Help! How Can I take Over My Mortgage On My Own??

lauz234

My ex boyfriend and I bought a house together 3 years ago. Just over a year ago the relationship ended and I have been living in the house and paying the mortgage on my own since then.

I have been advised by my bank that the only way to take over the mortgage on my own would be to remortgage the house in my name and pay off the existing mortgage.

Unfortunately the house is currently valued at £15,000 less than the original mortgage, so to remortgage I would have to pay this shortfall plus a 10% deposit. Something I am unable to do at present.

My ex boyfriend and I are on good terms and he does not want anything to do with the house, however I am worried about where I would stand if this changed in the future. I don’t want him to be entitled to half a house that I have been paying for, years down the line.

Does anyone know of an alternative to remortgaging that could give me a bit of security? Or perhaps there’s a loophole in the mortgage that will protect me against him claiming for an unfair percentage of the house in the future.

Any advice would be greatly received!

holly_hobby

From your post, it seems that your current lender appears to have looked at releasing your ex from the mge (transfer of equity) - and that it seems they have gone as far as a valuation of the property. If this is not the case, where has the knowledge of neg equity come from ?

I would suggest that, if property valued by your current lender at neg eq, that if you seek a change to an alternative lender, the same issue will rear its head.

So IMHO a TOE/remortgage is not permissible at this point. you have stated that you wish to protect your interests in the property for the future.

One way of doing this, is by having drawn up by a solicitor a codicial to the mge deeds, where it states what the agreed % split on property ownership/equity, will be between you and your partner on future sale.

There will naturally be a fee from the solicitor for their services.

Hope this helps

Holly

lauz234

Thanks for your reply Holly.

My knowledge of the negative equity has come from a valuation so unfortunately, as you say, I don't have the option of using another lender.

Can you elaborate at all on your advice about the solicitor? How would we decide on the percentage split? Also as I'm paying for the general upkeep of the house, new windows, doors, carpets etc, could the solicitor include something about this? These improvements I make will inevitably add some value to the property.

Laura