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stuckwithit
Starting Member
3 Posts |
 Posted - 12 July 2010 : 21:26:44
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My ex (and absent) partner was made bankrupt last week. There is a joint mortgage and I am trying to confirm what would / could happen with the property and mortgage.
I've done some research and understand Beneficial Interest and as there is no / if not negative equity in the property, I may be able to purchase BI for £1 plus the £211 fee via 'lo-cost conveyancing scheme'. What concerns me is that I will still be associated with him financially.
I have 2 questions at the moment that I cant seem to get an answer on.
1 What happens to the deeds of the property if I hold the full beneficial interest and
2 Does his name remain on the mortgage.
I went to see an advisor tonight and althought I personally have a perfect credit rating and technically should be able to secure around £75k mortgage, I was instantly declined on an agreement in principle which I suspect is associated to my ex's bankruptcy.
Any help appreciated. |
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debtinfo
forum expert
2826 Posts |
Posted - 12 July 2010 : 21:34:30
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| Buying the BI does not change the legal title, you would both still be on it, you would both still be on the mortgage. You could buy the BI then go one step further and buy your ex out completely if you can get a mortgage by yourself |
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RHB
Senior Member
1159 Posts |
Posted - 13 July 2010 : 07:43:27
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| Were there any joint debts? If not, if you go to your present mortgage company they may be more willing to help you get a mortgage in your own name.Of course, your ex partner has to agree to this as he too can buy the BI if it is in negative equity. |
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stuckwithit
Starting Member
3 Posts |
Posted - 13 July 2010 : 19:28:41
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Hi
Thanks for the responses.
Present mortgage company is not issuing any new mortgages and would only be prepared to take him off if instructed by a judge. Is this possible?
From previous discussions, he has no interest in this house or any house.
There are no other joint debts.
When you refer to legal title, does that mean the deeds? At present, the property is registered as tenants in common and the mortgage company have already stated that they would not accept a mutually signed request to alter the deeds.
What would it mean if I had full beneficial interest but the deeds were still listed as tenants in common?
Appreciate the advice. There's lots of info out there but I cant seem to find a direct reply to the same questions I've put forward.
Thanks
Looking for help |
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debtinfo
forum expert
2826 Posts |
Posted - 13 July 2010 : 19:38:40
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| It would mean that you both own the house, but if ever sold in the future you would get 100% of any profit |
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RHB
Senior Member
1159 Posts |
Posted - 13 July 2010 : 21:43:15
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| Your ex will get the chance to buy the Bi in the property. Is he paying towards the mortgage? If he isn't it may be possible to get court action to get him off the mortgage, otherwise you are stuck with him I'm afraid. |
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stuckwithit
Starting Member
3 Posts |
Posted - 14 July 2010 : 22:02:25
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Hi
He hasnt contributed since leaving in August 2008 and certainly doesnt want anything to do with the house. He'd rather have nothing more to do with it at all but as I cant get a mortgage, unless I sell the property then as I see it, I'm not going to be able to get these loose ends sorted.
And I'm struggling to get to grips with how someone can have shared ownership of something yet have no entitlement to any profit from its sale.
In cases of absent, non-paying, bankrupt shared mortgagees - is it possible to apply to the courts for a change to the mortgage? ie removing one person from it?
Looking for help |
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RHB
Senior Member
1159 Posts |
Posted - 15 July 2010 : 07:43:14
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| Yes if you were married. Not so sure what happens if you weren't tbh. |
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My ex (and absent) partner was made bankrupt
