Hello, Ex and I had a consent agreement approved stating Ex keeps the flat (mortgage free) and I keep the family home (with mortgage). Both properties were owned jointly. I filled the TR1 for removing my name from the flat and it is all done. My Ex has filled the TR1 to remove his name from the family home but his solicitor refuses to send it to my solicitor until they received confirmation that the new mortgage in my name only is in place but my solicitor (I use the one from the new mortgage lender) refuses to go further until they get the TR1. Everything else is in place. Who is at fault? I feel I am stuck! My ex has done everything to stall the divorce proceedings from the beginning and it is the last step to be fully out of his reach. I am desperate! Thanks for any help.
We had a similar problem with my partners ex and a home rights notice. The banks conveyancers refused to do anything that wasn't straightforward, so we had to go to another independent one who would do it.
I'm in a similar situation and thought I/we could just complete the AP1 and TR1 forms to submit to Land Reg, taking his name of the title then allowing me to raise a mortgage to pay him a lump sum.
Seems it's not that easy and now, having intended to DIY the Land Reg and use lender's free legals for the remortgage I've had to scrabble around to get a conveyancer with quotes ranging from £660 to £1200!! And those are the ones that said they could take on work.
I don't think it's complicated legal work but it's off my to do list and at least I should be legally covered if anything crops up down the line.
Be careful if you ask for quotes to ask exactly what work they will do - the fixed fee ones are probably charging for unnecessary work e.g in my case to obtain redemption from existing lender (there isn't one) and some of the disbursements e.g search indemnity insurance varies widely in cost.
Thanks. I have a conveyancer but chose to go with the new lender's one thinking it will be easier!! I have put pressure on both sides and will find out today if it will be resolved. If not, I will use another conveyancer. I agree it's a lot of money wasted but what I have learned in this divorce is no matter how sensible you try to be, if the other party is unreasonable, there is not much you can do but spend money. I cannot wait for it to be over!
Mortgage lenders tend to use the firms that can provide the service for the lowest price. Usually a firm will employ a load of Uni students and teach them one stage of a process and it will be a production line of remortgages for which the lender pays £100 or less.
However, when something non-standard occurs the wheels fall off and the process stops completely.
The simple answer is that the money transaction (the remortgage in this instance) and the transfer of the property have to occur at the same time. The only way for this to occur is for the TR1 to be signed and release to the other solicitor who will hold it on a undertaking.
An undertaking is a promise and, in this case, it will be a promise not to submit the TR1 until the old mortgage is redeemed and the new mortgage is in place.
It's commonplace to give undertakings but all parties have to know what they are doing.
Thanks Charles. Yes this is exactly what is happening. The lender has asked the outgoing solicitor to give undertaking that the TR1 will be released upon completion. Fingers crossed, they will be ok with it. Thanks everyone for their advice. Greatly appreciated.