I need to get my name off my joint mortgage

Bswoolley

Hi guys,

Im new at this, ive never posted on a forum before!

so... I split with my partner 16 months ago, we had been living together, in a part buy/ part rent house. (25% mortgage at about £25k).She has been paying the bills on her own, and has been doing fine, untill recently.

I just returned from living in france for the summer, to be greeted by several letters from the mortgage company, about missed payments and failed payment agreements. I still have access to the joint account we used for paying the bills, and i can see she has missed 3 payments in a row!!

I know that all these defaults appear on my credit record, so I need to cut the final ties to the house and mortgage, before it gets any worse.

I want to know how best to do this, and how much it is likely to cost me, i am currently unemployed, so money is tight.

Do i need a lawyer? i am still on amicable terms with the ex, and im sure we both want to separate out finances quickly and painlessly, but how??

many thanks, 1st time poster: bswoolley.

opinions4u

You need the agreement of your ex and the lender. Then a solicitor can execute the transaction. Cost in the region of £500.

Your problem will be the lender. They won't release you from an account in arrears.

holly_hobby

In order for you to be removed from the mge liability, in the first place any arrears will have to be satisfied (and under a joint mge, you are both jointly and severally liable for this). Assuming this occurs, you mge lender will want to be satisfied that your ex is able to service the mge from their own income (and considering we currnently have arrears - this looks doubtful) - if the lender isn't happy they can, they will refuse to release you from the mge or liability (regardless of your own employment status).

If so, alternative lenders may have more flexible regarding affordability assessments, but your ex would have to actively apply for a new mge with them - whether they would do this is their choice, and we now have an arrears history, which (even if paid) occuring in the last 12 mths and being more than 3 missed payments will be a real problem.

If your ex agreed to apply for a remortgage with an alternative lender, and this was agreed given the above issues, you would be removed off the deeds within the overall conveyencing process (NB - your ex would not qualify for any fee free remortgage deals due to the transfer of equity element).

Costs wise, well if the current lender agreed, a TOE is circa £400 & lenders own admin fee. If ex effects a remortgage, the costs will actually be around the same fee, if a little more depeding upon where you are.

So in the first place, you will need to have a chat with your ex.

If your ex refuses to co-operate, and your lender won't release you, etc - you would be looking to sell the property.

Hope this helps

Holly