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Ask Clare Your Own Question
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34105
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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I am in the process of separating from my wife. When we

Resolved Question:

I am in the process of separating from my wife.
When we got together I owned two houses and she owned one. When we married that was how things stood, we lived in her house. While we were married we moved to a new house which we had to take a joint mortgage to pay for as she couldn't get a mortgage on her salary alone.
Now that we are separated I am worried about her ability to pay the mortgage. This leads to the further worry that if she defaults my own houses may come under threat as all three mortgages are with the same lender. The bank tell me I cannot be just removed from the mortgage and that my wife will have to get a mortgage herself and buy me out.
I have no interest in the equity in the house as the deposit was paid by her from the profit she made selling her last house, I am only looking to protect my own investments.
Legally is there any way I can make a case to be removed from the property mortgage? If not is there any way I could push her to sell the property or remortgage it in her name alone, with a guarantor if necessary?
Submitted: 2 years ago.
Category: Family Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
How long have you lived together?
How much are the properties worth?
What income do you each have?
Clare
Customer: replied 2 years ago.

Hi Clare

We lived together for about 2 years, married in February 2014, bought the joint house in May 2014.

My properties have a combined value of about £210,000 with mortgages of about £140,000.

The joint house was bought for £355,000, mortgage is currently £273,000.

Alicia earns £36,000 from her job. I earn £25,000 at work and a further £12,000 from the property rentals.

Kenny

Expert:  Clare replied 2 years ago.
Hi
Do you believe that there is a very real risk she will default on the mortgage within the next few months
Clare
Customer: replied 2 years ago.

I think she can cover the mortgage for 3 months, then I think there's a very real possibility she will default yes.

Expert:  Clare replied 2 years ago.
Hi
Have you started discussing the financial issues yet?
Clare
Customer: replied 2 years ago.

We always agreed that should we split I would keep my two houses and she would keep the one we shared. We are sticking to that, but I am concerned about the safety of my investment properties if she ends up bankrupt, ideally I would sever all financial ties but if I mention the mortgage she just tells me she can afford it and not to worry.

Expert:  Clare replied 2 years ago.
Hi
The immediate problem is that you cannot start divorce proceedings until February next year
That is - perhaps fortunately - about three months away.
Within the divorce proceedings you can apply for an order that you are released from the mortgage or the property is sold
In the mean time I would suggest that you start the negotiations with your ex using Family mediation
www.familymediationhelpline.co.uk
so that the details are agreed well in advance.
You could take action now using property law - but frankly that will in the end take more time and money.
I hope that this is of assistance - please ask if you need further details
Clare
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