nonamegame
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I am legally separated.
I am in process of divorce. Mortgage is in both names.
You really need to talk to your solicitor about this, especially given the fact that the property will presumably be subject to the restrictions laid down by the Family Home Protection Act until after divorce has been settled. Unless that was already dealt with via the Judicial (?) Separation Agreement?Tracker is moving to AIB. So maybe I can apply in my own name for a mortgage then?
My salary 2668.00 pm net.
O/s mortgage - approx 315,000
I have old Kerry Shares value after CG about 120,000 at todays rates.
You're right there, Ted!So the figures don't add up.
€160k + €120k = €180k.
No Brendan. This has been dealt with in the separation agreement. No claim to house, fully signed over. No claim to shares - as these were an inheritance to me. The separation agreement has agreement paragraphs re: house signed over, any inheritances etcPresumably he has some claim on the house and on your shares. Unless he has assets himself.
But his name is still on the mortgage?No claim to house, fully signed over.
But his name is still on the mortgage?
That seems odd?
I want to be able to save money and have a more manageable mortgage payment.
Tracker Mortgage is Ubank ECB+ 1.15%. Current rate 3.15%.
Does the separation agreement not say who is responsible for the mortgage payments?The separation agreement has agreement paragraphs re: house signed over, any inheritances etc
Thank you I will for sureI think you should have a chat with Ulster Bank.
You have a current Loan to Value of 112% ( €315k/€280k )
Offer to bring that down to 90% by paying €65k off the mortgage on condition that they allow your ex off the mortgage.
They will probably refuse. But there is no harm in asking.
I suggest starting at 90% but be prepared to pay the full amount off it.
Even if the house is in your sole name, it really is beneficial to both of you to get his name off the mortgage. You will not need his consent to fix the rate or switch mortgage. He would find it easier to borrow if he didn't have a big mortgage.
Brendan
I pay the mortgage. He is not in the picture.
Does the separation agreement not say who is responsible for the mortgage payments?
I'm not expert but it seems strange that it would be silent on this point.
He is indemnified against all monies owed to the mortgage ( payments, arrears etc ). I agreed full responsibility for payment of the home loan.But his name is still on the mortgage?
That seems odd?
What did the separation agreement and/or solicitor at the time say about that?
Bear in mind also that because we still don't really have "clean break" divorce in Ireland, never mind separation, some issues could still be revisited and reopened by either spouse.
Your solicitor should be able to advise on how best to mitigate any risks in this context.
They should also be able to advise you on his to get his name off the mortgage.
But Brendan has already outlined why the may be tricky given the numbers...
It is CG treatment if you sell on on the grey market.Slightly off topic but you mention Capital Gains in relation to the 'old' Kerry Group shares. Do you mean Kerry Co-op shares? AFAIK they are now subject to Income tax when converted to Kerry Group Shares and not Capital Gains.
correctThe usual practice is that he signs away his claim on the house and she agrees to pay the mortgage, which is what appears to have happened here.
Brendan
Phoned them Brendan.Thank you I will for sure
I rang Mortgage Operations and asked re: if I paid of 70K off
This would bring the LTV to 58%
O/s mortgage - approx 315,000 / 22 years. House Value approx 280,000.
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