Doing it on my own

tango

My husband has moved out of the house and we have separated.
I am paying the mortgage at the moment on my own,it is a big mortgage,and is interest only.
In febuaray next year the tie in period ends and my rate reverts to whatever it will be.
My husband is still on the mortgage,but next year i will need to sort this out.
What happens in this situation,we took on the mortgage with joint salaries,now what?
Any advice appreciated tango x

regularsaver1

I advise that you seek legal advice re equity ect

Bossyboots

The mortgage company are unlikely to allow him to come off the mortgage. I have known this to happen even when they come off the deeds. Many mortgage companies simply refuse to release mortgagee's from their liabilities.

tango

There isn't much equity,and have sort some sort of legal advice.
Trouble is i was going to rent,but that proved a nightmare,really would like to stay in the house as long as i can.

regularsaver1

you can apply to the lender to take mortgage on your own if possible and he will be released from convenants (not sure of how to spell that)

but the names can possibly be changed but they will not release him from the convenants

may be worth calling

the deeds should match the mortgage - so needs to be done by colicitor in agreement with lender (Transfer of Mortgaged Property application - or in short a TOMP)

homer_j_3

You would just need to speak to your lender to look at a transfer of equity. A lender will only agree to it if they feel you can afford the debt and meet their underwriting criteria. You will need the agreement of your ex to do anything.

You could speak to your mortgage company now and ask them if they could see any immediate problems with trying to do what you are trying to do. Clearly they will not be able to give you a 100% guaranteed answer but if they know that you income will not get anywhere near what is required they will normally have the courtesy to say its not worth you applying for it.

If they can see no problem with the transfer of equity then you will most likely have to pay an admin fee for them to review it and upon agreement, you will then need to get your solicitor to change all the deeds etc. The lender will provide the relevant authority to your solicitor which they will attach with their stuff when it goes to the land registry.

If there is an obvious problem or subsequently you get turned down following application then you may just want to look at seeing if there is a lender to give you the borrowing required to remortgage the property.

You may want to consult a solicitor with any agreements that you make with your ex.

HGLTsuperstar

In the meantime, unless legal contract drawn up to the contrary, if its a joint mortgage he's jointly responsible whether he's moved out or not. Admit, this could get nasty, but you shouldn't be struggling by yourself. Also do you have children, in which case he has to provide for them etc, get to the solicitor ASAP

tango

HGLTsuperstar wrote:

In the meantime, unless legal contract drawn up to the contrary, if its a joint mortgage he's jointly responsible whether he's moved out or not. Admit, this could get nasty, but you shouldn't be struggling by yourself. Also do you have children, in which case he has to provide for them etc, get to the solicitor ASAP

Things are a bit ****,but he is giving me maintainance,i just don't think i will get back on the ladder if i let this house go,and yes i have two children,seen a solicitor,things depend alot on what my mortgage company say,as there is only so much money to go round,what with his rent ,the mortgage,and all the rest:rolleyes:

HGLTsuperstar

His rent is his problem, he is still responsible for the mortgage repayments!!!