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Removing someone from a mortgage
hannahsmith2499
Posts: 3 Newbie
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??
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??
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Comments
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It sounds like you do not have the income to take on the mortgage alone, so you have no options at the moment.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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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 againEarly retired - 18th December 2014
If your dreams don't scare you, they're not big enough0 -
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?0 -
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 !"Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0 -
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.“Official Company Representative
I am the official company representative of Land Registry. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"0 -
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