Hi Lucy.

A full credible valuation could well be a useful negotiation tool. Negotiation is a key point here, the same would be important in terms of how any payment was structured between a lump sum and/or monthly payments.

You'll probably want to take legal advice in terms of her future interest in the property. Discharging the trustee from his interest in the property, and her ownership status, are two different things.

Your partner may well want to try to negotiate using his interest in the other property to avoid there being any further interest in the property he lives in.

Hi Guy's.. a wee update of whats happening now - My partner has been speaking with the trustee with regards to the equity in both properties and he suggested to the trustee that he was willing to give them his half of the equity in the other house in exchange for their interest in the property he lives in -this has less equity.They seem keen and want a valuation done to verify - which is being arranged for this week. If the exchange is agreed the trustee will write to the mortgage provider to update them. our question is though will her name still be on the title deeds? and if so I'm guessing it will be costly for a lawyer to have her name removed? any help appreciated [:D]

Hello lucy.

I really think the expense of some legal support will be well worthwhile in this instance. We might be getting close to offering legal advice in this instance which is really outside of the scope of this site (and we're not legal experts).

My instinct is that action will be needed. I'm not sure that it would be a large piece of legal work though if all parties are willing.

It's good to hear that this approach seems to be finding favour with the trust deed firm.

It shouldn't cost too much for a disposition to be arranged and the property to become solely your partner's. I would press to make it part of the deal that the trustee arranges this and pays for it.

Thanks Kevin I'll pass that onto my partner ,we are hoping that will be the case.. The trustee have been in talks with him , once they accept and write to the provider were guessing the inhibition will be lifted then he's hoping to have it solely in his name, he spoke with a lawyer briefly today who said it will cost about £1000 to go to court to take her name off. all seems so complicated [:(]

Hi Lucy

All you need is a signed disposition from the trustee transferring the trustees interest and have this registersed. I see no reason for contacting the mortgage company to have them remove this from joint names into a single name. This could prove expensive and time consuming.

Mark

Thank you for your input much appreciated Mark,Kevin TDA..[:)]

Hi Mark

I have been to see the trustee along with my partner at their offices in Glasgow, they are def interested in the equity he is willing to give them his share out of the property she's in they mentioned that he is in effect is buying her out as the third party and are therefore willing to lift the inhibition order which is fantastic as he/we can move on. however though we're quite concerned that there would be a possibility that she could enter another trust deed at some point, and were back to square 1 if that makes sense.. as her name would still be on the title deeds/mortgage. therefore would it be in my partners interest to hand over the equity? all so confusing!!

Hi Lucy

If the Trustee signs a disposition and this is registered, then there should be no issue for the future.

Mark

I have not been involved in this post, but have to say I agree with the others that your partner needs to make sure his ex-wife's name is removed from your home"s title deeds to protect yourselves for the future.

The title of the property is a different thing from the name on the mortgage, Lucy. Whilst the mortgage lender may not be willing to remove your partner's ex's name from the mortgage, that doesn't mean that the title cannot be transferred into your partner's sole name.

Thanks again for your input, change of parties form has been sent to the mortgage provider also.to see if they will allow him to take it on solo, we took his ex's house as it was about to get repossessed and had to pay roughly 2,000 pounds of her arrears to bring payments up to date on it, also have had to do some major work within the house.
All he wants to do is protect us for the future as Shona says.. therefore quite willing for the disposition to take place, but anxious she might eventually do the same thing or go bankrupt and we're back to square one. it's extremely frustrating as none of this debt is my partners, I understand mortgage and title deeds are different but without signature from her I'm speculating that it can't be changed.

Therefore is it worth my partner giving up his equity with no assurance? we're so undecided at the moment what the best scenario is as it seems stalemate now.

Hi lucy.

I think this is why solicitors were mentioned previously. By explaining the situation to them, and the outcome that you want, they can guide you through this process to set things up in a way that protects you in the future.

An Update on what's happening as we need more help or advice.

We decided to get an independent Valuation from Local Surveyor(Shephard's)cost £120.. in order that we can do the disposition with the trustee,in order to take the inhibition off my partners house as were desperate to move on with our lives.

the house was valued at 96,000 and 87,000 is owed to Bank, £9,000 equity, there is more equity in his ex about £23,000.

My Partner doesn't know what to do now as he has a stake of 11.500 in the other house and £4,500 in this house.

he doesn't know what the best answer to this is any help again appreciated [:)]

Hi lucy.

I'm not quite sure that I understand his dilemma. Is it that he is reluctant to sign over an asset that has more value than the one which will become entirely his?

Based on these updated figures has the trustee provided a new sum that they're looking to raise from the assets?