The lender told him to go as a single applicant. She won't have to sign.It won't work.
Both parties to mortgage would have to sign / provide ID etc.
Simplest solution is to apply for a Divorce, once they have been living apart for two years.
Divorce cannot be contested once the relevant conditions are satisfied.
I don't think he cares if she has a claim on it. Worst case they'd have one house each. He's middle-aged and freaked out by the rising cost of housing and concerned he won't be able to secure any kind of house in the future.I imagine the bank were intending doing the mortgage as a BTL in a sole name which is fine, don't see why she'd have to be party to the mortgage in that instance. It's just messy though from the point of splitting assets when they do sort out things, does he want her having some claim on it? Although it will have a mortgage there is obviously some equity going into it.
It's definitely flirting with the truth! While he is separated he is also married legally so it would be neater to get it all sorted first before he purchases another property particularly regarding having rights to each others future property boxed off.
"I imagine the bank were intending doing the mortgage as a BTL in a sole name which is fine, don't see why she'd have to be party to the mortgage in that instance."
They live separately though. What you say makes sense because they're not legally separated, but is it a bit of a grey area?If he doesn't have
A judicial separation,
A divorce
Or a separation agreement
Congratulations! He's married!
I think the options are the future headache of splitting assets with two houses, opposed to the future headache of being homeless and too old to get a mortgage or priced out of the market.Any asset he gets a mortgage for now is part of the pot when it comes to splitting up the "family assets".
Does he really want that headache?
They live separately though. What you say makes sense because they're not legally separated, but is it a bit of a grey area?
I think the options are the future headache of splitting assets with two houses, opposed to the future headache of being homeless and too old to get a mortgage or priced out of the market.
What would a real mess be? Dividing the assets being a mess or legal trouble?That asset may be considered part of any future settlement and he could end up in a real mess.
Doesn't matter; he will eventually get his divorce. It might take 2 years, but it won't take 10.She is non-cooperative. Late making an appearance after he filed for divorce
I think the point is that your friend could end up worse off as it will appear to the judge that there are two assets to be divided, not one.What would a real mess be? Dividing the assets being a mess or legal trouble?
Assuming there is nothing untoward going on (illegal drug use, domestic violence); married parents in this country are almost always granted joint custody.needing to demonstrate to the court for custody
He never has to let it, the bank are just doing it as a Buy To Let product, as someone says above he's legally married and perfectly entitled to buy a second property in his own name if he can afford it.f he bought it and rented it for a period (or rented part as a house share with him) would that be acceptable for the banks?
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