Split Up with Girlfriend - Joint Mortgage

Orlando_Virgin

Hi All,

Your advice in this difficult time is much welcomed.

My other half and I have broken up and she has moved back home with her folks. We have just recently bought a house worth 115k with a 10% deposit. Its a joint mortgage with Britannia and I was wondering what my options are from here.

I have said I will pay her back whatever she has put in to the house deposit (3k) and she said she will sign the mortgage over to me, I can financially handle the mortgage with my job.

We both want to do this as soon as possible then we can have a clean break and move on with our lives.

Can we do this or do we not have that choice? Are there charges involved with doing something like this?

jackieblack

You need to make an appointment to see your lender. They will tell you whether they would be willing to transfer the mortgage into your sole name.
You will need a solicitor. There will be solicitors fees and administration fees to pay.
Depending on how recently you bought the house the lender might want a new valuation, which you will have to pay for.

Barny1979

Speak to your lender, you may not be allowed to take the mortgage on your own and may need someone else on the mortgage, to act almost like a guarantor. Solicitor will be needed to change title deeds

Orlando_Virgin

Sorry been a bad time at the minute obviously and haven't had much time to touch a computer.

My ex is now saying if I give her 3k, which is the money she put down in the deposit to the house, she will walk away and I can worry about the house on my own. She will stay on the mortgage though, which is pretty much all I can do, as Britannia will not let me take on the house on my own without me having more equity in the house as we have a 90% mortgage.

I'm worried its not as simple as that for me. Say I give her the 3k, she is still on the mortgage and the title deeds, until the I get into a good enough situation to take the house into my own name. If I decide to sell surely she is entitled to some of the money from the sale etc. even if we have agreed to settle with the 3k she invested (her idea)

Can we sign anything to make this final or will none of this matter whilst she is on the title deeds etc?

Any advice is welcome, and I also know that we should have been more careful before creating a joint mortgage. We did rent together first for 6 months and had been together 5 years, its just been one of those things.

Thanks
OV

Emmzi

are you in negative equity? you need a valuation before you can decide anything. If you are she should be giving you money to walk away.

Orlando_Virgin

Emmzi wrote: »

are you in negative equity? you need a valuation before you can decide anything. If you are she should be giving you money to walk away.

Forgive me as I'm unexperienced with equity etc. but we bought the house for 115k in August and put down 11.5k for a 90% mortgage with Britannia.

I put down 8.5k of the deposit and thats where her 3k comes into play;. At the moment she has moved home with her parents and I am living in the house paying all of the bills. I am organising one of my friends to move in for a few months to help pay the bills and just want to get this sorted then we can both move on. Obviously, this is more difficult than it sounds and I knew it would be.

zzzLazyDaisy

How long do you think she will be prepared to remain in the mortgage with no benefit to her?

As long as she remains on the mortgage she is liable for the repayments should you default - but perhaps more importantly, for as long as she remains on the mortgage she will be unable to raise a mortgage to purchase property in her own name (or jointly with a new partner) and move on with her life. Further, if the house should increase in value she will be entitled to 50% of the net proceeds of sale (less the £3000 already paid) when the house is eventually sold at some point in the future.

I don't think you have thought this through. If you are unable to buy her out and take over the mortgage, imo the best thing for both of you would be to sell the house and go your separate ways.

EDIT: cross posted with the above post. Are you saying you bought the house only 4 months ago? You need to get the house valued, It may well be worth less than you paid for it.

Orlando_Virgin

zzzLazyDaisy wrote: »

How long do you think she will be prepared to remain in the mortgage with no benefit to her?

As long as she remains on the mortgage she is liable for the repayments should you default - but perhaps more importantly, for as long as she remains on the mortgage she will be unable to raise a mortgage to purchase property in her own name (or jointly with a new partner) and move on with her life. Further, if the house should increase in value she will be entitled to 50% of the net proceeds of sale (less the £3000 already paid) when the house is eventually sold at some point in the future.

I don't think you have thought this through. If you are unable to buy her out and take over the mortgage, imo the best thing for both of you would be to sell the house and go your separate ways.
EDIT: cross posted with the above post. Are you saying you bought the house only 4 months ago? You need to get the house valued, It may well be worth less than you paid for it.

I appreciate your honesty and thanks for your valuable post. Yes we bought the house 4 months ago and by the sounds of it a valuation is our next step. I haven't had time to think anything through and believe it or not I want what is best for both of us, not just myself. The reason I posted on here was to find out the best way to go, not rush a decision.

I don't expect her to stay on the mortgage and I have also said the same about her being unable to get another mortgage whilst she remains stuck on ours. I will not default any repayments as I can afford to live here on my own, albeit it is tighter than before.

zzzLazyDaisy

Do you have anyone who would stand as guarantor for your mortgage (your parents, maybe?). This may be enough to persuade the lender to release your ex and allow you to continue with the mortgage in your sole name.

Orlando_Virgin

zzzLazyDaisy wrote: »

Do you have anyone who would stand as guarantor for your mortgage (your parents, maybe?). This may be enough to persuade the lender to release your ex and allow you to continue with the mortgage in your sole name.

My parents have been realy supportive and I can certainly ask them to consider it. If not, like you say it will be sometime before I can get more equity in the house and my ex gets to consider another mortgage. I don't wish that on anyone.

It looks like selling would then be the best option?

Emmzi

I think I would be inclined to sell. You need to agree to split the costs, I think both of you will be out of pocket but better that than chained together.