HI everyone
I own a property in the joint names of myself and my ex husband. We have just given it back voluntarily to HSBC after failing to sell it ourselves. Its been on the market for a year and we have reduced the price continually and even placed it in auction but to no avail. The last price we had was £250k. HSBC have now valued it at £175k (which we are disputing as too low) but my real question is this - there are 4 mortgages on the property, the first 3 are in mine and my ex husbands name and come to about £145k , the 4th one is in my ex husbands name and his brothers name (not mine). Am I right in thinking then that after the first 3 mortgages are redeemed upon sale the remaining money must be divided between me and my ex - he will obviously have to put his towards the 4th loan and they can go after him and his brother for the shortfall but they will have to give me my share and cannot come after me for the shortfall? any advice gratefully received thank you
I own a property in the joint names of myself and my ex husband. We have just given it back voluntarily to HSBC after failing to sell it ourselves. Its been on the market for a year and we have reduced the price continually and even placed it in auction but to no avail. The last price we had was £250k. HSBC have now valued it at £175k (which we are disputing as too low) but my real question is this - there are 4 mortgages on the property, the first 3 are in mine and my ex husbands name and come to about £145k , the 4th one is in my ex husbands name and his brothers name (not mine). Am I right in thinking then that after the first 3 mortgages are redeemed upon sale the remaining money must be divided between me and my ex - he will obviously have to put his towards the 4th loan and they can go after him and his brother for the shortfall but they will have to give me my share and cannot come after me for the shortfall? any advice gratefully received thank you