My stbx is either re-mortgaging the FMH to raise funds to buy me out, or having a secured loan on the property. (He only needs to raise a smallish amount) He is unsure where the actual deeds are as the mortgage was paid off a while ago. Does he need them to raise the funds or can it be done without actually producing the deeds? He is using the same building society. There is already a secured loan on the property which was to build an extention. Thank you
In order to ''buy'' you out he would have to re-mortgage, (deeds can be downloaded for a fee from land reg. website). A secured loan is just another charge on the property which if it is in joint names means you will be jointly liable or at least if it is sold will have to be paid out of equity before you see any profit just like the main mortgage. I would not agree to this as the only way to release you from the property is if he re-mortgages so it is in just his name and you will be free to buy your own property.
Have a look on landregistry.gov website it is possible you may be able to order a copy if not the deeds could be with the solicitor who dealt with the conveyancing. It might be better to give landreg. a call and speak to an advisor but it sounds pretty straight forward, if there is no mortgage but a secured loan, he would be better off to re-mortgage paying off secured loan and buying you out at same time so that he has just one loan on the property and you can both move forward.
The new mortgagee (lender) will want to be the first charge holder, so in general your ex will have to remortgage enough to pay off the secured loan.
Lenders get very fussy about who is first in line to be repaid on a sale or repossession so it is unlikely a new lender would be happy to take second place to a secured loan, if your ex doesn''t want to pay off the secured loan the likely outcome is that he will need consent from the secured loan lender for the remortgage lender to take priority over the secured loan.
Hope I have not confused you and yes as long as the property is registered, you will not need the deeds as such to have a remortgage carried out, the conveyancer will get up to date office copy entries (copies of the title) from the land registry.