removing ex from mortgage if insolvent

[crazycatlady20]

has anyone been through similar and can provide any help or advice.

split from ex. we are both on mortgage for family home but he's now renting a flat and not contributing to mortgage. we agreed the cost for me to buy him out but this doesnt cover his debts and he now has a trust deed (scotland).

As hes insolvent I've been told I cant

• remove him from mortgage
• sell the property
• remortgage
• if I cant afford payments i basically need to wait for house to be repossessed.

solicitors just keep telling me the new mortgage providers wont agree as hes insolvent and think he might have disposed of his asset, however independent valuation and transparent calculation of buy out (not much equity). mortgage provider wont talk to me and tell me to speak to solicitors. I also have a small amount of debt so technically I am also insolvent and was when we first purchased so not sure why this would stop a sale. ex also works and has done for years so has regular income.

trust deed company tell me (in general) the trust deed doeasnt affect my mortgage but cant discuss his particular case. ex wont give me details of how long it's for etc. I've had no communication to say the trust deed company now have an interest in the property!

ex wants removed. I'd like to remortgage as can really reduce my payments with new mortgage deal.

should say what I'm wondering is do all mortgage providers have this clause? and of so is there any way around it via court etc?

I really dont want to be stuck in a mortgage for 5/6 years with no control over interrstvtates etc.

What is equity in house and can you afford to pay his trustee 1/2
Can you afford to take on mortgage on your own
If no to questions you will struggle

I can afford the mortgage and had a new mortgage ready to go until ex got a trust deed.

I can afford to give him 50% of equity. I dont think this quite covered his debt but almost.

I've been told by citizens advice that now he has a trust deed this might be a lot higher. ex wont discuss details of his trust deed with me. trust deed company also wont discuss with me as it's not my trust deed.

I feel like I'm totally stuck and have no idea how long for as no-one will speak to me about it.

Normally your solicitor would negotiate with the Trustee
Has that happened?

no. my solicitor just told me I cant sell etc due to mortgage providers terms re insolvency.

I said i could afford things at the moment, but if interest rates were to rise and I could no longer afford the current mortgage would I just need to wait until it was repossessed and he said yes!

what happens if there isnt enough equity in the house to settle with the trustee? I obv dont want to pay more than 50% of the equity.

also was advised that even tho ex no longer contribes to the mortgage he will be entitled to a 50% claim on equity, whatever that's valued at when its sold, even if that's after his trust deed ends so 5/6yrs. he will make money even tho I paid x years on my own.

I am sorry but I don't understand that

Normally it is 2 different things,but connected

I would normally agree a figure with the Trustee to buy out his interest
Likely to be less than half the equity
Essentially the Trustee has a half share of your house Bit he obviously can't sell a half share on the open market do you are his best bet
You need to get the title into your name
You can only do that if the mortgage company allow you to take on the mortgage
You might fail their affordability check even though you are paying the mortgage
Does that tie in with what solicitor is saying

If not go back and speak to solicitor and don't leave until you get a clear understanding of the position
Is the solicitor a specialist in Insolvency

very little equity so probably wouldnt pay off his trust deed.

although I can pass affordability for a new mortgage, I fail it for my current mortgage provider 🙁

thanks for your advice, something to look at again in the new year.

It doesn't matter if it pays off all his debt
If you can get a mortgage with another Lender that is the way to go

well I mean I pass the affordability test but get stuck at the terms about insolvency, as ex would still have debt. so cant gt the new mortgage.

honestly I've been going round in circles trying to sort it out.

Sorry again I don't really understand that,can you ask your solicitor to explan,