Removing someone from a mortgage

hannahsmith2499

I am a full time student (qualify this year) and work only a day a week.


I have a joint mortgage with my husband, who has now moved out and we have separated.


He has a lot of debt - which one company has but a charge restriction on the mortgage, saying when the house sells they will take his half of the equity.


How do I get him removed from the mortgage so that I am not financially tied to him anymore??

kingstreet

It sounds like you do not have the income to take on the mortgage alone, so you have no options at the moment.

Goldiegirl

You'd need to seek the formal agreement of the lender, your husband would need to be agreeable, and, as the property would also be transferred to your sole name, the company with the charge on the property would also need to be agreeable.

As your income isn't sufficient to support the mortgage, and the second charge company are unlikely to be give their consent, you are a bit stuck at the moment.

Maybe you need to consider selling the property and starting again

Hughesy84

Get a new mortgage with him not on the deal, but working 1 day a week this seems highly unlikely. His name are on the deeds so they can take his equity.

Also is the equity not mainly his anyway if you have only been working 1 day a week?

Foxy-Stoat_3

To remove his name from the mortgage and deeds a number of things need to happen:

The ex needs to sign a Transfer of Equity form with the lender.

The lender needs to approve you to take the mortgage on based on your income and affordability.

The charge restriction needs to be lifted by the creditor.

The ex needs to sign legal land registry paperwork to remove his name from the deeds.

Whats the LTV and do you know how much is owed to the creditor?

Who is paying the mortgage if your only working 1 day a week?

Good luck !

Land_Registry

As others have posted removing him from the mortgage will involve the cooperaiton of the lender and your ex-partner.

If as a result of such action you both need to transfer the legal title (property) then the mortgage lender is likely to insist on your using a solicitor to do so.

Details around what is required to transfer ownership are explained in our online guidance. At this stage though it is legal advice and/or further discussions with your lender which appear to be needed.

Upsidedown_Bear

Duplicate threads here:
https://forums.moneysavingexpert.com/discussion/4875422
https://forums.moneysavingexpert.com/discussion/4875476