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dougal
Starting Member
United Kingdom
10 Posts |
 Posted - 20 March 2009 : 14:25:30
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| hi john, my now partner and i are hopful to buy the bi and are seeing someone next week so that he buys it and then gets put on my mortgage and the ex took off. is this possible? |
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John
New Member
United Kingdom
73 Posts |
Posted - 20 March 2009 : 22:32:51
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Hi dougal
sorry to have taken so long to reply, a long and busy day.
I'm not quite clear what your plans are here perhaps you could give a little more detail please.
Are you both applying for a new joint mortgage to pay off the existing mortgage and pass a sum equal to half the remaining equity in the property to the IP dealing with your ex husband's bankruptcy?
John White
England Jackman & Spacey |
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dougal
Starting Member
United Kingdom
10 Posts |
Posted - 21 March 2009 : 15:59:04
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| hi john, we are hoping to borrow money firstly by keeping exsisting mortgage and borrowing additional to pay the ip the bi ending up with my partner on my mortgage and the ex off it. got two apps mon and tues to see hw mch we can raise. other option is to borrow money and pay off my mortgage and bi and start afresh . you have been a lifeline to me with your advise and i cant thank u enough. have a nice weekend...julie |
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John
New Member
United Kingdom
73 Posts |
Posted - 21 March 2009 : 18:30:12
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Hi
I'm not a mortgage broker but I'm not sure that you can easily replace your ex husband's name on the existing mortgage with your partner's. I guess that's a matter of discussion with your mortgage lender and your ex.
If you went for the new loan in the names of you and your partner that would work as would your partner obtaining a secured loan in his name and buying the BI from the IP.
It's just the technicality of having your ex's name removed from, or replaced, on the current mortgage that I'm not sure of.
Thank you also for your kind words Julie, it has been my pleasure and you know where I am.
John White
England Jackman & Spacey |
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dougal
Starting Member
United Kingdom
10 Posts |
Posted - 24 March 2009 : 16:08:29
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| Hi John, I have now replied to acknowledge receipt of ip letter but I was wondering if you can help with this ...On reading the ip letter over and over ,it states that the ip has an interest in my property and this interest will continue after my ex husband has been discharged from bankruptcy...he then goes on to ask if i would like to make a reasonable offer for his interest. If I buy his interest why will his interest continue , I am confused. Can you help? Thanks, Julie |
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John
New Member
United Kingdom
73 Posts |
Posted - 24 March 2009 : 20:26:57
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Hi
it won't.
I agree it's not worded very well but the IP has an interest which lasts for up to 3 years, and therefore obviously beyond discharge. But ONLY if you do not buy the BI.
If you do then the IP will have no further interest from that moment.
John White
England Jackman & Spacey |
Edited by - John on 24 March 2009 20:27:23 |
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dougal
Starting Member
United Kingdom
10 Posts |
Posted - 24 March 2009 : 20:52:02
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| Hi john just a thank you and I shall leave you to help someone else....I shall keep you posted thanks again ,Julie |
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John
New Member
United Kingdom
73 Posts |
Posted - 24 March 2009 : 20:57:35
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Hi julie
please....you are welcome anytime and yes please do keep us informed.
John White
England Jackman & Spacey |
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hello john
