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Hi,
Currently, my wife and I are both on the mortgage and on the deeds. We need to remortgage but this has turned out to be impossible due to my having bad credit from a few years ago. The reason we need to remortgage is that our current mortgage (5yr, interest only) has reached the end of it's term and we want to switch to a repayment mortgage for the same amount. Together we run a business and own 50% shares each, decent 3 year accounts available.
My wife has obtained an agreement in principle as the sole applicant for a new mortgage. In 2 years, the bad credit will drop off my file and we can put things back to normal.
Basically, we want to proceed on this basis, but before she makes the full application, I'm guessing we need to get my name off the deeds and the current mortgage because I can imagine that once the underwriters see my name on the current mortgage and land reg info, they'll decline or start asking questions, etc.
Is this possible?
Beachball75
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Remortgaging In Wifes Name Only
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#2
- Two men who have robbed savers
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Posted 18 March 2012 - 01:28 PM
I don't know about the deeds thing but can I suggest over the next two years you buy her plenty of flowers, take her out more for meals, don't criticise her family, keep telling her how lovely she looks, I know this last one will be hard.... but.... let her have the TV remote control now and again.
If you say "democorruptcy" quickly, it sounds a bit like "democracy". In a "democracy" people vote for politicians who represent their interests. In the UK's "democorruptcy" people can only vote for expense fiddling thieving MPs who are in the hip pocket of big business and the finance sector.
The Funding for Lending Scheme (FLS) is stealing from savers to make them pay for crimes by bankers. Via lower interest on savings, all the bank fines for PPI, LIBOR and interest rates swaps are now being paid by savers so that bankers can keep pocketing bonuses.
"We need to make a really big change: from an economy built on debt to an economy built on savings" - David Camoron Jan 2009
"Printing money is the last resort of desperate governments when all other policies have failed" - George Osborne Jan 2009
- So what do Camoron & Osborne do? Print money and leave interest rates at 0.5% when inflation is over 5%
If it is asserted that civilization is a real advance in the condition of man -- and I think that it is, though only the wise improve their advantages -- it must be shown that it has produced better dwellings without making them more costly; and the cost of a thing is the amount of what I will call life which is required to be exchanged for it, immediately or in the long run.
http://classiclit.ab...en-Part-2_4.htm
Did you recognise the two robbers in my avatar? Clue: One got a knighthood and inflation linked pension, the other a 150 year prison sentence.
The Funding for Lending Scheme (FLS) is stealing from savers to make them pay for crimes by bankers. Via lower interest on savings, all the bank fines for PPI, LIBOR and interest rates swaps are now being paid by savers so that bankers can keep pocketing bonuses.
"We need to make a really big change: from an economy built on debt to an economy built on savings" - David Camoron Jan 2009
"Printing money is the last resort of desperate governments when all other policies have failed" - George Osborne Jan 2009
- So what do Camoron & Osborne do? Print money and leave interest rates at 0.5% when inflation is over 5%
If it is asserted that civilization is a real advance in the condition of man -- and I think that it is, though only the wise improve their advantages -- it must be shown that it has produced better dwellings without making them more costly; and the cost of a thing is the amount of what I will call life which is required to be exchanged for it, immediately or in the long run.
http://classiclit.ab...en-Part-2_4.htm
Did you recognise the two robbers in my avatar? Clue: One got a knighthood and inflation linked pension, the other a 150 year prison sentence.
#3
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Posted 18 March 2012 - 01:51 PM
What, he said ^^^^^ and if you are lucky she will let you put them back on the mortgage after two years, and if you do all the above and that fails your fecked ,but on the bright side you won`t have to worry about the mortgage cost`s
#4
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Posted 21 March 2012 - 10:34 AM
I was in a similar situation 10 years or so back; you can draw up a deed of trust so that you are still entitled to half the net proceeds. An equitable interest can be registered at the Land Registry, which would put any solicitor doing a search on the alert, but a trust deed (possibly, though not advisedly, even a back of an envelope job as long as it's in writing) would anyway enable you to sue for your share of the net proceeds if everything went pear-shaped.
I recently had to get my name off the mortgage & house deeds and into my ex-partners; it took 8 months!! Mind you that was Mortgage Express who at present seem to be being run by one man and a dog. They completely lost all the paperwork for a start.....
This is my experience, but as always IANAL, DYOR etc
With anything to do with land transfers it's probably worth springing a hundred quid or so on a quick solicitor's consultation.
I recently had to get my name off the mortgage & house deeds and into my ex-partners; it took 8 months!! Mind you that was Mortgage Express who at present seem to be being run by one man and a dog. They completely lost all the paperwork for a start.....
This is my experience, but as always IANAL, DYOR etc
With anything to do with land transfers it's probably worth springing a hundred quid or so on a quick solicitor's consultation.
This post has been edited by cartimandua51: 21 March 2012 - 10:38 AM
#5
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Posted 22 March 2012 - 06:37 PM
cartimandua51, on 21 March 2012 - 10:34 AM, said:
I was in a similar situation 10 years or so back; you can draw up a deed of trust so that you are still entitled to half the net proceeds. An equitable interest can be registered at the Land Registry, which would put any solicitor doing a search on the alert, but a trust deed (possibly, though not advisedly, even a back of an envelope job as long as it's in writing) would anyway enable you to sue for your share of the net proceeds if everything went pear-shaped.
I recently had to get my name off the mortgage & house deeds and into my ex-partners; it took 8 months!! Mind you that was Mortgage Express who at present seem to be being run by one man and a dog. They completely lost all the paperwork for a start.....
This is my experience, but as always IANAL, DYOR etc
With anything to do with land transfers it's probably worth springing a hundred quid or so on a quick solicitor's consultation.
I recently had to get my name off the mortgage & house deeds and into my ex-partners; it took 8 months!! Mind you that was Mortgage Express who at present seem to be being run by one man and a dog. They completely lost all the paperwork for a start.....
This is my experience, but as always IANAL, DYOR etc
With anything to do with land transfers it's probably worth springing a hundred quid or so on a quick solicitor's consultation.
Is it really that difficult? I'm hoping to get my name off my joint name mortgage (the wife and I)/deeds. I've only an 1% equity stake anyway.
10 years ago we had Steve Jobs, Bob Hope and Johnny Cash - Now we have no Jobs, no Hope and no Cash So, what left? Alcohol.
John Baker, Aberdeen 8/10/2011 22:34
http://www.dailymail...n.html#comments
"the world seems a better place when you're wearing beer goggles".
Quote buried in same article from 27 year old female subject painting the town of Cardiff red on a booze fuelled night out.
John Baker, Aberdeen 8/10/2011 22:34
http://www.dailymail...n.html#comments
"the world seems a better place when you're wearing beer goggles".
Quote buried in same article from 27 year old female subject painting the town of Cardiff red on a booze fuelled night out.
#6
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Posted 22 March 2012 - 08:53 PM
30k, on 22 March 2012 - 06:37 PM, said:
Is it really that difficult? I'm hoping to get my name off my joint name mortgage (the wife and I)/deeds. I've only an 1% equity stake anyway.
It shouldn't be; but the mortgage company have to assure themselves that they are not losing any element of security by only having one person to chase in case of default. If you you get a "tick-box" jobsworth dealing with the forms they can bounce backwards and forwards for ages.
#7
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Posted 22 March 2012 - 10:43 PM
cartimandua51, on 22 March 2012 - 08:53 PM, said:
It shouldn't be; but the mortgage company have to assure themselves that they are not losing any element of security by only having one person to chase in case of default. If you you get a "tick-box" jobsworth dealing with the forms they can bounce backwards and forwards for ages.
Thanks for the headsup. I'm unemployed and was so at the time we made our application but they insisted on it being a joint application??? won't get much from me of the wife defaults
10 years ago we had Steve Jobs, Bob Hope and Johnny Cash - Now we have no Jobs, no Hope and no Cash So, what left? Alcohol.
John Baker, Aberdeen 8/10/2011 22:34
http://www.dailymail...n.html#comments
"the world seems a better place when you're wearing beer goggles".
Quote buried in same article from 27 year old female subject painting the town of Cardiff red on a booze fuelled night out.
John Baker, Aberdeen 8/10/2011 22:34
http://www.dailymail...n.html#comments
"the world seems a better place when you're wearing beer goggles".
Quote buried in same article from 27 year old female subject painting the town of Cardiff red on a booze fuelled night out.
#8
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Posted 23 March 2012 - 03:07 PM
Been there myself a few years back when my credit rating was worse than my wifes.
I had no debts at all and ran a fluid business, but all the bills went out in my wifes name even though she was not working.
I'd suggest you get as many bills in your own name as possible. (need to pay them off as soon as they come through the door though)
I had no debts at all and ran a fluid business, but all the bills went out in my wifes name even though she was not working.
I'd suggest you get as many bills in your own name as possible. (need to pay them off as soon as they come through the door though)
The views expressed in my posts are my own based upon what I read on other information supplied by other HPC members.
These should not be used a a definitive answer to any posts I attempt to answer.
These should not be used a a definitive answer to any posts I attempt to answer.
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