How to get partners name off mortgage and deeds

kirstenc · 24 January 2009 at 6:06PM

Hi guys,

I have been reading the site but never registered...

Over one year ago I split up with my partner after a fetful decision to take out a joint mortgage.
When we split, I gave him 5k to cover the amount he had already contributed to the mortgage (this actually over covered it, but i wasnt going to argue over the mathematics)

I want to remortgage so that myself and my new partner can live together without the fear that he is going to come back and sell at any time, or demand more money.

I have asked that he sign a written agreement stating that he was given the money and that he has no financial interests in the house, and that he has not contributed to the mortgage since he moved out.
He has agreed to do this, and to pay 50% of whatever fees we may encounter.

I have paid this mortgage myself for the last year but it is over 5 times my earnings, and is with Northern Rock. I have a feeling that I am completely stuck...another bank wont take me cos I dont earn enough, and NR are not offering remortgages.

Any advice is greatly appreciated, as this has been going on for too long now.

silvercar · 24 January 2009 at 6:39PM

Would you consider putting your new partner on the mortgage? That may reduce the salary multiples and make the transfer easier.

Otherwise you need a solicitor to draw up a document to say he has no financial interest in the property.

char9 · 24 January 2009 at 6:40PM

I am in a similar situation to you and it is possible to apply to Northern Rock to change the existing mortgage into just your name - or your name and someone else's. This doesn't count as a remortgage.

They have sent me an application form, and if it goes through there is a 265 fee plus the legal fees of getting a solicitor to transfer the title of the property. Obviously whether they say yes is dependant on if they think you can pay the mortgage, which I can't advise you on. But it is possible to at least try.

However if they turn you down I'm not sure what the alternative is as I am still waiting to see if my own application has been accepted.

kirstenc · 24 January 2009 at 10:46PM

thanks very much for this guys, I would consider adding my partner. Hes helped me so much so far i think its the least I can do!

char, I will definately contact northern rock about the mortgage, i think that 265 reasonable considering the less favourable options of selling or leaving it as is!

good luck with your application, and the much needed help.

With this application, i assume that my ex needs to add his autograph to the proceedings, will he get seperate paperwork etc or is it all in one form?

Oldernotwiser · 24 January 2009 at 10:52PM

kirstenc wrote: »

thanks very much for this guys, I would consider adding my partner. Hes helped me so much so far i think its the least I can do!

Making someone equally responsible for a large mortgage debt may not be doing them any favours in this financial climate!

MarkyMarkD · 24 January 2009 at 11:46PM

It wouldn't be a remortgage in any case; you're not seeking to change lender.

The thing Northern Rock are not offering is product switches - they are still doing remortgages, for people who are not already their borrowers.

As advised earlier, a transfer of equity is what you are after.

You shouldn't have paid £5k to your ex-partner before the ToE - it should have been in exchange FOR the ToE and done at the same time.

kirstenc · 25 January 2009 at 9:43AM

I realise about the 5k now, it was a bit silly.

any ideas if Northern Rock would still see it as an exchange for transfer of equity, for example if my ex gives written agreement that it was so.

I also realise that financial debt is not a favour, but if something should happen to me, id much rather my current partner be able to sell and release equity than my ex selling from under his feet. Its something that we may discuss, depending on what happens with northern rock.

Thanks again, for you patience also, as i realise I have been very naive.

char9 · 25 January 2009 at 10:34AM

You have to put your exes new address on the application and they will write to them to ensure they are happy being taken off.

The Transfer of equity should theoretically be fine I think as long as he is happy to sign it in recognition of the cash you have already have given him - that aspect is between the two of you and the solicitor although NR will want to know it is done so he no longer has an interest in the property they effectively part own. But best to talk to a solicitor to be sure of that.

I think you would only have problems if he decides to be difficult or tries to get more cash. But you can always remind him that in the present situation Northern Rock have every right to chase him for the mortgage if you were to fall into arrears as he is currently still legally responsible for it.

ixwood · 25 January 2009 at 11:19AM

Oldernotwiser wrote: »

Making someone equally responsible for a large mortgage debt may not be doing them any favours in this financial climate!

Exactly. How is it good for him? He'd be doing you a big favour if anything.

kirstenc · 25 January 2009 at 12:19PM

he would be doing me a big favour and I appreciate that. I am not trying to sucker him into my debt in any way, and although I may ask what he thinks, at the end of the day, I was very naive and am paying the price now.

Im trying my best to put both of us in a good position.

Like I said, im brand new to all this, and im scared of losing my home.

The advice that you guys are giving is great, and I am feeling a little more positive about the whole situation.

How to get partners name off mortgage and deeds

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