Transferring mortgage to ex & secured loan

rachelandgromit

Transferring mortgage to ex & secured loan Hi

I am posting this on behalf of a friend who is in a bit of a mess. She left her fella around 18 months ago and moved in with her sister. Her ex remained in their house (joint mortgage) as he moved some friends in to help pay with the mortgage/bills and the house went up for sale. My friend has continued to pay half of the mortgage as it was in joint names even though she is not living there in the hope it wouldn't be long before it got sold. Their 'amicable' relationship is turning a bit sour as he has more recently been refusing viewings and generally playing up, e.g. leaving the house a mess when viewings take place. He is now saying that he has met someone and wants to take on the mortgage with his new partner which is fine as my friend just wants her name off the mortgage full stop and saves it getting sold.

What should she be looking at doing. Does she need a solicitor or is it just her ex. It is just a case of getting her name taken off. There is no profit in the house so she doesn't want a payout. The other factor is she tells me that there is a SECURED loan on the property for another 6 years ish which is in both their names and she isn't sure what will happen to this as she will be taken off the mortgage.

I really want to give her some advice or some general direction. I have suggested she sees a solicitor really as I would have thought she would need the mortgage transfer sorting but I may be wrong.

HELP appreciated.

Thrugelmir

Mortgages are not merely transferred but actually applied for.

So if the ex wishes to keep the property he has to apply for a new mortgage in his own right.

As there's a secured loan I suspect that this is makes the situation more complicated. As this debt needs to be repaid as well.

From your friends perspective I would suggest consulting a solicitor straight away as the property should be sold asap. Before financial matters deteriorate further. Whether the ex buys the property or not is subjective. Good if it happens but not to be relied upon.

hillcats

It is not that easy to just get a name taken off of a mortgage, remember it was based on affordability of both of them against their incomes at the time it was taken out, can he afford it on his own income?
Also the mortgage company has two people to chase in the event of non payment as they are both liable for the mortgage and the secured debt against this property, why would the lender put their money at risk?

Is the property in negative equity at the moment then as there is no money to divide on sale / pay the other off? If it is in negative equity then it will be near impossible to re-mortgage the property due to poor LTV.

SmlSave

Hi OP,

Sounds like your friend needs a Transfer of Equity - even if there is no money involved. The other half will need to apply for a new mortgage.

Think it's best to get a solicitors advice