Change Joint Mortgage To Just My Name, Then Have Ex-Partner Rent From Me. Possible?

willyshatswig

Hi, and thanks in advance for any comments.

I split with my partner of 12 years, 2 years ago. We have a child together.
She works part-time, I work full time.

We currently have a house, with a mortgage in both our names in which she lives with my son.

I am currently renting, but looking to for somewhere permanant to buy.

To enable me to to get as bigger second mortgage as possible, is it possible for me to have my exisiting Joint Mortgage put just to my name, then allow my ex-partner and my son to rent the property from me?

I had a friend of the family, who deals in financial advice, who *thinks* that it is not legal for me to be able to rent the property to someone who has previously had their name on the ownership papers.

Is this correct? If so, are there any ways around this, as I would rather not uproot my son from one of the major constants in his life.

solarstone

I did something similar, for similar reasons. You can get the mortgage changed to just you, but you need a solicitor to do it as it affects the deeds. I did this about 4 years ago and I don't recall it costing that much.

Wh05apk

I don't think it would not be possible, just making a lot of work, surely it would be best just to put in her name if poss?

Lenders also would probably not see it as "rented" as such if it was to your ex, presumably under some sort of family arrangement, if that was the case they would still take it as a commitement, meaning you would not be able to raise as much, thereby defeating the whole purpose.

willyshatswig

solarstone wrote: »

I did something similar, for similar reasons. You can get the mortgage changed to just you, but you need a solicitor to do it as it affects the deeds. I did this about 4 years ago and I don't recall it costing that much.

Did you have the mortgage put solely in your name (from a joint) and then rent the house to the person who was on the joint? As that is where I have been advised that there may be some problems...

willyshatswig

Wh05apk wrote: »

I don't think it would not be possible, just making a lot of work, surely it would be best just to put in her name if poss?

Lenders also would probably not see it as "rented" as such if it was to your ex, presumably under some sort of family arrangement, if that was the case they would still take it as a commitement, meaning you would not be able to raise as much, thereby defeating the whole purpose.

If I put the house in my partner's name, the property would no longer be mine .

Your second paragraph, is exactly what I'm trying to convey. If I'm renting a house, and the rent easily covers the mortgage, then the lenders wouldn't see it as a commitment. And would hopefully allow me the maximum load for a second mortage.

GMS

The problem could be that the transaction would become a 'sale and rent back' which lenders generally do not like.

TanyaN29

Can anyone advise me.

I spilt with my ex-partner over 2 years ago and went Bankrupt, naively believing that my name would automatically be removed from the mortgage. On trying to rent a new property I failed a credit check, which prompted me to check my credit reports, to which I find that although I havent been anywhere near the old house for two years or more I am still on the mortgage and my ex is 3 months in arrears. How do I go about removing myself from the joint mortgage?

I am in desperate need of help as I am awaiting the OR's response to the same question but cant see how I can start to improve my credit file and get my life back on track if I remain attached to my ex and the mortgage for the next 17 years and he continues to be in arrears.

PS I dont want anything out of the house or him, just the freedom to rebuild my life.

Annisele

TanyaN29, you'd be better to start a new thread over on the "Bankruptcy & Living with it" boards - partly because they have experts on bankruptcy over there, and partly because two problems in one thread gets really confusing

TanyaN29

Hi Annisele,

Will do, new here and still learning the ropes.

Thankyou