Need Some assitance in how to sign house over to my ex

teekay84

Hello,

Last year i broke up with my ex. Things turned a bit ugly, she moved in with her new partner and continued to pay half the mortgage and i paid all bills.

Now they have broken up and she needs somewhere to live.

Spetember 2007 (peak of market) we bought a 2 bedroom semi for 195,000 with a 30k deposit (loan from my dad).

I have paid off about 11k of the deposit loan, but the mortgage we have is subprime (kensington) and is in both names.]

She is willing to pay me 30k (to pay off the loan and i get my 11k) and i sign everything over to her. Unfortuantely she cannot get a new mortgage as we have 20k negative equity. So obviosuly escaping 20k of negative equity and leaving with 11k and my dad paid off is a very attractive proposal, but is there anyway this can work, would the mortgage company be likely to be willing to remove me fromthe mortgage? (the mortgage is for 167k and she earns 37,500)?

VIGILANT22

Quote: the mortgage is for 167k and she earns 37,500
It's never going to happen..........

Conrad

Can you clarify;

The REALISTIC valuation now

The mortgage amount required

Exact details of adverse credit history including type, dates and amounts

teekay84

An identical house sold for 175k about 6 weeks ago. No adverse credit, subprime because we had just left university. Total mortgage balance is 167k.

getmore4less

teekay84 wrote: »

An identical house sold for 175k about 6 weeks ago. No adverse credit, subprime because we had just left university. Total mortgage balance is 167k.

Thats £8k equity not £20k negative equity.

Her getting a mortgage is not going to be easy.

beecher2

You don't have negative equity then, you've just lost money on the deal. Your ex is mad to be offering you £30k - I can see the logic in offering you 10k to pay half of the outstanding loan, but that'd be it. She could then use her 20k to get a mortgage for 147k.

Conrad

No lender can take this on. The maximum LTV with adverse credit history is 85%.

getmore4less

equitable shares

£195k

£30k yours

£165k 50:50


you own 57.69% (30/195 + 82.5/195)
she owns 42.31% (82.5/195)

value £175k

you own 100,957.5
she owns 74,042,5

debt is £167k (woops its gone up)

£83.5k each.

[STRIKE]She owes you £27457[/STRIKE]
She owes you £17457

And this does not facto in costs which will reduce this £30k is a good(mad) offer.

beecher2

I must be missing something as I make it £17457 - is the sum £100,957.50 - £83,500?

teekay84

ok, so it does appear to be a good deal if it comes to fruition. If she is unable to get a mortgage, the 30k would simply be refinancing the deposit, if i were to keep my name on the mortgage with her to allow her to kee pthe house until she could refinance it? I am not looking to buy for the forseeable future?

teekay84

And she does not know some of the loan has been paid off, i did this on my own after we broke up with my christmas bonus.