Posted on 6 July 2012 by simon
I am divorced, my ex wife and children live in a property that is a joint mortgage in both our names. I have been divorced 10 years and pay the mortgage in full each month as was of maintenance as agreed in court. I wish to find out if i am able to secure a loan on the property (there is over 100k equity) or if it is possible at all?
You will not be able to secure a loan on the property without your ex wife's agreement. If it is still registered in both your names then the loan would have to be in joint names and I suspect your ex-wife would be unlikely to want to take on liability for a debt if she is not going to benefit from the proceeds. If the property is in your sole name, you would still need her consent as she will have established rights of occupation which would take precedent over any future loan.
It may be possible for you to reach a legal agreement which would allow you to raise a mortgage whilst protecting her interests and I have forwarded your enquiry to our in house solicitors, Rollingson's for them to advise you on this point.
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