Help getting off a joint mortgage - desperate.

2mortgages

Hi,

I was just wondering what happened in the end with this?

I am in a very similar situation but being on the other side of the problem.

I bought a house with a friend 7 years ago, he moved out 5 yeards ago and I haven't had a bean from him since. Same situation as house is in approx £25,000 negative equity. I don't want anything from him but want him off my mortgage. I tried to trnasfer the mortgage into my Dad and my own name but the mortgage company wouldn't let me as my Dad had his own house.

The thing your ex did could be a way out for me but did it actually work??

Any advise would be greatly appreciated

Thanks

DVardysShadow

2mortgages wrote: »

Hi,

I was just wondering what happened in the end with this?

I am in a very similar situation but being on the other side of the problem.

I bought a house with a friend 7 years ago, he moved out 5 yeards ago and I haven't had a bean from him since. Same situation as house is in approx £25,000 negative equity. I don't want anything from him but want him off my mortgage. I tried to trnasfer the mortgage into my Dad and my own name but the mortgage company wouldn't let me as my Dad had his own house.

The thing your ex did could be a way out for me but did it actually work??

Any advise would be greatly appreciated

Thanks

For your problem, you should start a new thread. I will restrict myself on commenting on what happened here as I see it

In my opinion, tchock2012 was fleeced [and had I seen the thread at the time, I would have commented]. What his ex writes in her email is not legal advice [because she is not a lawyer and is certainly not his lawyer] and I doubt it would hold up. OP carries the risk of the ex defaulting on her mortgage and moreover does not have any ownership in the property to force a sale.

kingstreet

I agree with DVS.

At the least, I would seek verification of this statement;-

The outgoing owner (you) must be released from his obligations under the mortgage.
This is usually done via a clause in the transfer deed, which the lender will sign along with the other parties.
The lender will want to check that the remaining owner is financially capable of keeping up with the mortgage payments.

by requesting written evidence that the lender did agree to the transfer at the time. A letter from the solicitor would be acceptable.

When this;-

I contacted the bank over the phone and as far as their concerned the mortgage is mine (ours)

suggests otherwise.

Had I seen this thread at the time I would have had a few choice words, which I'll utter now!

HSBC's policy of allowing more borrowers on the mortgage than are on the deeds is completely responsible for the position the OP finds himself in.

This would be compounded if he didn't seek independent legal advice at the time?

The OP has been removed from the deeds, so has no interest in the property but hasn't been removed from the mortgage because HSBC is one of only two lenders which will allow such a change. The lender would normally be a "failsafe" preventing removal from the deeds if the removal from the mortgage wasn't requested or was declined.

I am pretty sure the OP would have expected to be removed from the deeds and the mortgage at the time, not just the bit which gave him a bit of security. This is the area where independent legal advice is absolutely essential. Even posting on here at the time would have highlighted the potential problem.

As things stand, the OP remains 100% responsible for the mortgage and it will cause some issues should he wish to apply for a new mortgage for himself. He will be unable to prove to a lender that he isn't responsible, because he is!

The twaddle she has come up with will not work in any way shape or form. At the very least, he would be asked for a bigger deposit and a copy of an AST for the property, which he simply could not provide.

ruggedtoast

I agree, he's been stitched up like a kipper there.