Removing my name off mortgage and deeds

greenoak

My partner and I have got divorced and as part of the financial agreement I am keeping my pension and she is keeping the family house.

Now I have an amazing mortgage deal at present base rate plus 1% for life of mortgage.

My partners concern is will the bank ( barclays ) try and change the mortgage terms if my name is removed. The mortgage is about 50% of the properties value. My ex has already paid 100% of the mortgage for the last year.

What is the process of getting my name removed from the mortgage and deeds?

Thanks

dimbo61

That all depends on Barclays and what your ex earns!
Can she afford the mortgage on her own?
You say the Loan To Value is 50% but thats no good if the outstanding mortgage is £100,000 and your ex earns £7,000 plus WTC, CB, CTC, maintence ( court agreeded or CSA) Income support ETC
If you EX has a god income and some lenders take into account benefits then great she can take over the mortgage and you just have to pay the costs of getting your name off the mortgage BUT if she does not then Barclays will not want your name off the mortgage in case she defaults.
That is a great rate and she does not want to lose that deal.
do you have kids?

greenoak

Thanks for your reply

You are right mortgage is over 100k and ex earns 10k plus benefits.

I guess barclays wont allow me to come off the mortgage. Which is what I thought.

Yup, 2 kids 15 and 17. so Im stuck being J & S liable for at least another 3 years

maninthestreet

greenoak wrote: »

Thanks for your reply

You are right mortgage is over 100k and ex earns 10k plus benefits.

I guess barclays wont allow me to come off the mortgage. Which is what I thought.

Yup, 2 kids 15 and 17. so Im stuck being J & S liable for at least another 3 years

Barclays are unlikely ever to allow your name to be removed from the mortgage if you ex-partner's income is insufficient to service the mortgage debt.

Bigsmak

greenoak wrote: »

My partner and I have got divorced and as part of the financial agreement I am keeping my pension and she is keeping the family house.

Thanks

SO you got the pension and she got a house that the bank owns circa 50% of.

wow

2sides2everystory

I don't understand the point of Bigsmak's post - there is no wow factor and there is no irony.

I did exactly what the OP is trying to do except it wasn't a divorce just a means to allow to allow my finances to be separated from those of another family member - I had allowed myself to be a named mortgagor on their house as their income was insufficient at the start to get the mortgage. I paid nothing into the mortgage. The difference between the OPs case and mine is that my name was only on the mortgage and not on the deeds (slightly unusual as I believe Barclays would now insist that the deeds reflect the parties to the mortgage.

After 3 years (this was around 2003) the mortgage had run smoothly and I wanted to get a mortgage on a property of my own.

Barclays (at that time) agreed that, whilst the income multiples situation had not changed, as there was a good record of regular ontime payment without my input, they would allow my name to be removed from the mortgage. Unfortunately I can't remember if that coincided with a transfer to a new Barclays mortgage product (there was a transfer at about that time to a better rate). I recall no particular legal formalities to release me - as I recall it was handled by Barclays alone, but had their been a change to the deeds, clearly a conveyance would have been involved.

But that was then ... things were so simple once upon a time

greenoak

she gets over 100k of equity
i got pension worth 50k

hardly wow

greenoak

OK UPDATE

divorce complete

I used a cheap online service for the divorce and consent order

The only remaining task is to remove my name from the title deeds. I remain liable for the mortgage.

How do I do this. Can it be done without a solicitor. I guess its just a simple form that goes to land registry

Bank have approved the title change

poppy10_2

greenoak wrote: »

remove my name from the title deeds. I remain liable for the mortgage.

Don't do that

You need a solicitor, it's not worth saving a few hundred pounds now when you could be liable for tens of thousands later