Scenario
Defacto relationship seperated and court order is made for her to refinance PPOR to pay out all joint mortgages and he will keep IP unencumbered. She will have approximately $340k in equity in PPOR
He is the only name on title of PPOR and IP is joint tenants. All loans are in joint names.
The PPOR's agreed valuation in court was $25-$30000 less than what will be able to be achieved through sale. The advertised price for sale is going to be $44000 more than the agreed court valuation.
She is on a low income and 61 y.o. and cannot afford to pay the mortgage on $240k to keep the PPOR. If she were to sell now, she needs his signature as he is the only one on title, so he has a say in the sale price, which is going to create issues as the valuation in court he was not happy with. The court order states that she refinance to keep PPOR and he pay her extra cash and he will keep IP unencumbered and transfers on titles will change accordingly. So sale prior to her refinancing is not the best option.
What she wants to do is find some short term finance of about $200000 to pay out all mortgages, so that the titles can change as per court instructions. Once titles are change, she will put PPOR on market for around $600k and sell paying back short term finance (plus capitalized interest) and solicitors fees (approx $47000). The time process would be 3 - 4 months from sale to settlement.
Who offers this kind of service as the security she will be using won't initially be in her name, but court orders show the process that is required to take place and the end result will be her being able to sell the property for whatever she likes without him having a say in the matter?
What kind of costs would be involved?
Defacto relationship seperated and court order is made for her to refinance PPOR to pay out all joint mortgages and he will keep IP unencumbered. She will have approximately $340k in equity in PPOR
He is the only name on title of PPOR and IP is joint tenants. All loans are in joint names.
The PPOR's agreed valuation in court was $25-$30000 less than what will be able to be achieved through sale. The advertised price for sale is going to be $44000 more than the agreed court valuation.
She is on a low income and 61 y.o. and cannot afford to pay the mortgage on $240k to keep the PPOR. If she were to sell now, she needs his signature as he is the only one on title, so he has a say in the sale price, which is going to create issues as the valuation in court he was not happy with. The court order states that she refinance to keep PPOR and he pay her extra cash and he will keep IP unencumbered and transfers on titles will change accordingly. So sale prior to her refinancing is not the best option.
What she wants to do is find some short term finance of about $200000 to pay out all mortgages, so that the titles can change as per court instructions. Once titles are change, she will put PPOR on market for around $600k and sell paying back short term finance (plus capitalized interest) and solicitors fees (approx $47000). The time process would be 3 - 4 months from sale to settlement.
Who offers this kind of service as the security she will be using won't initially be in her name, but court orders show the process that is required to take place and the end result will be her being able to sell the property for whatever she likes without him having a say in the matter?
What kind of costs would be involved?
