Partners Ex Giving Her House But Staying On Mortgage?

gioonline

Hello, this is quite complicated and I have been searching online but could not come up with a phrase to describe it so hear is the lowdown..

My partner split up with her ex a few years ago but is still on the mortgage to their house which he has been living in.

He has said he will sell the house to us for an amount in cash and that he will write a letter to his solicitor saying that he wants nothing more to do with the house so that if we sell it he gets nothing.

He will still be on the mortgage with my partner and we are just going to change the account the payments come out of so we do not have to let the mortgage company know about this.?

Does anyone know where I can get some good information about this or whether this works at all?

Thank you in advance

G:)

G_M

Can't be done.

The name(s) on the Title at the Land Registry [the owner(s)] must be the same as the name(s) on the mortgage.

If he sells, the mortgage will need to be paid off and the new owners, you, will need to get your own mortgage (unless you can pay him from savings.

paddy's_mum

Why on earth would you risk your money, your home, your future and perhaps 20 odd years of your mortgage paying life to some answers from folk on a chat forum when for an hour's professional fees from a solicitor specialising in property law, you would have the whole story .. and with come-back if they advise you wrongly.

Would you buy a car from Arthur Daly on just his say-so that for your £20,000 you're getting a cracker of a motor ...?

gioonline

G_M wrote: »

Can't be done.

The name(s) on the Title at the Land Registry [the owner(s)] must be the same as the name(s) on the mortgage.

If he sells, the mortgage will need to be paid off and the new owners, you, will need to get your own mortgage (unless you can pay him from savings.

Thanks for the reply. Yes we will be giving him ten grand cash and he will wave his rights to anything if we sell it further down the line.

Been trying to find information on this everywhere online.

G_M

??????????
So you give him £10K and in return he gives you a letter? But the property and mortgage both remain in his name? You've got to be kidding!

But your 1st post said

He has said he will sell the house to us for an amount in cash

which implies the house will be transferred into your name. Since you also imply there is a mortgage on the house, this mortgage will have to be paid off (the lender will not permit the ownership of the property to change). So unless you have a ton of cash to pay off the mortgage as well as £10K to give him, you'll have to get a new mortgage.

silvercar

So what is the motive? Either the current mortgage is on an amazing deal or you can't get a mortgage?

You could get round the first problem by doing a transfer of equity.

Bettie

gioonline wrote: »

Does anyone know where I can get some good information about this or whether this works at all?

Thank you in advance

G:)

You could get the solicitor to do a deed of assignment of the beneficial interest . I did this many years ago. It meant my ex could not get another mortgage as he was on mine but he never wanted one so it worked nicely however, if my ex gets into debt it is possible that someone could get a restriction on the house because as far as anyone is concerned his name is on the title deeds, that could cause problems.

gioonline

G_M wrote: »

??????????
So you give him £10K and in return he gives you a letter? But the property and mortgage both remain in his name? You've got to be kidding!

But your 1st post said
which implies the house will be transferred into your name. Since you also imply there is a mortgage on the house, this mortgage will have to be paid off (the lender will not permit the ownership of the property to change). So unless you have a ton of cash to pay off the mortgage as well as £10K to give him, you'll have to get a new mortgage.

Well in effect he is selling the house, but not the traditional way. My partner is also still on the mortgage as she was not taken off of it.

The two of them will remain on the mortgage but he will not be able to claim any money once/ if we sell.

gioonline

silvercar wrote: »

So what is the motive? Either the current mortgage is on an amazing deal or you can't get a mortgage?

You could get round the first problem by doing a transfer of equity.

The current mortgage is a really good one.

gioonline

Bettie wrote: »

You could get the solicitor to do a deed of assignment of the beneficial interest . I did this many years ago. It meant my ex could not get another mortgage as he was on mine but he never wanted one so it worked nicely however, if my ex gets into debt it is possible that someone could get a restriction on the house because as far as anyone is concerned his name is on the title deeds, that could cause problems.

Yes, this is possibly the direction we will be taking. He will still be on the mortgage and so if he gets in debt then as you say they could put a restriction on the house but I suppose from his point of view if we do not make payments on the house, his credit will be affected.

Thank you for this. I am now off to google "deed of assignment of beneficial interest".

Thanks again:)

Bettie

gioonline wrote: »

I suppose from his point of view if we do not make payments on the house, his credit will be affected

It is written into mine that I am responsible for all payments and will keep him free of all debt re the house. can't exactly remember how it's worded but basically he can't be held liable if the house should fall into disrepair or if there is any debt on it.
we both had solicitors - his to make up the assignment and mine to make sure it was all correct and in order.