Deeds, JSA and mortgage question(s).

Inbetweener_2

Hello all,

I am currently on the New Deal through DWP and although attempting to start a business, its going slowly. The main benefit of this New Deal is I continue to get my mortgage interest paid. I think I will be earning proper money within 3- 4 months - although possibly not enough to convince the mortgage provider that I could go it alone.

My ex (ran off ages ago and never has/does pay a penny towards mortgage) now wants to come off the mortgage and deeds. Can this be done? even just the deeds?

I don't actually understand what 'the deeds' are, and I am aware that the mortgage company will probably only agree if my income will cover he mortgage on my own. (She is out of work anyway!)

if anyone has any info/advice/pointers, they would be greatly apprciated.

dimbo61

She wont be allowed off the mortgage unless you can support the mortgage yourself ( not likely if just started new job/ buisness).
Can she force you to sell and is there any equity in property ?

Inbetweener_2

She could force me to sell - but she is happy for me to try and get her off the mortgage and deeds. Not too much equity but thats no issue at the moment and no plans to move anywhere. What about the deeds? (and in fact I think I have them upstairs!)

ALIBOBSY

I suspect most mort companies will not be keen to go from 2 persons on the mortgage to one especially whilst they will class you both as being "on benefits" or "low income". They prefer to have 2 people to chase if things go wrong.
Once you are earning properly and can start making full mortgage payments again they may well be more amenable. This is theri choice and you have to get permission from them, then its usually just a case of you both signing documents to arrange the transfer (and probably pay a fee of some sort).

The deeds is a different matter, all houses used to have a paper version (most still do) but what really matters is the land registery. Basically legal ownership of the property and any parties with financial interest in the property ie you and ex's name plus your mortgage company details. This can be amended again at the cost of a fee, when I divorced in 97 it was done by the solicitor so not sure if you can do it direct with them.

ali x

Inbetweener_2

Ok thanks, so if I contact mortgage company then all I can do is ask nicely. But with the deeds, this could be arranged anyway, if I were to contact land registry and a solicitor?

Cannon_Fodder

The deeds need to reflect who owns it. i.e. joint if the mortgage is joint, single name if you can get the Lender to agree to you taking on, on your own.

The Lender will not allow the deeds changed from the exact combination of names that are on the mortgage, it hinders their ability to repossess.