Help re name being removed from previous home

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Leigh.p
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by Leigh.p » Fri Jan 19, 2018 7:51 pm
Hi,

Just after a bit of advice or your thoughts it possible.
I am one year into my Iva. I separated and was divorced from my ex husband 4 years ago and left him with our jointly mortgaged flat. He took this on himself and I agreed (verbally) to have no interest in this going forward. I had a solicitors letter written to say that at the earliest convenience my name would be removed (which meant nothing really as my name remained and this was really just to prove I was single and financially independent) but over the years he hasn’t done anything about having my name removed and it hasn’t caused any problems as he rents it out. The mortgage was a northern rock together mortgage which was part unsecured loan, part mortgage. However, when I started my Iva, I was told the unsecured loan part would need to be in my Iva despite me not having paid into it for years. I went ahead with this, with my ex’s knowledge. The clause about me having to try and remortgage in year 4 has always made me a bit antsy as obviously this could potentially leave my ex out of pocket or in difficulties, but have always assumed that given my circumstances, remortgage wouldn’t be possible anyway.
Anyway...my ex has been in touch to say he is now taking steps to remove my name. My question is....will my IP be agreeable to this? Obviously I would prefer to get it done and finally be free from the ties to my ex and able to have a fresh start. But I wondered if there’d be a problem with this?

Grateful for any thoughts.
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Foggy
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by Foggy » Fri Jan 19, 2018 8:01 pm
I would imagine a compromise would be to offer to extend the IVA by a year instead of releasing equity ( which is most likely what would happen anyway --- you will just be getting it out of the way earlier) .... Did you ever produce a copy of your Statement of No Interest to the IP in the first place ?
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Leigh.p
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by Leigh.p » Fri Jan 19, 2018 8:03 pm
Yes, they received a copy of my solicitors letter at the time of my application etc. Although it’s worth nothing really as it was written 4 years ago and just says i have no interest and will look to remove my name as soon as possible.
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Foggy
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by Foggy » Fri Jan 19, 2018 9:09 pm
Leigh.p wrote:
Yes, they received a copy of my solicitors letter at the time of my application etc. Although it’s worth nothing really as it was written 4 years ago and just says i have no interest and will look to remove my name as soon as possible.


Legally it means very little, but it's production demonstrates that you are being upfront and honest, rather than trying to divest yourself of assets.
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Leigh.p
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by Leigh.p » Fri Jan 19, 2018 10:01 pm
Thank you, I will contact them. Although, what luck I’ll have I don’t know as I am a recent Knightsbridge victim!
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