Taking over a joint mortgage...is there an easy way ??

SkinFlint_2

I separated from my partner last year and she just walked out on all her financial commitments that we had taken on together including the mortgage that is currently in joint names.

That's fine by me as I want to be financially independent from now on but I just want to know the easiest way to take the house on in my name only.

I made all the mortgage payments from my account. After virtually emptying the house whilst I was at work, she left the key on the floor outside.

Again that's fine, cause I just bought new stuff and I know it's all mine now.

I just don't want her coming back with some piece of legislation that enables her to walk back in.

What is the best option ? I am seeing our mortgage advisor next week and a solicitor the week after but I was hoping for some practical experience/advice in this minefield of a matter. I don't expect any co-operation from her in relation to negotiations, meetings, signing paperwork etc. which I fear might hinder me.

Thanks in advance.

susy_2

Sorry SkinFlint, but if her name is on the mortgage, you will need her signature to transfer solely to your name.

You do not say how long you have had the property? She will be entitled (on the face of it) to a 50% share. You will need the advice of a solicitor and may have to go to court, to force the sale of the house.



Edit. And as far as I am aware, until the transfer takes place, she would be able to return at any time?

SkinFlint_2

Thanks Susy, I did fear as much. We have had the mortgage for three years.

So could she go to a solicitor and force me to sell the house as well then ?

I am reluctant to sell the house because house prices these days are prohibitive to a lot of potential first-time buyers.

We were in the process of doing it up so there is a bit of work still outstanding.

Could I not transfer it in my name with an legal agreement to give her whatever % of the sale, if and when I do sell it ?

susy_2

Hi SkinFlint, Yes, I imagine she could force a sale of the house as well, but one would imagine that this would only be to realise her share of the capital, therefore, there should be no reason why you could not remortgage to meet this expense. As you have only had the mortgage for 3 years, this should not amount to much. (I am assuming there are no children in this equasion)? You say you want to be financially independant! Could you afford the mortgage by yourself?? Not just in practice, but on paper??

Why would you want to exchange a possible low payout with a potentially much higher payout, by increasing the value of the house both by improvements (funded by you) and length/time of joint ownership???????????

EDIT: I am confused as to why you made the last suggestion? Is it because on paper, you would not be able to remortgage? To have the property transferred to your name, you would have to show that you could meet the payments on a remortgage anyway, so what would be the purpose of giving her a larger share?

You could not force her to wait for her share of the equity.

SkinFlint_2

Yes Susy, there are two children involved...poor things...the main reason why I do not want to sell...as they are nearby and they have somewhere to stay with me. Why, does this change matters ?

I meant financially independent of her. Would I need her signature to remortgage then ? I could afford the mortgage but I also have all the other commitments as well.

Forgive my ignorance but I do not understand your last statement.

susy_2

Ummm, the complication of children make it a legal landmine! She does potentially have the priority of living in the house with the children? Can I ask why she has left the house and what her current living arrangements are, without being too nosey?

Yes, there is no way around transferring the house without her signature, as far as I am aware.

susy_2

Hi SkinFlint,

When I asked 'why she had left the house', I only meant as opposed to you? Not any personal reasons.

SkinFlint_2

She left and moved in with her parents.

susy_2

Sorry SkinFlint, I was wondering what her (and the childrens) current living arrangements were, because it could be argued that she has a greater need of the house because she has to provide a roof over the childrens heads.

It is really difficult to advise in these situations, because in theory, she could move back in at any time. It depends on what she is more likely to want ie. Would she want immediate access to any monies owing to her? In which case she may be happy for you to remortgage in order to pay her, (at which point the house would become yours). Or would she want to continue living in the house on her own with the children (with the assistance of IS to pay the mortgage)?

Incidently, with two children, she would probably automatically be awarded a greater share of the equity too.

It sounds like she has not taken any advice yet. The problem is, in order to achieve financial independance, the house has to be sorted out. In order to do this, solicitors would need to be involved and at this point, depending on the advice given to her and what she wants, (and you would have more idea of this), would depend on whether or not you would be able to remortgage.

It sounds like you are really stressed over the situation, and I really think you need the advice of a solicitor. Unfortunately, once the solicitors are involved, things have a habit of degenerating.

Picking up what you said earlier about a legal agreement. From what you have said so far, ie clearing the house, your ex does not sound the most reasonable person? You have said yourself that you do not expect any co-operation from her, would she be amicable to any arrangements? And if you were able to make one (but I think it would be full of pitholes) it is possible that she would still have an interest in the house which could make your position somewhat precarious.

I really wish you luck SkinFlint, but you need the legal advice (of a good solicitor) over and above everything else.

SkinFlint_2

Thanks Susy for your advice...really appreciate it. Looks like I'm in a no win situation here.

I wouldn't mind if it wasn't for the fact that she has made zero contribution to the house. I have held off from solicitors until now due to not wanting to aggravate her and jeopardise my access to the children which I know she would probably exploit regardless of the impact it has on them.

Oh well, I will just have to see what the solicitor says.

Thanks again, Susy

JoeK_3

SkinFlint wrote: »

Could I not transfer it in my name with an legal agreement to give her whatever % of the sale, if and when I do sell it ?

Providing that you earn enough money to pay the mortgage amount and the ex. agrees to be released from the mortgage or be paid out, you will not need to sell the property.

With her agreement you just contact your existing lender and ask for a transfer of equity. The costs for this is minimal but it's buying her out that could be painful.

JoeK