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Mortgage issue - ''Best Endeavours'' clause

  • Nogoingbackk
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17 Apr 15 #459955 by Nogoingbackk
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I am interested to know how you were able to remove your name from the deeds but not the mortgage as usually they don''t let you change the deeds unless the mortgage company agree?

  • WYSPECIAL
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18 Apr 15 #459959 by WYSPECIAL
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Nogoingbackk wrote:

I am interested to know how you were able to remove your name from the deeds but not the mortgage as usually they don''t let you change the deeds unless the mortgage company agree?


Mortgage company wont really be bothered who is named on the deeds. All they are concerned about is the security of their loan. If you''re named on the mortgage you are liable even if you have no interest in the property.

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18 Apr 15 #459967 by Nogoingbackk
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But when you change the deeds you do need a letter from them and their permission right which sometimes they can refuse as the deeds and mortgage deeds need to be the same

When you apply for change of deeds does anyone at land registry ask for confirmation from the mortgage company ?

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18 Apr 15 #459979 by wishfulthinking
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Hav you actually asked your mortgage company yet? I responded to your other thread. As mentioned above, the mortgage company are interested in ensuring that there is another party that is liable if you fail to pay: their interest is not in who is on the title deeds. Your solicitor should ask you to check with your mortgage company and get a letter confirming it is ok.

Land Registry do require confirmation that the position is satisfactory. On my transfer the Consent Order was inserted on the TR1.

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18 Apr 15 #459980 by wishfulthinking
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Coventry, have you spoken to a mortgage broker (or your own bank) for a possible second mortgage? There was someone on this board who successful obtained a mortgage despite being tied on a previous one.

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19 Apr 15 #459993 by stepper
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My son is in that position and I have commented several times previously about this. His ex. remarried twelve months ago. He would like to get off the mortgage but has concerns going down the Court route, making things worse with the shared care arrangements is one reason, another one is cost. Also I have read somewhere that forcing a sale could be an option, but my son would not be comfortable with that because of his two children (15, and 11). My son''s solicitor has not advised any action as there is more equity in the property than is owed and has commented if his ex. did not pay, the lenders would force a sale and take what is owed. The lenders have told him that it is up to his ex. to make an application, although this was made at the same time as the application to transfer the property to his exes name over fours years ago. The lender refused to take his name off the mortgage at that point, but his ex. had not remarried at that stage.. The present mortgage is interest only and has ten years to run and lender has been vague to my son''s question as to what happens after the ten years.

Because of the cost of solicitors , it is possible to make an application to the Court as a litigant in person, or would this be inadvisable. Thanks in advance for anyone who can add a comment about self-repping and the cost of this.

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15 Nov 20 #514762 by stuart_gregg
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.............and now 11 years since the Decree Absolute was granted and yes, still at square one with this one.. (albeit under a different user name)

have started another thread to see if a fresh set of eyes could assist..

StuartG

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