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Mortgage issue - ''Best Endeavours'' clause

  • coventry
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19 Nov 12 #366955 by coventry
Topic started by coventry
Hi All..

I left the FMH 4+ years ago, divorced 2+ years back but am STILL tied to the property with the mortgage......

OK.. I have been removed from the title deeds but, due to the ex wifes (non) earning potential NRAM arent playing ball to release me from the mortgage as she is unable to get one in her own right.

Her solicitors threw the ''best endeavors'' clause into the mix saying she''d attempt to secure a mortgage in her own right using ''Best Endeavors''.......2+ years on I''m on a mortgage on a property that I have no financial interest in (I have that in writing from ''her'' legal eagles)

I''m at a loss of what I can do as I have been told by the CAB basically tough luck !

In the mean time she''s moved her partner in, but again hasnt been able to secure a new mortgage in their joint names as he is struggling to find employment....

The main reason I think for most of this issue is my ignorance & lack of funds at the time is that I was representing myself (hind sight is great isn''t it ??!?!)

The FMH is home to our 2 children so its not as cut and dried as it should be..

And the main main reason is that I''m having to seriously consider bankruptcy and being tied to the property will make things very sticky all round..

I just need some advice on my best option (s) available to me......

Confused ? yeah, me too !!!!


I''m not sure what else to add - I''m sure I have missed loads !!

Ask away !

StuartG

  • happyagain
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19 Nov 12 #366957 by happyagain
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The ''best endeavours'' clause is a killer! It basically placates a judge but puts no pressure on the person remaining in the home to do much. Was there a cohabitation clause in your agreement?

  • coventry
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19 Nov 12 #366958 by coventry
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I thought there was one, but I have looked and looked again.... I did a proper number on myself didnt I ?

I''m fighting a lost cause here arent I ?

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19 Nov 12 #366965 by coventry
Reply from coventry
How easy would it be to reverse the title deeds ?

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19 Nov 12 #366980 by Deputy Dawg
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Hi - I''m not sure that this will be much help and will probably depend on the exact wording of your agreement but my husband had a best endeavours clause in a Consent Order with his ex wife. The clause obliged him to do everything legal within his power to obtain a mortgage for his ex wife. Failure to do so incurred some quite severe financial penalties.

By return, the ex wife had an obligation to release him from said mortgage either upon her remarriage and the children reaching 18; she also had to use her best endeavours to release him from the mortgage in the interim. She hasn''t used any endeavours that I can determine to release him from the mortgage, including post her remarriage.

It''s a long and horrid story but this breach of the best endeavours clause is part of an enforcement case being heard shortly.

Good luck. DD

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16 Apr 15 #459884 by coventry
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So...... Since writing the original post 2 years and 4 months ago (apparently) NOTHING has changed !

I''m STILL tied to the mortgage on a property that I do no own or have any financial or literal connection with....

I have again written to NRAM to appeal to their better nature but feel that they will have not changed stance and it''ll still be tough luck..

I know that the ex wife has made NO effort to seek an alternative mortgage since 2009 and hasn''t changed her life style to try and get more hours at work or seek further / full time employment to enable her to secure a mortgage in her own name..

Her ''partner'' is still in residence and from what I can gather from the children is ''off the books'' with regards council tax and Child credits calculations..

I''m loathed to rock that boat as the first hint of her having to pay back anyone money will undoubtedly result in her crying poverty and above all its the home to our children...

In the mean time since writing this I avoided declaring myself bankrupt, turned my financial life around (as well as my personal life) and have even considered looking to buy a property of my own... but obviously being stuck on a mortgage is going to make that option impossible.

So yeah... no further forward with this...

The divorce paperwork haunts me with the ''best endeavours'' clause and has essentially put a huge HOLD on ,my future plans....

NRAM wont (more then likely) be bothered about anything, as long as they have some one to chase for money IF it goes south with the ex wifes income, they''ll be happy...

Does the best endeavours clause have a time frame (I know the answer to this one) ?

Can anyone think of any options / avenues I can possibly explore ? (again, I think I know the answer to this one)

Would I be within my rights to get a legal letter sent across to her outlining that since her attempt in 2009 to secure a mortgage it is 6 years down the road now and she is in breach of the court order ? Is there such a thing when the best endeavours clause has been used (Probably not!

Frustrated of Bedfordshire...

  • .Charles
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16 Apr 15 #459885 by .Charles
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Best endeavours is subjective - it has no force of law.

I have seen applications to the court as to timing and implementation where the person making the application has accused the other of failing to use their best endeavours.

However, it is difficult to prove your case as your ex could lie about making enquiries. She might also say that the new enhanced lending criteria means that she is unlikely to be able to secure your release from the mortgage for some time.

Usually the stalemate is broken when people want to get married..

Charles

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