re mortgaging

[wheelspin]

deleted on legal advice

[peetbee]

No reason why they can't offer. After all, how many times do you get the junkmail offering you preapproved loans and credit cards.
It would only be once someone takes them up on the offer that they would legally have to obtain consent from both mortgagees to proceed

[wheelspin]

deleted

[davidmog99]

As long as the mortgage payments are up to date, nobody can be forced into changing anything mate, unless you are getting divorced, in which case its up to the court to sort out who owns what percentage etc, if the house is to be sold now or later or whatever. Even then they cannot force you into taking another mortgage, thats your decision.
You have been told a load of sh**e. Even if you move out and dont pay another penny of the mortgage, if your name is on the deeds she cant change the locks or anything and you can come and go as you please until its sold.

[Mike Haswell]

Go and speak with your local C.A.B. they will have far better knowledge of these sorts of situations.
This might be of interest though
http://www.remortgage.com/guides/joint-remortgage.php

[jampat2004]

think she needs dumping pal sounds like a right gold digger

[wheelspin]

as above

[Hulk]

Hi,

as a mortgage advisor myself, yes its fine to apply for a joint remortgage without the other persons consent, but you cannot proceed with the offer unless signed by both parties.

To proceed with the offer, both of you would have to sign the mortgage declarations.

Craig

[wheelspin]

as above

[Hulk]

Originally Posted by wheelspin

Mortgage was paid off 11 years ago as was the one on the previous house.
The house has been for sale for 4 years but in this market no buyers.
She wants to buy me out for £120k I said no way am I leaving her in this house worth £235k while I have to find somewhere for 120k.
The kids are in their twenties and left home so she does not need this space anymore. Interestingly I have found out she may have exagerated her income by £200 pw and not disclosed her ability to blow the lot on clothes every month. I may have to tell her bank this.

In this case then your safe. By the sounds of it she's wanting to apply for a remortgage/transfer of equity (TOE) to buy you out and transfer the deeds into her name only.

She can apply for this but for anything to happen she would need solicitors to carry out the TOE. They cannot take your name off the deeds or proceed with the remortgage unless you sign all the legal paperwork.

[Hulk]

Most banks these days will only proceed with the offer after full assessment of her income, so if she has over stated her income then she should get cought out.

Every application i put through now requires at least a latest payslip and bank statement for the mortgage to proceed. If the applicant over states their income and the case falls outside affordability/income multiples then it should be declined.

[wheelspin]

reason above

[Hulk]

Overtime can be used as allowable income but usually its only accepted if evidenced by at least one years p60 and three months payslips to prove consistency. The underwriter normally takes an average of the last three months overtime to assess the application.

The problem youve got is each individual bank has its own lending policy and underwriting criteria. Sometimes underwriters overlook certain cases which end up slipping through the net.

[mattybucks]

Originally Posted by wheelspin

This is the problem. I have told her no way and am now being threatened with her brother in law who is a solicitor who will do all her work for free untill I have no money to reply. See why I hate her family.
Will the false income declaration go against her.

I think you have to rake some independent legal advise. If her brother in law is a solicitor then he has to act professionally no matter who his client is. He needs to be a member of the law society to be able to practice.

http://www.lawsociety.org.uk/home.law

http://www.sra.org.uk/solicitors/solicitors.page

[CBRDEAN0]

Go and have a chat with a solicitor and have a hold put on the property with the land registry.

Once you have registered a legal right to the property (or a proportion of the property ) no bank or building scociety will touch it with a mortgage until you release the interest in the property.

[Welshy40]

Personally i would contact the bank or lenders and state the obvious - not signing an agreement. Sell the place and take your share or if she cheated then legal advice. Lawyers cannot threaten you so take advice now whilst you have a chance.

[Fast Eddie]

If it turns out she is due half the house then you can either sell and take half, which when you deduct fees and have the grief could land you with £120k max but probably less
or
Take her £120k, I'm sure it will be tough to see her live there but at the end of the day you need to come out in the best financial situation possible. You could even barter the best furniture out of it as she will prob do anything to keep the place thinking she is getting one over.

[superdez]

Take the £120k (if she can get the mortgage) and walk away. You say the house is worth £235k, it is clearly not worth as much as you think it is, hence being on the market for 4 years.

Invest the £120k in gold, silver, mining and oil stocks rent a place in the meantime and get on with your life.

[pro4nut]

She will get at least half in any settlement, my mum took 75% of the house value plus 25% of his pension fund from my dad and he had to pay all her legal fees. By the end of it all the house was sold for under market value and neither of them could afford to buy a place of there own, as she also claimed for the loss of earnings and career progression caused by having to give up work while raising her children. Take what you can and go honestly its not worth the bother.

[ian h]

Can you not buy her out for £120k. At least offer and see how she reacts to that.