Splitting Up with a Joint Mortgage

albreda

Hi

Supposing you live with your partner (unmarried) and have a joint mortgage and decide to split up, can you take on the mortgage (if your partner agrees) by simply contacting the mortgage provider? Or do you neeed to go through a new application, salary check ect?

Anything else one ought to consider?


Thanks

MortgageMamma

Well firstly you agree a settlement figure with your ex assuming they want something from the equity

you then need to work out if you can support the mortgage by yourself

you then need to instigate a transfer of equity to remove ex from property (involves legal works and costs money)

you then have the option of remaining with you current lender if you are able to and still fit the critieria on jsut your own salary

or

remortgage to another lender who can help

It is a fairly complex thing to attempt to do alone. I'd suggest you consider using a mortgage broker

MM

inmypocketnottheirs

I thought this thread was entitled 'spliffing up with a joint'.

apk1

MortgageMamma wrote: »

It is a fairly complex thing to attempt to do alone. I'd suggest you consider using a mortgage broker

MM

Possibly a slight exageration there, if you are tied with existing lender then probably stick with them, if not then yes you can remortgage elsewhere, when a broker would help you get the best deal. The rest of the process i.e agreeing pay off for partner etc is nothing to do with the broker.

swebber

I'm in the same boat as the poster.

I have the transfer of equity form already, but am still very confused about who deals with it?? Is it a lawyer or what?

It's not a simple form, but I have no idea who helps you fill it out CAB maybe?

Bit lost now.

homer_j_3

The Transfer Of Equity form needs to be completed by yourself.

If you are talking about settlement or what should be paid out then you need to agree that between you.

The solicitor will complete any legal work but unless specifically asked,(in cases where settlement cannot be agreed perhaps) will not get involved with any other bit of the work.

jules40

sorry to jump on the band wagon but my soon to be ex is buying me out of our house he has applied for and been accepted to be able to keep our mortgage with me being taken off it, tonight has told me that he received paperwork from ur mortgage company that he had to sign and that as of today i am no longer on the mortgage?? I assumed that i would have to sign something to say that i agree.

phil_smith_3

Can anyone clarify the point Jules40 has made. Is the other person automatically removed from the mortgage covenants as part of the transfer of equity process?

Thanks,

Phil.

[Deleted User]

When I split from my ex last year I had to go in to his solicitor to sign something to get my name taken off the deeds. I never got a solicitor as we had agreed an amount he had to pay me after I got around 4 estate agents to value the house. He got solicitor to remortgage/sort out name change, etc and I just signed my agreement. I don't think someone can just 'take your name off' without your consent.

I'm not sure they did a credit check on him, just wanted to see if he could financially afford the new mortgage on his own after he had 'bought me out'.

Hope this makes sense, I don't know the legal terms for everything.

Rachel

MuDvAyNeX

You have to agree and sign to come off the mortgage, the can't remove you without your say so.

I get a few of these questions everyday about people asking if they can be removed without there agreement, nope you can't

Well at least not with Mortgage Express, i should imagine that all lenders have the same criteria etc.