Exiting a Tenancy on Common agreement

rockstar82

I have searched the forums, but have not come across this particular topic. Apologies in advance in case this a multiple thread.....

3 years ago, my girlfriend and I bought our flat from her mother. She stumped up a £30k deposit, while I was assigned 1% of the mortgage as both incomes were needed to take on the mortgage.

We recently split, and I need to know how to end this agreement. Basically... She kicked me out and changed the locks. I know she was not supposed to do this. I also spoke to a solicitor who said I am only liable for 1% of the mortgage repayments.

For the 3 years o have contributed to half of the running costs of the house, including the mortgage. I am not looking to take anything away from this, but she expects me to give up my 1% of the property as well as paying half of the legal costs involved in this. Essentially, i pay money to be taken off a tenancy in common agreement, to then be left with nothing to show for it.

As i said, i am not looking for financial gain, or to force a sale of the house etc. But would anyone know of the best solution to disolve the agreement, in essence transferring the whole amount to her.

Any advice is greatly appreciated.

kingstreet

The "agreement" ends by you selling the property and repaying the mortgage, or by your partner completing a transfer of equity which involves removing you from the mortgage and the deeds.

You are currently jointly and severally responsible for the whole mortgage payment if your former partner decides not to pay. Your tenancy in common 99/1 doesn't have any impact on the mortgage agreement at all. The lender will come after whoever has the ability to pay. This applies even if you don't live in the property.

To remove you, your former partner would need to convince the mortgage lender she has the means to meet the mortgage repayments on her sole income. If she can do that, the lender will agree to your removal and for the mortgage to be in her sole name. It will then pass the matter to a solicitor for the transfer of equity to be completed and your name removed from the title deeds at the Land Registry.

Similarly, if she has problems with the current lender, she may be able to remortgage to a new lender in her sole name to repay the existing joint mortgage. The transfer of equity process after the mortgage is agreed is the same.

The typical total cost for a transfer of equity is between £400 and £600.