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removing name off deeds
SCUBA
Posts: 9 Forumite
I am in middle of a seperation.
The plan is to sell the house and split the sale between both of us.
I then want to buy my own house, but we also own a flat. I have said that my husband can keep the flat.
The flat is rented out and my husband wishes to continue this.
But because my name is on the mortgage and deeds this is going to affect me getting another mortgage.
How easy is it to take my name of the flat deeds and mortgage.?
Regards Lorraine
The plan is to sell the house and split the sale between both of us.
I then want to buy my own house, but we also own a flat. I have said that my husband can keep the flat.
The flat is rented out and my husband wishes to continue this.
But because my name is on the mortgage and deeds this is going to affect me getting another mortgage.
How easy is it to take my name of the flat deeds and mortgage.?
Regards Lorraine
0
Comments
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You cannot remove your name from the deeds of a property while there is a mortgage on it. The lender agreed to make the loan based on the people applying to borrow the money. Therefore your husband will have to re-mortgage in his name only. Make this a condition of your divorce agreement.0
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You both need to contact the lender holding the mortgage on the flat. Your husband will be vetted, just like applying anew, to ensure he can afford the mortgage alone. If the lender is satisfied, it will permit a transfer of equity to remove you from the mortgage and the deeds. This will be supervised by a solicitor at your expense.
The cost of a transfer of equity will normally total around £400 to £600.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
BitterAndTwisted wrote: »You cannot remove your name from the deeds of a property while there is a mortgage on it. The lender agreed to make the loan based on the people applying to borrow the money. Therefore your husband will have to re-mortgage in his name only. Make this a condition of your divorce agreement.
This is incorrect as I have done that. Removing the name from the deeds doesn't mean removing it from the mortgage, it's two different things.
The house is in my name only now, but the mortgage is still in joint names. My ex is renting so it doesn't bother him that his name is still on the mortgage. I am paying it and he trusts that I will continue to do that. Of course if he decides to buy in the future and have his own mortgage, I'll have to remortgage to take his name off.
Anyeway this is irrelevant as the OP wants to remove her name from both deeds and mortgage. Like someone else said, her ex will have to re-mortgage to achieve that.0
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