I've been to solictor who said its up to bank and I've been to bank who said its upto solictor. !
Hi
I have also been advised by solicitor that they cannot change title deeds into my sole name without bank approval (and obviously ex approval).
Hmmm With greatest respect I think your solicitor is wrong about the title deeds, I have recently gone through exactly the same situation with my ex. bascially there are two deeds 1. title deed to property 2. mortgage deed.
Once the partner is willing to play ball it is straight forward, in my case my ex signed a deed of transfer relating to the property disclaming all rights to the property- Ulster bank had no problem with this as it does not matter to them if one or both parties have ownership of the property because they bank always have first claim to the property regardless.
it is the mortgage deed which is a seperate legal document, that the bank will not let the parties out off to handy as this is the contract which gives the bank power to chase both parties jointly and severally for any money owing.
In my case the bank were agreeable to let me take my ex of the mortgage and keep my tracker, provided I could qualify for a mortgage in my own right, (which at the moment I can't) so for the present I gave my ex a deed of indemnity, absolving the ex from any liability for the mortgage and me agreeing to be fully liable until such time as I could afford to get my ex off the mortgage- NOW- a deed of indemnity for the mortgage does not prevent the bank from chasing my ex should I default on the mortgage, but it is the best legal protection/cushion that is available in a negative equity mortgage situation.
All of this was rubber stamped by the circuit court as part of a divorce deal- my best advice is anything is possible where the parties are agreeable
Hi
I have also been advised by solicitor that they cannot change title deeds into my sole name without bank approval (and obviously ex approval).
Hmmm With greatest respect I think your solicitor is wrong about the title deeds, I have recently gone through exactly the same situation with my ex. bascially there are two deeds 1. title deed to property 2. mortgage deed.
Once the partner is willing to play ball it is straight forward, in my case my ex signed a deed of transfer relating to the property disclaming all rights to the property- Ulster bank had no problem with this as it does not matter to them if one or both parties have ownership of the property because they bank always have first claim to the property regardless.
it is the mortgage deed which is a seperate legal document, that the bank will not let the parties out off to handy as this is the contract which gives the bank power to chase both parties jointly and severally for any money owing.
In my case the bank were agreeable to let me take my ex of the mortgage and keep my tracker, provided I could qualify for a mortgage in my own right, (which at the moment I can't) so for the present I gave my ex a deed of indemnity, absolving the ex from any liability for the mortgage and me agreeing to be fully liable until such time as I could afford to get my ex off the mortgage- NOW- a deed of indemnity for the mortgage does not prevent the bank from chasing my ex should I default on the mortgage, but it is the best legal protection/cushion that is available in a negative equity mortgage situation.
All of this was rubber stamped by the circuit court as part of a divorce deal- my best advice is anything is possible where the parties are agreeable
Thanks for this info - very useful.
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