Getting a partner off the mortgage

Saynoto23

I feel so sorry for every single person who posts asking similar questions such as this.

How many years will it take before we ladies realise what a ride we are being taken on by these free-loaders? You provide the propery, the 'partner' moves in, and less than a year later (after you have paid the mortgage, the bills and kept house, etc, etc!!!), he is legally entited to abscond with 50% of your capital? AND you are left with the mess of sorting out - and yet again paying to remove him from your financial life whilst suffering extreme pangs of guilt and remorse over the (unfathomable) reasons of why you were 'dumped'.

Take my advice - let him visit on your terms as and when and, if he wants to get closer suggest he invests in the property next door ..... SIMPLES!

zzzLazyDaisy

paddedjohn wrote: »

Pay him out of your savings, transfer the property into your name only and just leave the mortgage as it is for now. As long as the deeds are in your name and you keep records that prove he isn't contributing to the mortgage then there shouldnt be any problems for you

You can't do this without your lender's consent.

Also PLEASE don't pay him anything until you are able to deal with the legalities, which will include sorting out the mortgage and having the property transferred into your sole name, which WILL involve speaking to the lender and also instructing a solicitor.

Why do I say don't pay him anything? Because time and again I hear of people who have split up, paid money to the partner to get them out of their hair/help them buy a new place/whatever... and when the time comes to sort the paperwork out, suddenly they want more.

Sit tight, carry on paying the mortgage, get your head and your home straight, and then deal with the finances and the formalities when you feel able to. but don't leave it too long, you'll feel better (relatively speaking) when it is all done.

Thrugelmir

joseph2310 wrote: »

he is legally entited to abscond with 50% of your capital?

Which law makes provision for an automatic 50/50 split?

costingbunny_2

Thanks for all the posts. I have contacted ING and the situation is exactly as helpfully set out above - they are happy to let me take over the mortgage on the same deal but will need a solicitor to do a transfer of equity - this will cost £345 + VAT and is straight forward. I have spoken to my partner who is happy to sign this and does not want any money at all. Regardless of this, I will be giving him his share as I can then know I have done everything right and this is important to me.

In relation to post from Joseph about relationship breakdowns - my partner and I have been together 12 years and bought our first property 8 yrs ago by selling our camper van to put a small 3% deposit down, it sold after 3 yrs making a profit of £50K and we bought a bigger house together. Although the relationship has broken down, we were partners in our house buying and it was not a matter of him moving in or paying/not paying the mortgage. I realise this does happen but it in no way reflects my siguation and there is no way on god's earth that any bloke will be moving into my home!!!!

zzzLazyDaisy

Thrugelmir wrote: »

Which law makes provision for an automatic 50/50 split?

If the property is held as 'joint tenants' then the law provides that the net proceeds of sale must be split 50/50 (unless the sale is part of a divorce settlement, in which case the courts can intervene).

But in the case the parties held the property as 'tenants in common' so the split is according to the shares held (OP will know what this is, but hasn't said, so we can't know what proportion of the equity he is entitled to - and we don't need to know)

EDit - glad to see you have resolved the situation OP, and good luck!