What are my options!!

robroyin

My girlfriend and me bought a house a year ago paying 20 % deposit for 166000 house but we have now split she doesn't want anything to do with the house and wants her name off the mortgage and the title deeds
My mortgage lender has refused to transfer the equity as I do not meet the income criteria even though i can afford to make the payments. the lender wants a deposit of £26,000 from me to cover the income gap which i cannot afford at the moment. I can only afford 10k
But I do want to keep the house
Do i need to inform that lender that she has moved out of the house and i am paying the mortgage?
IF i do inform them what actions would they take?
Can i sell the house? also not sure what their terms are if i do sell it within 2 years of buying.do i pay a huge commission ?
can i just continue paying the mortgage ?
Can i rent out the place may be in 6 months time as I want to move to another location due to job commitments

Any advice will be greatly appreciated

kingstreet

robroyin wrote: »

Do i need to inform that lender that she has moved out of the house and i am paying the mortgage?

No. You have no obligation to inform the lender, although it may be advisable to do so

IF i do inform them what actions would they take?

Nothing. They may ask for your former partner's new address so they can keep track of her

Can i sell the house?

Yes. You will need your former partner to agree and sign the transfer forms.

also not sure what their terms are if i do sell it within 2 years of buying.do i pay a huge commission ?

You may have an early repayment penalty. See your key facts illustration, or mortgage offer, section 10.

can i just continue paying the mortgage ?

Yes

Can i rent out the place may be in 6 months time as I want to move to another location due to job commitments

Possibly. Consent to let requires the lender's permission and may require a change of rate, payment of a fee, or both.

silvercar

My girlfriend and me bought a house a year ago paying 20 % deposit for 166000 house but we have now split she doesn't want anything to do with the house and wants her name off the mortgage and the title deeds

She may not want anything to do with the house, but as things stand she is jointly liable for the mortgage. Is she still contributing to it? If the lender won't agree to removing her name and you still want to live there, she may have to put up with it.

If money were tight, could you get a lodger?

squeeks

While you can quite happily continue paying the mortgage be aware that:

1. Your ex will always own half the house.
2. You are both jointly liable for the mortgage payments.
3. Both of you could take out secured loans on the house.
4. If either of you goes bankrupt you may have to sell the house.
5. If after paying off the house in 25 years, your ex will still be entitled to half the house.
6. As the owner she could decide to move in...

Thrugelmir

Does your girlfriend want her share of the deposit back?

ValHaller

squeeks wrote: »

While you can quite happily continue paying the mortgage be aware that:

1. Your ex will always own half the house.
2. You are both jointly liable for the mortgage payments.
3. Both of you could take out secured loans on the house.
4. If either of you goes bankrupt you may have to sell the house.
5. If after paying off the house in 25 years, your ex will still be entitled to half the house.
6. As the owner she could decide to move in...

3 would require the consent of both parties, although splitting couples can and do get away with abusing each other by forging the agreement of the other.

robroyin

silvercar wrote: »

She may not want anything to do with the house, but as things stand she is jointly liable for the mortgage. Is she still contributing to it? If the lender won't agree to removing her name and you still want to live there, she may have to put up with it.

If money were tight, could you get a lodger?

she is not contributing to it. I could get a lodger but do i have to inform the lender about this? at this moment I am comfortable paying the mortage and do not require one but she needs to get her name off the mortgage is there anyway i could get it off? can i go through another lender and remortgage in my name

robroyin

Thrugelmir wrote: »

Does your girlfriend want her share of the deposit back?

She didn't pay anything for the deposit but did put a few furnishings in house which i am going to pay back

ValHaller

robroyin wrote: »

She didn't pay anything for the deposit but did put a few furnishings in house which i am going to pay back

Why? Let her have them if she wants them, but if she does not, remind her that everything you pay her delays the day you can take over the mortgage.

robroyin

ValHaller wrote: »

Why? Let her have them if she wants them, but if she does not, remind her that everything you pay her delays the day you can take over the mortgage.

like the way she does not want to do anything with d mortgage i feel it is my responsibility to give her back whatever she invested in the house, with regards to furnishings she can take her stuff with her but i dont think she has the place to do it right now so i will pay her back.
Is there anyother way i can get her name off the mortgage. or transfer it in someones name ?
she is going to move out of the country in a couple of months,
Can i make an agreement with her that she does want to do mortgage and she wants nothing in future if i continue paying the mortgage can i get this worded from a solicitor and will it be legally binding if i do make an agreement.
or are there anyother vendors around who could make this mortgage solely in my name?