remortgage

[jaycee401]

i am currently in dispute with an ex who is tring to claim a beneficial interest in my property, it goes to a tribunal hearing with the land registry next may. in the meantime my mortgage rate keeps increasing and it loks like another increase is on the way. can i remortgage whilst this dispute is going on? there is quite a lot of equity in the property. thanks

[MustafaTickl]

In broad terms a person has a beneficial interest in a property when he or she has the right to use that property as he or she wishes. If your ex is successful in this claim, because of the difficulty in getting him out if repossession were to become necessary you may find it then impossible to retain your existing mortgage let alone get a new one before the tribunal award is known.

[jaycee401]

hi mustafa
my ex doesnt live in the property he transfered it to me over two years ago,and moved out at the same time, i took out my own mortgage and paid his off. i used a solicitor for the transaction but he chose not to, even tho my sol wrote and advised him to seek his own independant legal advise (he chose not to) he even accepted and cashed the cheque for the remainder of the money left over from me paying off his mortgage. after 10 months of the transaction takeing place he has bee trying and still trying to register an interest. my solicitor who did the conveyancing is even acting as a witness at the hearing from me as she cannot belive that he is trying to do this.

[MustafaTickl]

Hello jaycee.

From what you say it does not seem as if he has much of a chance but somehow it has got to a tribunal and until that is over it has blighted your title - made it uncertain who actually has rights to the property. A mortgage lender will insist upon a clear title and additionally there is the unworthy thought that a remortgage by you now is only a trick by you to grab what cash you can off the property to hide it away to frustrate your ex should he win. A remortgage would create a restriction on the property Register at the Land Registry which would be known to the tribunal who might have the same unworthy thought thought that I have just mentioned and it would go against you.

However, I do not know the facts so do the best you can

With best wishes.

[jaycee401]

hi mustafa
your answer really makes sense i had not thought of that, i will leave things as they are its only a matter of 4 months now until the hearing, i will just tighten my purse strings til then :)
thanks x