Advice needed on PTSB want me to sign over my share of our BTL properties before my ex can sell them.

[jmaf247]

In 2004 my husband and myself (separated) remortgaged our family home from ACC to PTSB and released equity. Both our names were on the the mortgage and deeds.
We took out a mortgage with PTSB and bought BTL properties.
However his name was on the loan and both our names were on the deeds of the BTL properties.
PTSB want me to sign over my share of the BTL properties before my ex can sell them.
PTSB have stated that the loan is not perfected.
This happened because of an error on PTSBs side or the solicitor and his undertakings.
What is the best approach with the bank in this situation.

 

[DannyBoyD]

Do you have a JS / Divorce in place?

are these properties the subject of orders on foot of Divorce / JS?

 

[jmaf247]

Yes we are now divorced.

The BTL properties are supposed to be sold to clear our family home (previously) that I now occupy with our 24 year old daughter.
This cant happen as the BTL houses wont raise enough funds.

 

[Brendan Burgess]

Why is ptsb involved in this?

You must talk to your solicitor about it.

I presume that you would not sign them over now. Because your ex might not then sell them or might sell them and keep the proceeds.

I presume you will be advised to only sign the agreement to sell if the solicitor gives an undertaking to pay the proceeds to pay down your home loan.

Brendan

 

[TLO]

However his name was on the loan and both our names were on the deeds of the BTL properties.

Be careful about signing anything for PTSB. Your ex is liable for the BTL loans. You aren't. Don't sign paperwork for PTSB that makes you liable for loans that are currently only in his name. If you do, and there is a shortfall after the BTLs are sold, then you owe money to PTSB that you otherwise wouldn't have owed.