Re Mortgage hold up HELP

Hi My husband and I are in the process of re mortgaging the family home rolling loans etc. But our legal rep is holding the process up and has done so for the past 6 weeks due to the fact that the property is solely in my husbands name and we have applied for the mortgage in both names. This is the third time we have re mortgaged and this was never an issue before I recieved independant advice on both occasions. Our solicitor said she had to inform the lender who had no problem til she did so and now we are more or less at a stand still. Is this right or are we going to faced with putting the house in Joint names at considerable expense to us and at considerable gain to our solicitor

Many banks will accomodate mortgage applications where two are on the mortgage but only one is on the title. But not all do. You need to check with the lender directly to see if they will agree to this arrangement. If not, you'll either have to go to another lender or switch the property into joint names.

Have recieved letter from lender via our solicitor stating that it is an issue with them and to please advise ? I have told our solicitor to tell them that the property was in my husbands name pre meeting me and it is now the family home for the past 9 years I hope they accept this as not in a financhial position to go the legal route at moment. I just need this to be sorted as our fianianchial position is worsening by the day.

walshbernie2 said:

Have recieved letter from lender via our solicitor stating that it is an issue with them and to please advise ? I have told our solicitor to tell them that the property was in my husbands name pre meeting me and it is now the family home for the past 9 years I hope they accept this as not in a financhial position to go the legal route at moment. I just need this to be sorted as our fianianchial position is worsening by the day.

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"Is this right or are we going to faced with putting the house in Joint names at considerable expense to us and at considerable gain to our solicitor"

Everything has changed. What was acceptable to a lender five years ago is not acceptable now. This ( transfer to joint names) is not an expensive thing to do.

Your legal advisor has responsibilities and obligations to your lender too. They would be at some risk themselves personally if they did not advise the lender that their (presumably) misunderstanding about the property being in joint names is just that.

It is important to do these things right. Your deepening financial position is not a good enough reason to overlook obligations and responsibilities. If anything, its a very good reason to deal with them.

mf

If the lender as a matter of policy doesn't accept two names on mortgage with one on title, then it might be easier for you to choose a lender who does, rather than trying to convince them to change their lending poicy.

But as mf1 suggested, switching the property to joint names would also be an option and perhaps not a terribly expensive one. Have you asked your solicitor what the additional cost would be?

on a related note. can anyone clarify what happens when someone gets married after getting a mortgage as first time buyer in his own name say 6 months or a year later. do you have to notify revenue etc of the other person and the bank? the other person is not a first time buyer so would I loose all the first time buyer benifits with revenue etc on marriage?

WalshBernie, if you are in a bad financial way (3rd time remortgaging) why don't you do the money makeover section on this website to get some advice on dealing with your finances.

Bronte said:

WalshBernie, if you are in a bad financial way (3rd time remortgaging) why don't you do the money makeover section on this website to get some advice on dealing with your finances.

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The same thought crossed my mind. Also there are reports that the banks are starting to take a dislike to topups, restricting them to a max of 75% of the properties value.