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remortgaging after divorce

(14 Posts)
FunInTheSunD Sat 25-Jan-14 00:18:45

My ex and I were divorced last year and went to court, we got a court order and split the equity 70/30.
His solicitor asked me to get ex's name off the mortgage.
I have arranged to take his name off and remortgage in my sole name. The lenders are happy to do this as we have roughly £200,00 equity. My new mortgage will be roughly £70,000

I received a letter from ex's solicitors saying my solicitors forgot to put a clause in saying I would not borrow any more money and increase the existing mortgage... in reality his solicitor forgot...
I can understand that my ex is worried about his equity but can he stop me borrow any more money to protect his interest?

I hope this makes sense, bloody kids have the laptop...

clio51 Sat 25-Jan-14 00:29:59

Don't understand this

If your going to remortgage in your own name and then pay him I presume his 30% what as it got to do with ex if you borrow more money?

Are you not paying him out till a later date?

As otherwise if it's in your name it's got nothing to do with him as his name won't be on it!

FunInTheSunD Sat 25-Jan-14 00:34:30

sorry I didnt make that clear.... (typed out long draft and lost it)

I will buy him out in 2 years when my youngest is 18

clio51 Sat 25-Jan-14 00:47:47

Don't think he can stop you borrowing more money if it's going to be in your sole name. Has he signed the house over to you now

FunInTheSunD Sat 25-Jan-14 01:05:39

No he wont sign the house over to me till our solicitors have agreed to put something (I think it's called a recital) into the court order.
I think my solicitor will add something along the lines of I won't borrow more than ?% to protect his equity, but he told me earlier he doesnt want me to borrow any more money which quite frankly is unnecessary and controlling.

I just wondered if this sort of thing was normal to have written in.

clio51 Sat 25-Jan-14 01:20:55

Sorry don't know that, but sure somebody will have done similar..

vole3 Sat 25-Jan-14 06:32:57

Not quite sure where he expects you to find the £60K to buy him out without remortgaging........

FunInTheSunD Sat 25-Jan-14 09:05:32

He won't be getting his money for 2 years till my boyfriend moves in and buys him out, I am doing this on my own and by remortgaging I can pay my solicitors bill and a few debts that ive got.

FunInTheSunD Sat 25-Jan-14 14:11:09


HelpfulChap Sat 25-Jan-14 14:23:10

You have £200k equity. It is being split 70:30. Therefore £60K of the equity is his. All you have to do then surely is come to a legal agreement that he will get his £60k back in 2yrs time. The size of your new mortgage is irrelelevant I would have thought.

HelpfulChap Sat 25-Jan-14 14:26:55

It reminds me of a friend who, when she bought a property with her partner, put down all of the £30k deposit and had a contract drawn up that should they part ways and the property be sold, she got the first £30k of any equity.

FunInTheSunD Sat 25-Jan-14 14:40:08

thanks Helpfulchap... we have a court order saying he gets his equity when there is a trigger of events, thats not a problem... he thinks somehow I will lose the house and his equity... im not even sure that its possible to lose so much lol

I just wondered how others got round this...

FunInTheSunD Sun 26-Jan-14 19:29:50

last bump because I don't want to re type it in legal...
Can my ex stop me remortgaging in my sole name because he's worried hes not going to get his percentage of his equity as per the court order... for any other reason apart from the fact that hes a controlling arse...

sarahandmallard Mon 24-Mar-14 17:18:03

Wondered if you ever found out via your solicitor, FunInTheSun. I would have assumed if he was on the deed, he can stop you from getting a larger mortgage. Because if you fail to pay your mortgage on a co-owned house, then the bank can repossess the house (which he partly owns), no? Just curious.

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