Uneven Equity Contract?

SJW77

Hi,

1st time posting so will try and put all the details down :;)

My partner and I have recently split and I didnt realise at the time that to take my partner off of my Woolwich mortgage that it is classed as remortgaging and they will only lend me 80% of the property value and it seems very unlikely in this climate that this will happen.

I paid 153k for the house 4 years ago, mortgage was 136k and I have 125k remaining which would mean the house needs to be valued at 156k for them to offer me teh mortgage. So in preperation for the mortgage not being offered I was wondering if its possible to get a contract signed by both myself and my ex-partner that says that I am entitled to 100% equity when sold and that she is entitled to 0%?

A quick response would be greatly appreciated.

Regards
Steve

opinions4u

Yes. See a solicitor.

SJW77

Thanks for the response - do you have any more details? are they expensive? quickly drawn up etc?

I looks like its gonna cost me about 600 pounds to get everything signed over to me (if offered the mortgage) so am wondering if this would be the cheaper option - I would probably look to sell in a year or 2 anyway.

SJW77

sorry meant £800, plus are they actually called uneven equity contracts?