Joint mortgage - relinquish rights!

crispyambulance

Hi,

Apologies if this is in the wrong forum.

I'm really hope someone can help.

I bought a flat with my then fiancee in July 2011 on a joint mortgage. Our deposit was 20% and given to us my my then partners parents. We have since split.

I have been living in the flat for a few months whilst seperated and now have an opportunity to move out.

My ex partner cannot get a mortgage on her own (she earns less than me, 23,000 - 30,000) and she has an exisiting loan with another retail bank. As her parents paid the deposit i don't feel as though the flat is mine, thus we've decided that as she wants to still live in the flat, it's me to move out.

I will not be paying any of the mortgage when i move out and will not claim any proceeds of any sale, when eventually sold even though i'll still be on the mortgage. My ex partner rightfully wants this in writing. Is there a specific legal document that can facilitate this? Is there anything that i should be wary of?

I really need some advice here as i'm starting to let this effect my day-day life / job / moving on / depression!

Thanks for reading.

Thrugelmir

Keep it simple.

Sell the property if your ex is unable to obtain a mortgage in her own right.

Make a clean break and move on.

Not wishing to sound harsh. When I suggest this. But you don't need the hassle of getting your name off the mortgage in the future.

holly_hobby

Whilst you may effect a private arrangement such as this, by remaining party to the mortgage, you shall remain wholly and severally (singularly) liable for the mortgage debt and repayment - so it appears you shall have all of the risk/legal responsibility, for none of the gain.

Further down the line, when/if you do want to effect a mortgage of your own, your income shall have to cover both your new borrowings and that you have left behind with your ex ..... so there may well be trouble ahead if you elect to de-camp and leave things as they currently are.

As Thurls. suggests (and looking at things from your perspective and benefit) - I would really look to make a clean break of it here and sell up, as you may well come to rue the day if things with your ex get sticky later down the line.

Hope this helps

Holly