Transfer joint unregulated mortgage to sole name.

[janed07]

Hello Everyone,

This is my first time here. Brilliant place.

I have a few questions: Has anyone managed to to transfer their pre 2004 unregulated mortgage into their sole name when divorcing? My ex has said that I can have the house but we took our mortgage out prior to October 2004 when the FSA began to regulate the mortgage industry. I have a joint mortgage at a very low rate and wish to keep the rate and get the house into my sole name. My Mortgage comapny (GE Money) have said that it cannot be done as I have an UNREGULATED mortgage!

I know that post 2004 it is possible and only ever see advice for mortgage taken out after this time.

I really do not want to remortage as I will not get a good rate. I pay everything for the house by myself and have a good income and am able to manage.

What are the implications of keeping my ex's name on the mortgage? Can I change the title deeds and if so does this mean the house is in my name only and he will not have any future claims to the house?

Any advice would be really appreciated as I am in total limbo land at the moment and unable to move on until this is sorted out one way or another.

[Hurricane Puffrose]

Re: Transfer joint unregulated mortgage to sole name.

Hiya Jane,
I don't know if you've been welcomed before, but welcome to LB!

Sorry that its taken a while for you to get a response, we havent been ignoring you, just waiting for the experts to come in.
I will pop a note through to say you're still waiting for an answer as Mortgages are not my strong point.

Again, sorry its taken a while, but the cavalry are on the way.. promise!!

[Celestine]

Re: Transfer joint unregulated mortgage to sole name.

Hiya

I know little about unregulated mortgages, but if your current lender says NO, then that is their answer and there will be little to change their minds in this climate.

With regard to your ex remaining on the mortgage, well, what is your relationship like? If he does not need to borrow to mortgage a new property, if you get on, then I believe you can ask a solicitor to draw up a contract, using The Trusts of Land and Appointment of Trustees Act 1996.
http://www.legislation.gov.uk/ukpga/1996/47/contents

These agreements can set out the true ownership of a property, (rather than the assumed 50/50) it is often used when non married persons jointly purchase property and put differing deposit amounts down. I myself used just such a contract and it protected me when the relationship later broke down and he tried to get greedy lol. However, in the event of a dispute, you would need to engage a solicitor to sort it out through mediation or court hearings.

Naturally, you would take on the mortgage payments alone and continue the mortgage until the property is sold or the debt paid off.

Good luck

[valeriej43]

Re: Transfer joint unregulated mortgage to sole name.

Not sure if this is the right thread, but its concerning mortgages, i posted in another thread a while ago,about a friend who was having problems getting a divorce, due to property being sold before she could get one, that is now sorted,she got her divorce without the need for that[ it was bad solicitor advice]
The problem now ,is that she has moved into one of the properties, having been told earlier it was her divorce settlement, but when she went to the bank to sort out mortgage arrangements, she was told it was in receivership and she couldnt keep the house, her ex had not paid the mortgage for several months,she is now worried sick,
The bank said she could make the arrears up by adding extra payments to the mortgage, if she paid a a payment within the next week, but when she took the money in, she was then told, no it has to go, you cant keep the house,
I think she should see her solicitor, but she says its up to the bank
She has had to have some repairs done, and bought some new furniture, thinking she was now settled,
The Skipton has been informing her ex of what is happening, but she has had no word at all from them, even though her name is on on the house too,
Her husband is a rat, he gave her the account no, for the bank knowing full well what was going to happen, he had already moved her out of her previous house, with 2 days notice, and moved someone else in who was paying rent,
It is a very complicated situation, as he owns several properties, and is behind with all the mortgages, so all might have to be sold,
Surely a court wouldnt take her home off her when the mortgage payments could easily be made up
Any advice welcome please

[janed07]

Re: Transfer joint unregulated mortgage to sole name.

Thanks for your replies. I am no further forward and think I will have to sell my house as I will forever be in limbo otherwise.

Not sure if this is the right thread, but its concerning mortgages, i posted in another thread a while ago,about a friend who was having problems getting a divorce, due to property being sold before she could get one, that is now sorted,she got her divorce without the need for that[ it was bad solicitor advice]
The problem now ,is that she has moved into one of the properties, having been told earlier it was her divorce settlement, but when she went to the bank to sort out mortgage arrangements, she was told it was in receivership and she couldnt keep the house, her ex had not paid the mortgage for several months,she is now worried sick,
The bank said she could make the arrears up by adding extra payments to the mortgage, if she paid a a payment within the next week, but when she took the money in, she was then told, no it has to go, you cant keep the house,
I think she should see her solicitor, but she says its up to the bank
She has had to have some repairs done, and bought some new furniture, thinking she was now settled,
The Skipton has been informing her ex of what is happening, but she has had no word at all from them, even though her name is on on the house too,
Her husband is a rat, he gave her the account no, for the bank knowing full well what was going to happen, he had already moved her out of her previous house, with 2 days notice, and moved someone else in who was paying rent,
It is a very complicated situation, as he owns several properties, and is behind with all the mortgages, so all might have to be sold,
Surely a court wouldnt take her home off her when the mortgage payments could easily be made up
Any advice welcome please

[Nikolai]

Re: Transfer joint unregulated mortgage to sole name.

There are 2 aspects to the transfer. One is transfer of the legal title or ownership. The other is transfer of the mortgage. If the lender refuses to transfer the mortgage, that's final as far as that aspect is concerned. You may still be able to transfer the legal title - it depends on whether the lender has entered a restriction in the title register. If not, you can transfer title subject to the mortgage. That means ownership will be in your sole name but there will still be joint names on the mortgage. You can find out by getting a copy of your title from the Land Registry, or ask a solicitor or law centre to check for you.