Bank has agreed to take my husband's ex off the mortgage, but is now messing around

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Rachie

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I would be grateful if someone could give me some advise on a complicated mortgage issue.
My husband bought his house with his ex many years ago, fast forward, we are now married, living in that same house. His ex has agreed to come off the mortgage deeds and signed a waiver to that effect via her solicitor reneging all rights to to the property. After months of constant queries back and forth,provision of documentation, proof of savings, the bank were in agreement to him taking over the mortgage in his own name. On top of that they put a stipulation in place that he has to fork out €20k against the mortgage for them to approve it. Its now 5 months on and his solicitor has chased the bank 3 times and the deeds were on the way, now the bank have come back and are requesting all the documents again..and reviewing his case again. We both cannot understand why this is happening especially when they said it was approved and the deeds would be released.
This isn't one of the main banks as he got the mortgage through a broker but judging by what i have seen so far, i would not recommend anyone to attempt to go to this lender, they seem incompetent and disorganized.
Surely no other bank carries on in this manner?
I am pregnant and its causing serious stress at home. We are hoping to get the mortgage approved in his name, then sell the property as the house is not suitable for a baby. We want to buy our own house. Will there be any repercussions provided he manages to get the mortgage approved in his own name? Any help would be really appreciated.
 
If you are selling the house, why do you want the ex's name off the mortgage?

Is it in negative equity or do you have a cheap tracker?

When you say that the bank agreed to this, do you have that agreement in writing?

The banks' admin procedures are very cumbersome. They all mess around like this especially where there is a mortgage or a change to the names on a mortgage involved.

Brendan
 
Apologies i didn't really explain it very well. He had split from the ex a few years before meeting me, she was gone, and he was left paying the mortgage on his own. So he met me, and i moved into his house and we got married.
The ex was still on the deeds but long gone. So the ex now is with someone else and wants to buy so she has agreed to come off the deeds of my husbands house and will walk away and doesn't want anything, think she just wants to move on.
She doesn't care what he does with the house, she just wants off the deeds to move on.
The second question you ask is key, yes its a tracker mortgage. And we are hoping that if the bank approve my husband to take on the mortgage himself that we can then flip it whereby he can sell it and we buy a family home together that's nearer my family and more suitable for a baby and hopefully keep the tracker or a portion of it.
The house is not in negative equity but they agreed everything via his broker on the proviso he puts up a fair amount of cash off the principal outstanding, which my husband agreed to.
I just cannot see how it was approved via the broker, they were releasing the deeds and all was good to go, now all of a sudden its rehash again of paperwork.
Incidentally is there an issue with getting the approval then putting the house up for sale?
Its not for financial gain its for practicality.
 
It appears to me that because it dragged on for so long, the paperwork that the banks have are now out of date and they want their files up to date before they will do anything. Banks have done a full 180 when it comes to compliance. During the Celtic Tiger, there was little to no compliance and paperwork was at a minimum. Now they insist on having files 100% as required. You should find that if you get them the updated documents, the case will be put through pretty quickly.

Steven
www.bluewaterfp.ie
 
Hi there, would the documents provided though be that out of date? This process has been going on for circa 4 months now.
And whats more odd is that they said to the broker, it was full steam ahead and they were releasing the deeds. When the solicitor chased up with them twice they said they would send them out, now all of a sudden when the pressure is put on them to actually send the deeds as they agreed, they are now looking for everything again? I have bought and sold houses in my time prior to meeting my husband and i have never seen this carry on.
 
Which bank is it?

You are going to too much trouble if it's not one of the lenders which allow you to transfer your mortgage.

Also provide the following information:

Amount left on the mortgage
Value of existing house
Rough value of house you want to buy

Brendan
 
It's part of EBS... without naming them directly for fear their underwriters trawl these threads.
i think my husband is going to all the trouble as he thinks this lender might let him bring a portion of the tracker when we buy a house
amount left on mortgage - €360
value of existing house - roughly €450
value of house we want to buy - € 450-460

We would be buying the new home in both our names, i earn circa 51 and husband earns 80
Both good savers, no debts.
 
I don't understand what you mean "part of EBS".

EBS is part of AIB and they do have a valuable tracker mover product, so it's worth going for.

Then to keep it simple, it's best to get the tracker and the house deeds into your husband's own name before the next step of moving home.

Rachie said:
The house is not in negative equity but they agreed everything via his broker on the proviso he puts up a fair amount of cash off the principal outstanding, which my husband agreed to.
Click to expand...

Have you this in writing?

EBS was under no obligation to allow your husband's ex off the mortgage. Fair play to them for allowing it.

I would not consider €20k cash off a €360k mortgage to be a "fair amount of cash".

If you have the deal in writing or by email, you should be able to enforce it.

If you don't, it was probably an informal chat between the broker and EBS where they said "that will probably be ok, subject to formal approval" which the broker forgot to mention to you, or which you have forgotten.

If it's not in writing, then just process the paperwork again.

Brendan
 
No my husband hasn't got it in writing yet and yes i think it might have been verbal discussions between the broker and the bank. My husbands ex never paid anything towards the mortgage when she left, she just left him to pay it all himself and he has done so comfortably all this time.
If the bank turn him would you see any alternative? Given the fact the ex wants off the deeds and has signed a waiver to that effect.
 
Hi Rachie

Don't jump the gun here.

Focus all your energies on getting the paperwork together to allow the property to be transferred into your husband's sole name and for the ex to be taken off the mortgage.

That is a time-consuming legal process and administrative process so stay focused on it.

Brendan
 
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