Mortgage Legal Advice Forums?

BenC_2

Hi guys, I know this isn’t the correct forum for this but I’m hoping someone can help point me to a place where I can get some legal advice.

Basically I have a problem and without going into too much detail I need to speak to someone about getting my lasses name removed off an old mortgage. Story goes boy meets girl, they settle down, buy a house on joint mortgage, boy and girl split up 7 years ago under major domestic circumstances (police involved) and now 7 years on she wants off the mortgage because she’s starting a new future with me. I’m just looking for some advice as to what the next step would be i.e. solicitor, something I can do, or something she needs to do.

Thanks
Ben

harvey115

First thing to do is check with your existing lender if they would allow this to happen. They would like to do a credit check on you and see if you alone will be able to afford the mortgage on your income. If they are happy you should be fine with a solicitor doing a TOE (Transfer of Equity) for you.

Does the girl not want any share in the property? no gains are expected? If so the process will be a little painless.

You are also free to seek a remortgage (you might find a better rate) on your own name from another lender and during the process of remortgage you can do the TOE together as the application will on your name only.

Hope this helps.

BenC_2

Hi, this isn't my mortgage its her ex boyfriends. She has asked to be removed before but he wouldn't allow it and she has ended up being on it for 7 years, we are buying a place of our own next year and I would like her name on everything. Her ex is a pain, typical person who acts like a kid because he has nothing better to do and this is the only hold he has over her so I am expecting this to get nasty. She wants nothing from him she wants to cut off from him so I'm hoping legally this won't take long.

harvey115

That may not be straight forward because she is as liable as her ex on the property they bought together. So unless both parties agree to TOE and the lender as well, it may not be possible.

However you may for the time being have things on your name and when she is free from her other ties you add her to the your property if and when possible.

BenC_2

That cant be right, if he turns around and says no then thats it? Surely a solicitor would be able to do something, I k ow we can force the sale of the house but neither of us want that. What about using the history with the police against him, most was domestic violence.

Thrugelmir

BenC wrote: »

What about using the history with the police against him, most was domestic violence.

Has no relevance to the issue of the property. History is sometimes best left on the shelf.

Thrugelmir

BenC wrote: »

I k ow we can force the sale of the house but neither of us want that.

Go for it. Chances are it won't get to court anyway. If it did , only loser will be the ex.

BenC_2

Preference is that he grows up and does the right thing but I think if he keeps acting like a little kid I will threaten him with a solicitor in the hope that he backs down. Like you say if it does go to court the only one loosing out will be him but he's also the type of person to come knocking at the door threatening my family which I dont really want happening.

Annisele

I appreciate you may not know this, but does the ex actually have enough income to support the borrowing? I don't mean "can he afford to pay the mortgage on his own", I mean "is a lender prepared to rely solely on him to get its money back".

If he doesn't earn enough, then the only way for your gf to get off the mortgage is for the loan to be repaid - and that usually means the property has to be sold.

BenC_2

He's been paying it for the last 7 years on his own with our lass on there, she can show the banks that shes not paid a penny which would mean yes he can.

I really dont want to go down the selling route but if he backs us into a corner I guess we dont have a choice

Annisele

BenC wrote: »

He's been paying it for the last 7 years on his own with our lass on there, she can show the banks that shes not paid a penny which would mean yes he can.

Sorry, I wasn't clear.

Whether the ex has actually been paying the mortgage on his own for 7 years is irrelevant.

What is relevant is whether his lender (or another lender) is prepared to lend the mortgage amount to him on the basis of his sole salary.

For example, he might be happily paying the mortgage at a rate of 4%, but be unable to afford an interest rate rise to 8%. If rates go up a few years down the line, the lender will want to be able to pursue your girlfriend for the missing money. So, the lender needs to be reasonably sure that the ex can afford the mortgage on his own for the entire life of the loan - not just now.

So, the crucial question is whether the ex can satisfy a lender's mortgage criteria for borrowing on his own. If he can't, then either the property will have to be sold or your girlfriend will have to stay on the mortgage.