Mortgages and deeds confused!

Confused79

Hi folks
Hoping that someone can clarify this for me, I own a house jointly with my ex partner we split over a year ago and have been trying to sort things amicably. I have been sent a transfer of deeds document but Abbey National want me to remain on the mortgage does this mean that if I sign the deeds over to my ex I lose the power to enforce a sale? Money is not something I'm worried about just the security of knowing that I will get to come off of the mortgage in the next year or so. I don't want the house or have anything to do with it and I believe that he doesn't earn enough to take on the mortgage. The house is being rented out though as neither of us live at the property and I haven't paid a contribution in the last few months as was the verbal agreement between us.
Yes I am now realising that this is not a good thing that Solicitors have not been involved properly but we were trying to save money (as you do).
If anyone has any suggestions on how to resolve him taking on the mortgage please let me know

jill2002

If you are renting out the property - his income shouldn't come into it (as long as he is earning a minimum income of £10k). The mortgage should be a 'buy to let' and therefore the rental income is important for the calculations and as long as it covers the mortgage payments (interest only) by 125% - he can take the mortgage on in his own name.

If you have not advised the Abbey that you are renting the property, you should do - if sounds like the only way that you can be released from this mortgage.

Confused79

Thank you that has given me a ray of hope. :A
I have confirmed with the Abbey that they do know so am going to speak to a Financial Advisor on Monday to see what can be done if anything. If they will not let us change the mortgage package or he does not agree then I'm not looking forward to the next part...............enforcing a sale I've asked nicely for this 3 times and he's not willing to do it those good ole £ signs are in his eyes. Nice but not realistic especially at the moment and I'm not staying on there forever just for him.
Oh well I'm going to enjoy Christmas and think about it after.
Merry Christmas to you:D