Transfering mortgage and property deeds

Janetduchenne

My ex-boyfriend and I have joint ownership of our flat in South East London. The mortgage is also in both of our names. I wanted to transfer the mortgage and deeds of the property into my name but when I contacted Abbey, they told me that the loan to value ratio was so high, with very little equity left in the property, that they would not be able to take him off the mortgage or transfer the deeds into my name (even though I can afford the full mortgage on my own). Abbey also wont be able to lend me more money to buy him out of the property. I don't really want to take out a personal loan to buy him out as borrowing rates are looking pretty high.
What do you think I should do? I haven't spoken to my ex yet. The break up was fairly amicable but I still want to move on and have the knowledge that nothing could get nasty later down the line when there are disagreements about what belongs to who. I'd like to have some sort of agreement in place to protect me.

Thank you

mnak

My situation is exactly the same, except, South WEST London and we're with C&G, not Abbey. I too can afford the payments, and I'd say I'm in close to negative equity territory, as we got a 100% mortgage 18 months ago. The amount we had saved went instead on a renovation - which definitely increased the value, but the recent drop has pretty much eroded that.

Other than simply selling the flat - which I am thinking I might have to do (and potentially STILL owe the bank money) - how about an agreement with your ex to rent the place out jointly (either with you as a tenant at an agreed rate, or with a joe-off-the-street tenant), while you ride out the crunch and LVR improves (might be ages though).

Any other thoughts anyone has would be greatly appreciated. Especially ones that allow janet and I to keep our respective flats, under our own names, without having to shell out massive cash to re-jig the LVR.

Thanks.