Buying my exh out of the house but still joint mortgage

[petal68]

Hi,

Hoping someone can give me some advice on this before I borrow some money or spend money on a solicitor to be told it cant be done.

My husband and I have split up and he has eventually moved out after a few months of trying to sell with no joy. We have a deed of trust on our current house where I get 75% of the equity and he gets 25% as I put much more money into the original purchase.

My family have offered to give me some money to buy him out and I am currently paying the mortgage on my own but the mortgage company wont let me take the mortgage over on my own as they dont think I earn enough.

Could i have something drawn up so that if i buy his share out he waives any rights to the house or would this not work as he is still on the mortgage and deeds? He couldnt get a mortgage on his own so that wouldnt be a problem at the moment for him.

Even another two years of me paying the mortgage would mean at that point I could probably re mortgage as the difference between what they would loan me and the current mortgage is not that high.

Does any think this could work or is it just going to be a nightmare?

I'm assuming there are no children.

The court could order the house be transferred to you on a buy-out, and you promise to do your best to have him released from the mortgage. The mortgage company refuses, so the house get transferred in to your sole name with him remaining on the mortgage.

I couldn't see the court forcing this upon him though. I couldn't see how he could be persuaded to agree to an arrangement that effectively locks him out of the future mortgage market.

Be warned though that because you were married it doesn't follow that the deed of trust will be followed. On the contrary. The starting point for division is equality.

Another mortagage company may let your borrow more.

Can't see him going for that at all....

"Here exDH - sign away your right to the house, but you will still be held legally responsible for paying for it if I default"

I'd run a mile....

Thanks for the replies - I'm clutching at straws really but it is so stressful at the moment as its been on the market for 4 months with only 2 viewings and he comes round all the time ranting about how he wants his money now!

There is one DS from the marriage and I have two children from my previous marriage hence I need a bigger house than he does.

Its all very stressful

Have you spoken to a proper mortgage adviser? There may be a mortgage offer out there for your situation..

my DP brought his ex a new home as part of the settlement, he kept the old home which he rents out.
The ex's new home has a joint mortgage (as does the old home) and they are both on the deeds of both properties.

They have a legal document which says that her new home is held on trust for her and the old home for him. I am pretty sure this gets registered at the land registry.

So legally it can be done, your issue is that your ex may not agree to it as it may not be in his best interests.

Whatever you agree, it needs to be part of your financial settlement and detailed in your consent order and agreed by the court.

If you have home insurance look at the small print. Often free legal advice cover is included. You get instant access to a solicitor manned telephone number. Hopefully they can answer your question.

No legal insurance provides cover for a family dispute.

If there are 3 children of the family, and you can show that they cannot be reasonably housed in a cheaper property (so you must keep the current one on), the court might well force through a transfer to you with no guarantee that he'll be released.

You really need to speak to a solicitor. It would be worth your while.

I am on the other side of this properties that ExH should be getting in divorce that I am still named on the mortgages for and he can't get sole mortgages. Remaining on the mortgages whilst not having a share in the property is a no no for solicitors

Thanks for the further replies.

I saw a solicitor last year for advice and he did say the deed of trust was no guarantee as we were married although I am a bit annoyed as it was done when we were already married and I would have thought the solicitor at the time should have pointed out it wasnt worth the paper it was written on - would have saved a couple of hundred quid. I suppose it shows that that was the intention if it ended up in court.

I was trying to avoid solicitors and pushing on with the divorce due to costs and the knowledge that ex will be as difficult as possible as he is all about his rights. With my first husband we waited two years and I did the divorce on my own with the court so didnt pay any solicitors fees and i am trying to keep this as amicable as possible as well but I dont enjoy bein ranted at every couple of days.

We have now reduced the house again so will just have to hope it does sell.

I will go and see another mortgage adviser - last time she couldnt get me enough to remortgage and oay off ex but if i just need to remortgage it may now be possible.

Entering into a deed of trust during a marriage would help to protect the asset from creditors or on bankruptcy.