Confusion over divorce equity transfer and remortgage - help!

[redemptionwoes]

i can’t get through to the legal company acting on behalf of the bank I have a mortgage offer from so whilst I wait thought I’d canvass MN
im remortgaging to a new lender because I have to pay ex husband a settlement figure as part of the equity transfer and divorce
im borrowing £240k (all figures approx) - current mortgage £175k - need to pay ex husband £50k
so in my simple head that actually leaves me a surplus (which I need for various house repairs etc)
but the company who act on behalf of the lender is telling me there is a £50k shortfall
and I’m just confused!

Sounds like a mistake on their part.

If you need £175k plus £50k then the £240k they have offered to lend you does't leave a shortfall of £50k. Indeed, as you've pointed out, there is actually a surplus.

So it has to be a mistake. Unfortunately you won't be able to get help of mumnet to rectify that - you'll just have to hang on for the company to speak to you. Or you could write to them.

@zipadeedodah
i was just after a hand hold really if anyone else has come across this…and ended up spiralling on Google 😂 the company HSBC use is impossible to get through to on the phone and they don’t respond to messages on their portal for days

the only thing I can think of is whether you have to pay the “consideration” for the equity transfer BEFORE the remortgage can happen in my sole name….which would mean paying him before HSBC then pays NatWest but I don’t have spare £50k sat around that’s why I’m remortgaging!

I hope you've got through by now. I did the same and the money went from bank to solicitor, who directly sent him his £50k and the surplus to me at the same time. Good luck!

@CuppaTea23
thanks! I’ve given up calling - just get sent to a switchboard who say they don’t transfer calls to the case handler so everything has to go through the online “contact” section of the portal and it’s a few days wait to get a reply

its so stressful already I really don’t need it. (Also don’t really want to be paying his money either since he stopped paying CMS months ago and not seen kids either but that’s by the by!)

Ha maybe you should PM me, we seem to have a lot in common! He sees his kid, but not paying anything. And I agreed the £50k so that he would move out, but tbh I'm wondering if it was a bit mistake and I don't think I we'll get our private arrangement signed off in a financial order. By which point he'll have spent most of it. Divorce rules feel set up to protect people in a different model to my situation, so it's feeling really unfair tbh, but we are where we are.