Can't afford Solicitors

getmeoutnow

I am splitting with my partner(not married) I am leaving the house and want to take my name off the mortgage. We got a joint mortgage as he couldnt get the funding on just his wages but saying that he has always paid all of it. We are not using solicitors as all I am taking is what I paid for (furniture etc). He will still live in the house with his children. He is not paying me anything to leave. I think the mortgage is in neg.equity so he wont be able to re-mortgage due to his age. I thought all I had to do was complete a 'dissasociation form' but it appears to be more involved than that. Where do I go from here?

opinions4u

To remove your name from a mortgage you need the agreement of the borrowers (in this case you and your ex) and the mortgage lender.

If the lender agrees (and they will usually charge a fee of around £200, and may be reluctant* to release you from your commitment espeically with the house being in negative equity) then a solicitor has to legally change the ownership of the property and draw up a new mortgage deed. Typically the cost of this would be around £400.

Finally, in any separation it is strongly suggested that some sort of document of separation is drawn up that stops the other party making claim on property, furniture, widescreen telly, CD collection etc at some point in the future.


* This is a high risk loan. By releasing you from your legal commitment to the mortgage they are making it even higher risk. Prepare yourself to be named on this mortgage for many years to come.

mjm3346

Very unlikely they would let you be removed, if he does not/cannot pay they can come after you for it all.

Conrad

Where you go from here is he has to apply to take over the mortgage. His income and circumstances must be such that they are suitable and able to sustain the mortgage within usual lender criteria.
You said at outset his income and age were against him, so it's 99.9% certain he will not be able to take over the mortgage alone.

I'm afraid all options are pretty dire for someone in neg equity.

1) Sell but be liable for the neg equity

2) Stay as is, and hope he keeps paying. ANY arrears / late pays will go against both no matter what

3) A lwayer cannot help - all they will do is take your money, but not be able to do a thing

4) You both walk away and post the keys thru the lenders door but will be liable for any debts going forward

Sorry