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Thank you for your question
My name is Clare
I shall do my best to help you but I need some further information first.
How much is the house worth and how much is outstanding on the mortgage?
Is the Nat West loan paid up to date?
It is in fact possible to negotiate with the Trustee if you believe that the property is over prices.
When calculating the 50%, discount should be given for the costs of sale and court costs in forcing the sale when calculating the amount due.
1. This is not an unusual situation and the Mortgage will simply continue - it will not be called in
2. Your neice will have to negotiate with the Nat West - and no they will not writ the loan off given the equity in the property. However she will then be liable for the full debt and must budget accordingly
3. Your niece should obtain a Financial Order within the divorce proceedings confirming that the Matrimonial Home belongs to your niece alone and dismissing any claims they have against each other
I hope that this is of assistance - please ask if you need further details
At the time the solicitor was correct - but now your Niece needs to ensure that her ex can make no further claim on her
In fact it is - assuming she has not remarried.
She will need to have a Consent Order drawn up dismissing all claims they have against each other.
She and her ex will have to sign this - and sign Statements of Information for a Consent order - and send them to the court with a £95 fee.
I gave up in the third set1
You can always ask follow ups - or ask for me if you start a new question!