I had a joint mortgage but now I'm single

Newgirl11

Hi. Long story short, I have a joint mortgage with my ex-boyfriend and I'm not sure what to do now. Can I just take over the mortgage or do I need to apply for a completely new one? He didn't contribute to the mortgage at all during the last 5 years. The money has always come from an account in my name. (not a joint account) I guess I'm just feeling afraid and a bit overwhelmed that I may have to go through all the hassle of that paperwork again. I could do with some advice on the path of least resistance. The mortgage is with NRAM. (Northern Rock) I have called them but didn't feel they were much help. They requested the deeds, but I don't have them, They suggested that the solicitor who acted for me probably has them. The solicitor is no longer operating. I'm not sure where to go from here. Any help greatly appreciated:) thanks.

amnblog

There will be paperwork to do again and your boyfriend will have to be prepared to be removed from the mortgage.


Other than that, if you can afford the mortgage on your own (in the lender's view) there should not be too many problems.


Once again, a situation best handled by an experienced mortgage broker.

easilydistracted

If you want to stay with your existing deal and lender you need to do a transfer of equity. This is not automatic, you need to apply and meet the affordability criteria. There is also a fee. It's not like a full mortgage application necessarily but there is a process.

You need a solicitor to represent you as you need to take him off the deeds and mortgage and put you on. I am going through this at the moment.

You are also likely to hit a similar bump in the road as I have: your house likely has quite a bit of equity in it and if you are not paying a lot to buy him out it is classed as a 'transfer under value' and there are potential implications if he goes bankrupt in the future. Although I split with my ex about 6 months after buying and he has put very little into the house we have nothing in writing to show this. He could potentially have fought me for half if he was a less honest person and this is only having taken the mortgage out a year ago. Your solicitor will need proof from him he understands the situation which ideally would come through him taking legal advice.

Good luck, its not as bad as it sounds but I would make sure your credit rating is looking tidy and debts paid off if you can before you go for it.

Hedgehog99

A few weeks ago, out of the blue, I got a big pile of bumpf back from my mortgage lender with a letter saying the didn't need to store the deeds any more because there is a record held by the Land Registry that can be consulted at any time. Maybe you/your solicitor can get proof of your deeds via them?

antrobus

Newgirl11 wrote: »

...The mortgage is with NRAM. ..

NRAM is closed for new business these days. That might be an issue.

Newgirl11 wrote: »

.... They requested the deeds, but I don't have them, ..

If you bought the property after 1990 (for certain) and even before, then title would be with the Land Registry, and the deeds would be merely interesting historical documents.

Newgirl11 wrote: »

..They suggested that the solicitor who acted for me probably has them. The solicitor is no longer operating. I'm not sure where to go from here. ..

If there are deeds and you do need them, the Law Society are the people to contact; they will tell you who took over from your former solicitors.

amnblog wrote: »

There will be paperwork to do again and your boyfriend will have to be prepared to be removed from the mortgage.......

I can't imagine that would be much of a problem.:) More to the point (a) the boyfriend would have to be prepared to relinquish his share of the house, and (b) the lender would have to be prepared to remove the boyfriend from the mortgage.

easilydistracted wrote: »

.....You need a solicitor to represent you as you need to take him off the deeds and mortgage and put you on. I am going through this at the moment. ....

That's about it. You know the score. Your ex could potentially have fought you for their half-share. The OP's ex could similarly potentially 'fight' for their half-share. The OP won't know until they ask.