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Trying and failing to transfer mortgage into my name. Help!!

Hi,

I have a shared ownership mortgage. I split up with my ex in february (joint mortgage) and he is quite happy to transfer the mortgage into my name for nothing.
The problem is that halifax have said that as my property is in negative equity (property bought for £85,000 now valued at £75,000 although we only own 50%) and my credit rating isn't good enough so they are unwilling to do this. They told me to come back in 6 months.
I have been paying the mortgage on my own since this time although missed a payment when I split up with my ex (i have paid this back now though, paying higher payments for 5 months, which I have met).
Is it possible to take my ex off of the land registry and would this make any difference?
Also, how long does it take to clear your credit. There were three months missed payments on a joint account which I am getting sorted with the bank now with an arrangement.
Hopefully someone will be ale to help me see the light at the end of the tunnel? :confused:

Comments

  • Mrs_Bumble
    Mrs_Bumble Posts: 1,028 Forumite
    From a lenders point of view having 2 names on a mortgage means that they are twice as likely to get their money.

    So from their perspective the property is in negative equity, there have been missed payments, poor credit history for the one applicant and so would you switch a joint liability to single?

    If Halifax have said to come back in 6 months then go back in 6 months and make sure that everything is kept up to date, no further debt incurred etc and see what they say then.

    Seek legal advice as to where you stand in relation to any future equity share with your ex and he will just have to wait.

    It isn't possible to take your ex off of the land registry while there is a joint mortgage in place as Halifax won't agree to it for all the reasons stated above.

    How will you manage the mortgage payments and shared ownership rental payments long term?
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • As they specified come back in 6 months, it maybe that your history isn't too awful, but they just want to make sure that the missed mortgage payment, that you have repaid, is not repeated for a while to be sure of your financial stability.

    Be patient. Get your finances as squeeky clean as possible.

    I'm sure your ex is happy about leaving you holding the negative equity...

    When time comes to re-mortgage your deals will be limited and more expensive with negative equity, than otherwise.

    Depending on the deposit/payment arrangements/bills etc, it might be that he should owe you a portion of the negative equity. This could help replace some equity, and with your ongoing repayments put you back into equity sooner than otherwise...

    Suppose you get his name off the deeds, then lose your job in 6 months, miss more payments and then lose the house - they'll come after you, and you alone, for the £10k + repossession fees.

    Worth mulling over...?
  • Thank you both for your help!
    Mrs_Bumble wrote: »
    How will you manage the mortgage payments and shared ownership rental payments long term?

    I have no problem covering the mortgage and rental payments, they are very small (£252 and £160 a month respectively). It is cheaper for me here than it is to rent anywhere else.
    Depending on the deposit/payment arrangements/bills etc, it might be that he should owe you a portion of the negative equity. This could help replace some equity, and with your ongoing repayments put you back into equity sooner than otherwise...

    Suppose you get his name off the deeds, then lose your job in 6 months, miss more payments and then lose the house - they'll come after you, and you alone, for the £10k + repossession fees.

    Worth mulling over...?

    My ex is in big financial difficulty i.e. looking into bankruptcy and having lender's chasing him constantly. I am very stable in my job, I work in the care sector which is doing well in the recession and had a recent promotion.

    Do you know if it is possile for my ex to transfer his share into my father's name?
  • Mrs_Bumble
    Mrs_Bumble Posts: 1,028 Forumite
    My ex is in big financial difficulty i.e. looking into bankruptcy and having lender's chasing him constantly. I am very stable in my job, I work in the care sector which is doing well in the recession and had a recent promotion.

    You do need to seek legal advice how to protect the property from any charging order being placed onto the property in relation to your irresponsible ex's debts.

    Do you know if it is possile for my ex to transfer his share into my father's name?

    That will be up to Halifax, if they are happy that your father can cover the liability then they may accept him onto the mortgage instead of your ex partner but it will be entirely there decision but certainly worth asking the question.
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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