My question is related to title deeds and joint mortgages. It is complicated.
There is 2 properties involved and the title deeds will be exchanged by an Order but the mortgages remain in joint names.
What happens to the mortgages if they can't be transferred into sole names?
1) firstly is this UK law?
2)what happens if my name cannot be removed from the flat (this one transferred into ex's name - who went bankrupt in dec 2012) once the total mortgage is paid? Also if if he can't pay it will then be repossessed - what happens if a) there's equity?
b) no equity?
The court order is my ex gets the flat and I get the house. So exchange the properties. Each of us have to endeavour to change the mortgages into sole names. If neither of us can remove each others name from the mortgage.
In long term once the mortgage is paid off totally. Legally where does that leave me with his property? Will it effect me only if he can't pay the mortgage and it goes to repossession? Otherwise the flat is his as the title deeds have been already transferred?
Will he be able to remove my name as he declared bankruptcy in 2012?