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Remortgaging In Wifes Name Only


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#1 beachball75

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Posted 18 March 2012 - 01:18 PM

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

#2 Democorruptcy

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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.

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A "Governbankment" is a Government that has no line between itself and banks. It diverts public money (our taxes) to private companies (banks). George Osborne's Help to Buy Bail Banks, will see our taxes go to bankers to cover their losses on mortgages that default. The UK's Governbankment will even pay bankers "reasonable repossession fees" on Help to Bail Bank mortgages that default.

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#3 long time lurking

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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 cartimandua51

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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.

Edited by cartimandua51, 21 March 2012 - 10:38 AM.

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#5 longtomsilver

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Posted 22 March 2012 - 06:37 PM

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.


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.
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#6 cartimandua51

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Posted 22 March 2012 - 08:53 PM

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.
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#7 longtomsilver

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Posted 22 March 2012 - 10:43 PM

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 :rolleyes:
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.

#8 Son of Taeper

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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)
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These should not be used a a definitive answer to any posts I attempt to answer.




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