Removing Ex partner from Mortgage and Deeds

angeljay

I broke up with my ex in Oct 2007 and have lived in our house alone for the past year and 1 month. My ex partner has paid nothing towards the mortgage or any part of the property however at the time of break up I discussed with a financial advisor putting the mortgage and deeds in my name solely.

I was advised not to do this as I do not earn enough for the bank to see it that I can pay the mortgage solely. I have been struggling but have never missed a payment since I have paid this on my own. Both myself and my ex agreed between us that I would keep paying for the property but he would recieve nothing from this. This was not put in writing. It was just agreed to do so to save us some trouble as the break up was an amicable one.

Now my ex partner is unemployed and seeking housing benefit and benefit for being out of work. They have said they will not pay him housing and will only pay benefit until february due to his name being on the house and mortgage. He wants his name removed and does not want to make me force a sale. The fixed rate is due for renewal in May 2009 and I was looking into hopefully aquiring a mortgage in my name and the deeds alone. But now he wants this changing now, as money is tight I cannot afford a solicitor can someone advice and what I should do?

Thanks.

Debt_Free_Chick

The first thing you need to do is to find out if any lender is prepared to offer you a mortgage. This need not involve a solicitor - a whole of market mortgage broker can do this part for you, for free.

There's no point going any further unless you can get a mortgage. If you can't get a mortgage, then selling is the only option.

angeljay

Hi,

I originally used a mortgage broker when I first got my mortgage. However my mortgage is with northern rock and if i leave early I have a 3k extra amount to pay due to leaving early.

How do I know my broker is whole of market and also my last one charged us £250.00 but was very helpful?

Thanks,

grogdog

just contact an ifa and tell him the situation it should only take a phone call and shouldnt cost anything, ps 250 isnt alot for arranging a mortgage.

silvercar

If your annual earnings are less than a quarter of the mortgage you need, a lender is unlikely to agree to remove your ex's name from the mortgage. If you try and remortgage elsewhere, you will probably get the same story. Mortgaging elsewhere could limit the amount of mortgage that a lender will give to you, unless the mortgage is 10% less than the realistic house valuation it won't happen.

Also remortgaging before the fixed rate is up could mean early redemption charges.

angeljay

Yes, I earn 18K per year and the mortgage is for 99K.

Therefore I understand I will not get a mortgage, will a lender not look at that I have not missed or been late on a single payment and take that into consideration?

Basically am I stuck, what are my choices or what should i do?

angeljay

Also he has asked if I just remove him from the deeds would he get benefit or would he have to be removed from deeds and mortgage ?

opinions4u

1) If you want the property in your sole name you need both your lender and your ex to agree this. If one or the other doesn't, it cannot happen. I can't see any lender removing him from the mortgage if it means you being soley responsbile at 5+ x income.

2) You need to consider why you want the property. Is it in negative equity and falling further in value? If so, you are paying to keep the house and also losing money in the value. I bet if the value was going up he'd be pushing for his half!

3) Sooner or later it is going to get to the point where either he or you wants to get this situation finalised once and for all. It may well be that selling is ultimately the only option.

While I appreciate money is tight, this is really a situation where you should take proper legal advice. Moreso if there are any children involved. I can simply see a picture in future where he gets legal advice, you don't and you end up standing several thousand pounds in negative equity losses because of it while he walks away with no debt.

See if there's a solicitor locally who does a free half hour session (make a few phone calls) and explain the situation. No idea if you'd get legal aid - but that's a question to ask.

angeljay

No kids involved no.

He does not want to force a sale on the house and neither does he want to take it any legal way or negative way. Anything that is made from the property is mine we have agreed on this he wants nothing from it.

I think selling could be the only option but nothing is selling at present !

silvercar

You need to get a legal document drawn up to say that the mortgage and house belong to you.

You need this for your future security. He needs it to show the benefit people that he has no financial interest in the house.

angeljay

Is this what I should do?

I think I need to apply to northern rock to have the mortgage solely in my name, I am hoping that me paying the mortgage for the past year on my own helps this along.

How do i remove his name from the deeds ? I have read online this is a seperate matter from the mrotgage company ?

Thanks.