Joint mortgage woes - how to get free?

Nitrowing

mr-bob wrote: »

Discuss the situation. Tell him his name is still on the mortage and you want to transfer it in to your name. Then send him the documents etc..

That might not be the safest thing to do - there's animosity to put it politely

Dal_Whinnie

I spoke to the CAB and they told me that my mate would have to take me to court to force me to sell the house and that he would only be entitled to the money he could prove he put it during the time of his residency. Which, in my case - is none/QUOTE]

Is the property owned as joint tenants or tenants in common? If the latter, then your former mate would be entitled to what ever his share as stated in the deeds. In either case, as I understand, if you wanted to sell then you would need to go to Court if your mate refused to sign any documents.

As I said, I think the ownership point is more important than the mortgage after all, the mortgage is something you jointly owe whereas the house is something you jointly own. The mortgage will just cease to exist once it is paid off but the joint ownership will continue.

Nitrowing

What are the documents I need?

Let_Us_See

Let's keep it simple. Adding or removing people to/from a mortgage and a corresponding transfer of equity that is subsequently recorded on title deeds is an everyday occurrence. It is a well known and straightforward action.

In this case before this can happen there are three separate actions. Firstly, only the lender can release your "mate" from the mortgage, and as there is only £10,000 mortgage balance, I cannot see why this consent should not be given. I am sure the lender will have a specific generic form for him to complete. Secondly, he will have to agree to a formal transfer of equity - in other words come off title deeds (give up joint ownership), and any solicitor will be able to draft a simple letter, and it is best to have this agreement witnessed. Thirdly, you have to find him and obtain his agreement to both actions.............that is the difficult part!

Nitrowing

Thank you - this is just what I need

Thrugelmir

Nitrowing wrote: »

That might not be the safest thing to do - there's animosity to put it politely

Time to bury the hatchet and move on then perhaps?

Nitrowing

Thrugelmir wrote: »

Time to bury the hatchet and move on then perhaps?

Those brought up in Northern Ireland don't quite subscribe to that