Removing a name from a mortgage/shared ownership?

bethie

Hi -

Just was wondering what the estimated costs are for removing my ex's name from our Shared Ownership Tenancy and the associated mortgage.


I know I'll have to prove I can pay for everything by myself, but I have a feeling that doing this 'legal' side of things will be really expensive.


The housing associate are already saying I need two lots of £180 for fees, and I haven't even spoken to the solicitors or the bank yet!


Any estimates woul be greatly appreciated.....


Thanks!

BARGAINHUNTER!

You cannot remove a name from a joint mortgage. You will need to apply for a new remortgage in your name only. The money is then used to pay off the mortgage which is in joint names and it is then closed. You will need to speak to your current mortgage provider and ask them for a redemption figure so you know how much you will need to borrow and a lender will need details of your income to work out if they can lend you the amount that you need. When I split with my ex I stuck to the same mortgage company and I was charged £180. I realy struggled to get someone to lend me the money I needed on my wage alone, even though I could comfortable afford the mortgage repayments. It was only my current mortgage company that would lend me the money. Bit silly really as I am currently able to afford to pay 3 mortgage payments each month (so two months worth count as an overpayment in order to reduce the mortgage quickly and get it paid off.)

bethie

Thanks.


I realized afterwards I should have put this in the Mortgage section!

I already know the house is in negative equity by about 10k so not quite sure that will help my situation at all!