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Hi.
I've written on here previously as going through a very bad divorce after being a victim of domestic abuse.
As part of this divorce my wife's dad has offered me a cash sum to sign my share of the house over now so I'm off the mortgage.
I was fine with it as meant kids stayed in their own home but it is now a problem. He has stated....
"Since we last spoke and you provisionally accepted our offer we have been in detailed communication with TSB, the mortgage providers, and Orbit, the housing association, to discuss the way forward on this. Unfortunately, because 55 Maple Fields was a part-ownership property and falls under the help-to-buy regime, the ownership position is determined by the Homes England rules. The upshot of this is that no-one of my age can be on either the mortgage or the rental agreement and there are other restrictions like ownership of another property and income limits. This also means that you will not be released from the mortgage obligation and the rent obligation until the property is eventually sold, which is not likely to be until Toby finishes school in roughly 16 years from now. The court will decide this.
Understanding that this leaves you with a “potential” liability for the mortgage and rent, Laura is prepared to provide you with an indemnity should any mortgage repayments and rent repayments be missed. Clearly, the house will be the security for this and I will also stand behind Laura. You will need to talk to your legal advisers about this"
Is this a legitimate thing? I need to get out and will do whatever I need to do. So they are saying they will pay me the share but I would still be on the mortgage.
They have been getting this through a solicitor.
im really struggling as just want to leave for my own health.
any advice gratefully received.
Thanks
Steve
I've written on here previously as going through a very bad divorce after being a victim of domestic abuse.
As part of this divorce my wife's dad has offered me a cash sum to sign my share of the house over now so I'm off the mortgage.
I was fine with it as meant kids stayed in their own home but it is now a problem. He has stated....
"Since we last spoke and you provisionally accepted our offer we have been in detailed communication with TSB, the mortgage providers, and Orbit, the housing association, to discuss the way forward on this. Unfortunately, because 55 Maple Fields was a part-ownership property and falls under the help-to-buy regime, the ownership position is determined by the Homes England rules. The upshot of this is that no-one of my age can be on either the mortgage or the rental agreement and there are other restrictions like ownership of another property and income limits. This also means that you will not be released from the mortgage obligation and the rent obligation until the property is eventually sold, which is not likely to be until Toby finishes school in roughly 16 years from now. The court will decide this.
Understanding that this leaves you with a “potential” liability for the mortgage and rent, Laura is prepared to provide you with an indemnity should any mortgage repayments and rent repayments be missed. Clearly, the house will be the security for this and I will also stand behind Laura. You will need to talk to your legal advisers about this"
Is this a legitimate thing? I need to get out and will do whatever I need to do. So they are saying they will pay me the share but I would still be on the mortgage.
They have been getting this through a solicitor.
im really struggling as just want to leave for my own health.
any advice gratefully received.
Thanks
Steve
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