Giving my house to ex

Quasar911

My ex partner ended the relationship back on October 2013 and i moved out of the house in January.
I have met someone else and now planning to move in with her.
Currently only my name is on the mortgage which is interest only.
She wants to take over the house with her 3 children ( i am not their father )
She can ( with her new partner ) easily afford all the current payment of what is would cost but would probably not get a re-mortgage.
I have spoken to Intelligent Finance who no longer deal in the housing market and they are unable to simply change names and bank account.
Does anyone know the easiest way round this, so she gets to have the house in her name ( i dont want anything for it ) so she can live there with the children
Is it possible to add her name, change bank details to hers, then a month or so later i do a quitclaim, or request to be removed.
Also what about simply changing the bank details, so she is paying but stays in my name, and we draw up a personal agreement.
Thanks in advance for advice.

Thrugelmir

You need to sell your ex partner the property. For sufficient money to discharge the mortgage in your name. How she funds it is another matter.

There's no question of simply changing names. As a legal process has to be followed.

I should add it's in your own interest to get matters resolved. As you are the one shouldering all the risk.

ethank

If she can afford the current mortgage, but not will probably not get a remortgage - what plans do you both have to repay the capital - I can't see any lender allowing this to go through without seeing how the capital will be repaid.

Quasar911

Hello,


I am waiting to hear back from IF - as I have asked for her name to be added to mortgage and then change bank details to her card,
then after sometime ill remove my name,


surely that can be done.


she CAN easily afford the mortgage as it is with her new partner, but probably not a refinance - as that's a different kettle of fish.

LittleMissGiggles123

It's not as simple as just 'taking your name off'.


The mortgage company would want to go through a process with your ex as they do with any mortgage application.


If she can afford it why not just go through the sale process as you would have to do if she wasn't going to stay in the house? If she can afford it then there should be no issue.


Unfortunately if she can't get the mortgage to buy the property from you then you'll have to either rent it to her at the current rental value or you'll have to get her out of there & sell up.


Also in the meantime, what are you going to do if you change bank details to her account but for some reason she can not afford to pay the mortgage? Even if her name is on it, they will chase both of you & if they think they're more likely to get the money from you then they will chase you even harder.

dimbo61

" surely that can be done."

If your Ex and her new partner can afford the mortgage with there credit history then fine you can sell the property.
Other wise your name will remain on the deeds and mortgage

kidmugsy

Quasar911 wrote: »

surely that can be done.

Suppose you lent money to someone. Then they said "can you please treat somebody else as owing you the money instead of me". Do you see the difficulty now?

StuC75

By putting the ex's name on the mortgage you would also be creating a financial connection.. The better option is for the ex to buy the house from you and let the bank assess her and the current partners financial situation..

Since you 'owe' the mortgage debt its not really something that you can just give away...

Thrugelmir

Quasar911 wrote: »

surely that can be done.

You are in a legally binding contract. So it's up to and your ex to resolve matters.