Divorce - remortgage

[onefinalhurdle]

Perhaps a rather niche question but here goes

Divorce finalised last year. Terms of financial consent order is that I have to pay ex a certain amount by the end of next year

But the fixed rate on the joint mortgage expires in the next 6 months.

I want to remortgage as part of obtaining a new deal, remove him from the joint mortgage and deeds but I don't want to pay him until the payment is due for another 18 months....

Does the bank put the additional borrowing in my account or his? I would have thought since the additional borrowing is in my name then it goes into my account?

Why don’t you want to give him his share? Surely easier than holding onto it when you can’t spend it. I say this recognising that he could have been all kinds of dick but just get him out of your life financially.

Yes he has been an unimaginable dick. So I don't want to make his life any easier than I have to. He certainly hasn't made my life any easier. So I'm more than happy for him not to have the money until one second before midnight on the deadline day 😂

You need to check the wording of the agreement carefully, make sure that it doesn't state payment to him on remortgage or by end of year, otherwise you could find yourself in bother.

If the remortgage is for a specific purpose i.e. to buy your ex out of his share of the property then the lender will pay the additional borrowing into the solicitor’s client account so that they can complete the transfer of equity and remove him from the deeds. It will all be carried out as one transaction. Apart from anything else, he isn’t going to agree to give up his share of the property and sign to be taken off the deeds without the agreed amount of money being paid to him at the same time, is he?

The divorce agreement just says he has to be paid x by a certain date in 18 months time.

Otherwise I may as well just remortgage onto a new fixed deal now and then go for additional borrowing in 18 months time and therefore save myself 18 months of additional mortgage payments and solicitors fees

Ok.

I was on a joint mortgage with my ex. The fixed term expired. I filled in the TR1 form transferring ownership into his name.

He took a mortgage in his name only, and took out some extra, he received all of the extra money in his name and bank account as it was his mortgage and therefore money. He did a bank transfer to send me what was agreed.

so it the new mortgage is in your name only then you'll get any funds after the existing mortgage balance is cleared. But you need to get the TR1 sorted. As otherwise you have to declare his interest on your house, plus you'll ge paying for a mortgage and he still owns part of the house.

@ZeroFucksGivenToday

That's brilliant Thankyou

I know I sound like a dick and yes maybe this is in part revenge but this is a man who walked away from 3 young children without a backwards glance and barely sees them leaving me paying £2k a month childcare fees working my ass off full time trying to keep everything together and he pays £20 a week CMS