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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34105
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I signed over deed to property to ex through a solicitor but

Resolved Question:

I signed over deed to property to ex through a solicitor but am still on the mortgage, the mortgage lender would not finance her taking over the mortgage so I am still on it.
Does this affect the legality of the deed transfer at all if they were not notified?
Submitted: 2 years ago.
Category: 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.
Could you explain the circumstances in which this happened?
Clare
Customer: replied 2 years ago.

September 2014 my ex advised she said that things were no longer working and that I needed to go. We have 2 children together.

We had a house with mortgage, approximately £350k in value and just over £100k left to pay off where I had decreased the term, increasing the monthly payments but of course paying it off faster with less interest with money being earnt from my business which I started but had for tax and earning potential had her listed also as an equal director.

She was insistent that I left her the house if I was to have ownership outright of the business, which left me stuck as she would have still had maintenance payments and been entitled to 50% of any dividends had I not and so reluctantly but amicably I agreed on the basis of the children not being affected by any drawn out battles etc.

She went off and took on a solicitor who drew up a deed, she signed over the companies house paperwork to relinquish her stake in the business and I in turn theproperty deeds.

However, her intentions were scuppered a little because she could not recieve the credits/benefits she anticipated due to the dividend the received the previous year from the business and so could not demonstrate sufficicent earning potential to apply for a new mortgage and had to leave this as it was - so still a joint, only difference being made is it was adjusted to be collected from her bank not mine.

It was brought to my attention, where unfortunately her care of the children is not as it should be, by someone that the mortgage company would have to be notified of any such change of deed and if they were unable to offer her a mortgage then it would seem unlikely she would have declared any of this to them either.

I hope this provides all you need but ask for any more info which will help.

Thanks

Jamie

Expert:  Clare replied 2 years ago.
Hi
For clarity - was the agreement between you made in writing?
Clare
Customer: replied 2 years ago.

Yes she used a solicitor. So I am sure that is legally binding - however, I am not so sure that they and she did not loverlook the need for the mortgage company to be aware of any such event and whether that could or would impact the agreement?

Expert:  Clare replied 2 years ago.
Hi
In fact the TR1 remains valid despite the fact that the mortgage Company has not been informed
The transfer cannot be registered without the consent and agreement of the Mortgage Company - but that sadly does not invalidate the TR1.
However if you can show that you only agreed to the Transfer on the basis that you would be released from the mortgage THAT could indeed reverse the position.
I hope that this is of assistance - please ask if you need further details
Clare
Customer: replied 2 years ago.

"The parties have agreed that James will transfer all his legal and beneficial interest in the property to Carly in return for her transferring her 50% shareholding in (business....) to *****, *****y having agreed to use her best endeavours to procure James' release from the mortgage."

It was understood that we would need to get to the new financial year for her to obtain the credits she anticipates. However, my understanding is she has literally only just done this, 3 months on and would yet to have obtained a new mortgage, and in some ways wonder if she will but if she does would I know either way as would the mortgage company notify me in anyway.

If she doesnt then that would fall in with what you are saying, if she does is there a time frame whereby your suggestion would be valid up till?

Thanks

Jamie

Expert:  Clare replied 2 years ago.
Hi
Sadly they used the magic words " best endeavours" - however if it still hasn't happened after another year you can ask for evidence of what attempts she has actually made
Clare
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