Confused over Equity Transfer

Gushie_2

My Partner an i split up a while ago ~1yr, we had only just moved in to our house and we decided that i could keep it, the amount of money she had invested in the mortage was very vey small (As we had only just bought the house)

She doesnt want buying out of the house etc etc, just her name off the mortgage (which is fair enough)

Originally my local Nationwide Branch said that all we needed to do was both sign a letter stating this fact. That was some 3 months ago now (After some phone calls) nationwide have started talking about have to go through some equity transfer application. I always thought Equity Transfer was only applicable if i was actually 'buying' her out of the mortage not removing her name from the account ?

It was setup as a joint mortgage, my concern with having to go through the equity transfer is that i have moved around alot and spent time out of the country so my address history is all over the country plus i am not on the electrol register which nationwide hate (they wouldnt give me a current account even with no bad credit and £10k in savings bond)

So my concern is they are going to do the whole 'can i afford it thing' and turn around and say 'no'

I have been paying the mortage on my own for ~1yr have £2k on a credit card (thats %0 interest and the minimum gets paid + £300 each month)

am i getting worked up over nothing ?

Vincenzo

Gushie,

I have recent experience of adding my wife to my mortgage and as a result have researched this. Basically as things stand your ex and you both own the property jointly. And as such the mortgage is a joint mortgage - you are both equally liable for the debt.

Nationwide will not take your partner's name off the mortgage until you are the sole owner. I cannot comment on how Nationwide will deal with the mortgage at this point - I suspect it will be much like applying for a new one as the original mortgage was credit scored on a joint basis.

You will need a solicitor to arrange the transfer of equity. Dependent upon the purchase price of the property there may also be a stamp duty liability as the transfer will be treated as a sale, despite the fact that no money will change hands.

Your first port of call should be to speak with a solicitor and get a quote for the legal work and explain what it all involves.