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Court Order Mortgage Indemnity

  • justinw
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04 Apr 12 #321571 by justinw
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As part of my court order I have been asked to sign the deeds over to my ex. Whilst I know I have to do this, it highlighted a misunderstanding I had when I agreed to the order.

The order states that my ex must attempt to remove me from the mortgage and in any event indemnify me. She has been unable to remove me from the mortgage (no proof that she has tried). I had assumed that an indemnity would be equivalent in the eyes of the mortgage company but I fear this is wrong and the truth is more likely to be some useless wording that allows me to pursue her through the courts, assuming she can afford to pay.

This means that I am now stuck on her mortgage for the rest of the term (20 years - assuming no sale) and this will affect my ability to ever get on the property ladder (I''ll be 61 when the term ends) and goes way beyond the 6 year order (kids).

For info I also agreed to sign over all the equity from the relationship so there is no charge on the property.

Is there anything I can do (I really can''t afford another court case)?

Thanks

Justin

PS. I self-rep''ed (sp?) using a barrister but settled just before going into the court room.

  • TBagpuss
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04 Apr 12 #321593 by TBagpuss
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You can ask for evidence of what steps she has taken to obtain your release - e.g letter from the mortgage lender and from her mortgage advisr confirming that she has applied andbeen turned down.

Also, if the order is for her to ''use her best endevours'' it is not a one-off obligation, it is a continuing one, so if she can''t get your name taken off, she should keep trying at reasonable intervals - e.g. once she has been paying the mortgage unaided for 6 months (which is one of the tests a lot of mortgage companies look at), any time she gets a pay-rise, and perhaps on a regualr basis at least once a year (if the mortgage is a repayment one, the amount she needs to borrow will reduce each year)

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04 Apr 12 #321597 by justinw
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Thank you for your prompt response.

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