Breakup

capt-hilts

A close friend of mine has split up with his long term partner , they have 3 young children , they are both on mortgage . My friend wants to pay girlfriend off , question is how does he remove partner from mortge ?

lika_86

Remortgage or transfer of equity if the mortgage company allows it.

Yorkie1

If the ex won't agree, he can't do it without forcing a sale - expensive and time consuming.

Assuming the ex agrees, first get a valuation, best from a RICS surveyor, or look at recent sales prices for nearby houses.

He will then need to check whether he would meet his current lender's affordability criteria to take over the mortgage alone. If he does, then a transfer of equity would be possible - a solicitor would be needed.

If he won't, then the only other option is a remortgage to another lender who might have more generous affordability criteria.

Bear in mind that the mortgage will be a maximum % of the value of the property, e.g. 80% of its value. If the value of the house has dropped so that the mortgage is over this %, or even in negative equity, then there may well be difficulties.

All the above assumes they own equal parts of the property. If they put in different amounts of deposit, or paid different amounts since buying the property, then they will need to negotiate what split of value is proper. Many people don't set this down when starting out.

capt-hilts

Since house purchase 6-7 years ago my pal has paid mortgage ,
partner has bought kids up whilst working part time to help with food , bills etc . Thanks for help .

BitterAndTwisted

It really doesn't matter whose bank-account the mortgage-payments came out of. They co-own the property and presumably shared all of the living expenses between them from whatever income each of them had.

What matters now is how each will contribute to the upkeep of their children. If there's any equity in the property it can only be released by re-mortgaging. Depending on how much deposit was put towards the purchase and where in the country the property is, there may be no equity whatsoever.

capt-hilts

Thanks or previous help on this subject , more help is now needed .
Friends girlfriend moved out with kids voluntarily but will not hand over keys until house is sold and funds are shared . Problem is Friend was not getting various items of mail delivered but it ends up expartner was letting her self in and taking mail including personal financial letters and mail order articles , what is law regarding this ?

Guest101

Partner is allowed to enter the property whenever she chooses, she does not need to hand the keys over.

She cannot open mail which is not adressed to her.

So she could open: her name; the homeowner; and the kids mail

She cannot open: his name; the occupier; or anyone not already mentioned.

Your friend should: report it to the police; and setup a mail redirect to a friends house.

zzzLazyDaisy

capt-hilts wrote: »

Since house purchase 6-7 years ago my pal has paid mortgage ,
partner has bought kids up whilst working part time to help with food , bills etc . Thanks for help .

All of this is irrelevant. The only thing that matters is how the house is owned. If it is jointly owned as joint tenants or tenants in common in equal shares (which is almost certainly the case if there is no trust deed) then any net equity must be split equally between the two.

You pal should also be aware that the gf will probably make a claim to CSA for child maintenance and this may reduce his affordability if he needs to remortgage to buy her out.