give you the option of buying out her interest? If so then what does it say about the mortgage? Did you give her money to "buy her out" without actually getting her name off the house???

  • hadenoughnow
  • hadenoughnow's Avatar
  • Moderator
  • Moderator
More
17 May 12 #331081 by hadenoughnow
Reply from hadenoughnow
Signing the Tr1 should have been a condition of handing over the money. If her name is still on the deeds, you cannot sell without her agreement.
A court cannot force a lender to take one party off a mortgage. It is a very large mortgage and to have it in your sole name you would have to meet their lending criteria. I assume that would mean a very substantial income. Having to stay on the mortgage is not uncommon. However in these circumstances I cannot see how it is necessary for you to have an 800k house with a 500k mortgage. If I was your ex I would be very unhappy about being associated with such a large debt. It will also prevent her from getting her own mortgage.
It seems to me that the solution is to sell the house at a realistic price. Get a mortgage you can secure in your own name and buy a property for equity + affordable mortgage.

Hadenoughnow

  • skippy179
  • skippy179's Avatar Posted by
  • New Member
  • New Member
More
17 May 12 #331091 by skippy179
Reply from skippy179
Hi Thanks for the replies. The mortgage was original based on my sole income as my ex never worked. My income is more then enough to suffice the lending criteria. The CO said the house had to be sold. it did not sell after 5 years as my ex neglected it & was unable to access it. Our relationship was not good. I was fortunate enought to be able to buy her out.I was paying all the bills etc for the house. Now I ilve in the house & have made repairs etc. I know all the forms should have been signed, but there were reasons at the time why they were not, which I won''t go into. My question is what can I do now? We did not think there would be an issue with the bank removing her name as she has no equity & is on minimum wage. I earn near on 200k PA, so it seems insane as to why they will not remove her. I have thought about writing to the financial ombudsman? kind regards

  • hadenoughnow
  • hadenoughnow's Avatar
  • Moderator
  • Moderator
More
17 May 12 #331097 by hadenoughnow
Reply from hadenoughnow
Even if the mortgage was in your sole name, she would still be on the deeds .... so you do need to get the TR1 sorted. I think you probably need to get some legal advice on this - it may mean an application to the court. If she won''t sign, a judge can do it instead AFAIK. You may have an issue with this though - depending on what the CO said.

Depending on the circumstances it may be tricky to revisit the CO .. especially if full declarations of finances were not made ..It does sound like she is in a very unfortunate financial position.

Re mortgage: I know you said you wanted to stay with your lender - but if they won''t budge, you may have to approach other lenders to see what deal they could offer you in your sole name. This may remove a sticking point over the TR1.

Hadenoughnow

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11