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.


Charge on house and remortgage

  • tillibud
  • tillibud's Avatar Posted by
  • Premium Member
  • Premium Member
More
01 Jun 12 #334605 by tillibud
Topic started by tillibud
Hi

My ex husband has a 17% charge on the house. House is in my name only. Mortgage is currently in both names. Legal aid also have a 5k charge on the house.

I am now 5 years down the line in a position to be able to get a mortgage and get him off, so I have a few questions.

Does he have to sign the paperwork allowing me to move lenders?

Can I remortgage for more as the house needs work doing to it and I can''t afford to get it done without borrowing.

There is nothing in my court documents apart from I had to use my best endevours to remove him. Charge is payable on yougest reaching 18, slae of house, my death or me moving a partner in for more than 6 months.

Thanks

  • tillibud
  • tillibud's Avatar Posted by
  • Premium Member
  • Premium Member
More
02 Jun 12 #334652 by tillibud
Reply from tillibud
Can anyone help me pls?

  • dukey
  • dukey's Avatar
  • Moderator
  • Moderator
More
02 Jun 12 #334657 by dukey
Reply from dukey
Does he have to sign the paperwork allowing me to move lenders?

Thats a question for the current and proposed lender but probably not

Can I remortgage for more as the house needs work doing to it and I can''t afford to get it done without borrowing.

Again its up to the lender to decide.



There is nothing in my court documents apart from I had to use my best endevours to remove him. Charge is payable on yougest reaching 18, slae of house, my death or me moving a partner in for more than 6 months.

What is important here is you pay the charge so the 17%, you don`t want to improve the house making the 17% much more in cash terms.

  • WYSPECIAL
  • WYSPECIAL's Avatar
  • Moderator
  • Moderator
More
02 Jun 12 #334680 by WYSPECIAL
Reply from WYSPECIAL
Just a thought but does he want, and does he have to accept, his 17% yet?

He might be quite happy to sit on the investment for now especially if he thinks you want to carry out improvements which will increase its value.

Someone was recently posting questions as their ex didn''t want to take the money yet but she wanted to pay him out.

  • dukey
  • dukey's Avatar
  • Moderator
  • Moderator
More
02 Jun 12 #334689 by dukey
Reply from dukey
It''s a good question WS

Meshers end on trigger events but they also end if the person benefitting from the mesher can pay off the charge, it''s a bit controversial but thems the rules, so yes the OP can pay the equivalent of 17% equity and it''s done.

  • tillibud
  • tillibud's Avatar Posted by
  • Premium Member
  • Premium Member
More
02 Jun 12 #334711 by tillibud
Reply from tillibud
Hi Dukey

Nice to talk with you again, how are you?

I have a mortgage offer on the table that is valid for 3 months, I was honest and upfront about the charge to the mortgage lender and they still made me an offer, which included enough money to pay off the 17%.

He wont sign any paperwork and I doubt very much he will accept any early payment. That''s based on the fact that I can find him as I have no idea where he is and haven''t for years. He pays no maintenance so there isn''t even a papertrail I can follow.

He also has 17% of the equity after all bills have been paid for through the sale of the house, so he would actually benefit from taking it now, but I know he wont, even if I could track him down haha!!

So do I just go ahead and remortage?

Thanks

  • dukey
  • dukey's Avatar
  • Moderator
  • Moderator
More
02 Jun 12 #334717 by dukey
Reply from dukey
Hi tilli

I''m well thanks, it''s the first time I''ve been asked ;)

It would be wise to go back to court for Directions before you remortgage, I seem to remember a judge allowing the charge to be released having the money held in an account, a bit like escrow.

It''s a case of fill in a D11 and see what the judge has to say, in the past some have argued taking the payment is unfair because house prices are low, that cuts both ways though so they have no choice in the matter.

Just get some direction from the judge first so your safe should he appear later.

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11