Help with Transfer of Equity

horseshoe_2

Hi,

If possible i'm looking for advice on how to get on with a Transfer of Equity.

My background is:

I bought a house with my (now ex) girlfriend in 2000. In 2005 we split and I moved out as although not my decision, we had 2 small children so I knew they needed to keep their home.

Because so long has passed, I have tried to apply for a Transfer of equity to have my name removed from the mortgage so I have a chance of buying a place myself, however, an online solicitor has said I can't do the transfer, my ex has to be the one to go to a solicitor and get the transfer of equity to have my name removed.

This seems odd to me. The house is not in negative equity and I am basically saying that she can have my share of the house for nothing. I have not lived there for over 3 years now but cannot move on. Unfortunately (and bizarrely) she will not go to a solicitor and start the process so it seems as though I am stuck on a mortgage until she ever decides to move or the children are older. This is unfair but I don't know what to do? Do I have to go through the courts? I would like to try and keep things friendly for the childrens sake.

Any ideas as to what I can do would be very much appreciated.

Chris

silvercar

It does have to be arranged from her side, it also needs the lender's agreement. She will be taking on the ownership of the house and be solely responsible for the mortgage, so the lender has to agree that she has the income to support the mortgage and she has to want to take it on.

Your only option really is to persuade her to do this. You could get tough and tell her the property will have to be sold if she won't transfer it to her name, but that doesn't seem to be your aim.

Maybe someone can talk to her on your behalf.

Tiddler_2

If you wanted to get forceful about it, you could speak to a solicitor about getting a Court Order to force her to either sell the house or to complete the transfer of equity, but as Silvercar says it will come down to her being able to meet the mortgage lender's criteria as if it was a new mortgage.

The strange thing is that if it was the other way round and she wanted to get you off the mortgage, the Courts could grant an Order to put the property into her sole name, yet still leave the mortgage in joint names!!

Torby

If the lender isn't happy that she can meet the mortgage payments, its highly unlikely anything will change.

The courts are unlikely to make her sell the house to pay off your part of the equity....I think the fact its your kids as well, may stop the courts leaving your family without a roof over their heads.

You may also find if things aren't on a great footing....that the Child Support Crowd become involved....and what they make you pay, may make up the shortfall in what she needs to cover the mortgage...therefore she is now able to change the name to "set you free"....but effectively you now are made to pay your part of the mortgage anyway....except this time.....you still don't get your equity plus you still have to pay...for what is her house now...

it would be great if seperations were amicable....but unfortunately somewhere along the line...advice will be given to other the party and thats when trouble starts

horseshoe_2

A big thank you for those replies. It has explained a lot to me, it's just a shame that the laws are so unhelpful for many different situations and not just mine. Hopefully I can persuade her that giving over my share of the equity is helping us both....Thanks again

Chris