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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.

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I''m still on the mortgage!

  • LisaLiza
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11 Jun 12 #336036 by LisaLiza
Topic started by LisaLiza
Hello, new to this site.
Divorced 5 yrs ago, Consent Order requires ex to use best endeavours to remove me from the mortgage and for me to transfer house into his name. He has been unable to get me off the mortgage because of the low equity in the house and the general financial climate. I am still on the deeds as well. However, my new partner and I want to buy a new house and so I want to be removed from this previous mortgage situation with the ex which will help us qualify for a new mortgage. Is there any way I can force the situation with the ex and the mortgage to get my name off even if he cannot currently qualify to take the mortgage into his sole name? What are my options?

  • cookie2
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11 Jun 12 #336063 by cookie2
Reply from cookie2
The only people who can remove your name from the mortgage, are the mortgage company. A court cannot order them to do so. If they are not prepared to give your ex a sole loan because there is not enough equity, because your ex does not have enough income, because the sky is the wrong shade of grey today or whatever other reason they like, then I''m afraid there''s nothing you can do. The decision is down to them. Your ex could try another company (but if his income is not high enough or there is not enough equity then there may be little point?).

If your ex could get a sole mortgage but has not done so, then it is a very different matter and you can take action. But unfortunately that does not seem to be the case here.

You may be able to explain the situation to your new mortgage company, it''s quite a common situation these days. Though more commonly it is the man who is in your position.

  • donkler
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11 Jun 12 #336065 by donkler
Reply from donkler

Im in this pickle too.

Myslef and STBX on the mortgage and deeds, Santander will not remove her from the mortgage (which I pay) because good old me purchased a mobile phone contract for her last year, and since we split she refused to pay two months of bills, this has shown up on my credit report, hence the bank refuse to remove her (I have since paid the mobile contract up) from the mortgage account.

I have been approved in principle an alternate mortgage, but face £4k early repayment charges and £50 p/m extra on mortgage repayments. (Early repayments end April 2013)

In thoery she could force a sale in order to get a new mortgage with the old codger shes ran off with, but isnt as shes happy paying rent, living in a tent or whatever.

Banks do change their minds more than their underwear so its always best to keep checking your situation with them xx

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