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Mortgage & Equity Transfer


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#1 maria elizabeth

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Posted 13 November 2012 - 09:36 AM

Good Morning,

I am posting this on behalf of my daughter who just received PR in Sept 2012. She married EU national in August 2006. Entered u.k in Sept 2006.
Both are holding good jobs in London for the past six years. They bought a joint property on mortgage in 2007. Unfortunately the marriage ended in divorce in August 2011.

At the time of divorce her former husband executed indemnity bond for the joint property undertaking that my daughter would not be held responsible for the mortgage during unforseen circumstances. So my daughter left the house and other belongings behind, bought jointly with their income. Her former husband took the sole custody of the joint property.She is staying seperately paying high rent.

Her former husband is paying EMI regularly for the mortgage. A couple of times he has approached the mortgage company requesting them to strike off my daughter's name from the mortgage based on the clauses of indemnity bond, which the mortgage company is not complying with. Even the bank is reluctan to do so. As his sole pay packet is not coming in the perquisite range required when it was sanctioned initially with both their salary put together, the mortgage company and banks are refusing to strike off my daughter's name.

Recently her former husband got married again. Is it possible to replace his second wife's name in the mortgage thereby making my daughter free from this mess ? My daughter did not get any alimony from her husband although she used to hand over her entire salary to him till the split.

She wants to buy her own property now. She is in a dilemma as no mortgage comapany would be willing to lend her unless she is is free from the liability of her previous mortgage. I would appreciate your prompt valueable advice and suggestions in this matter.

Thanking you in advance.

With Regards,

Maria



#2 Victoria

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Posted 13 November 2012 - 10:09 AM

As this is not an immigration matter I doubt that anyone here is expert enough to answer.

#3 casualwalks

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Posted 13 November 2012 - 11:45 AM

Try the housing forum on money saving expert. There are numerous mortgage advisers who post on that forum. http://forums.moneys...isplay.php?f=16




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