Transferring ownership from joint to single.

Donwan1

Hi, hope you can help as in a bit of a pickle.

I haven't lived at the co-owned property in 5 years which my ex resides in and pays for. Halifax have now agreed via a Transfer of Ownership deed, for my ex girlfriend to have the mortgage in her name only.

My question is this - Does this free me up to apply for a new mortgage, where I don't need to disclose my prior mortgage as a commitment?..Haven't contributed in 5 years and Halifax have authorised the transfer to her solely.
Some advisors say yes, others say I may need for Title of Equity to finalise before excluding old joint mortgage as a commitment... Which is it?

Thrugelmir

Until you are no longer on the mortgage. Then you have a liability for the mortgage. Living in the property is irrelevant.

Donwan1

I was given a mortgage promise on the back of the assignment deed being paid for at the branch and agreed to remove me from it?

Are the new lender now wrong for providing this?
Getting worried..I'll need to do a Transfer of Equity sharp then?

Thrugelmir

Personally I would certainly wish to see that the legalities are concluded as quickly as possible.

Donwan1

OK,starting to panic.
New mortgage was approved for me on the back of me having no commitment/tie on the old property. I wouldn't of proceeded with application if this Transfer of Equity was an issue.
Will head to Solicitors tomorrow and sort. How quick can they action this, and what effect will it have on my new mortgage application?

Funny_old_game

Foolish applying for anything until you are not liable anymore. Anyhow, it'll appear as a debt on your credit report until the transfer has gone through financially.

With it still showing means you have to prove your no longer liable, which you ain't. Panic x7446 now.

Thrugelmir

Donwan1 wrote: »

Will head to Solicitors tomorrow and sort. How quick can they action this, and what effect will it have on my new mortgage application?

You are dependent on your ex partner. How far down the process are they?

Donwan1

Thrugelmir wrote: »

You are dependent on your ex partner. How far down the process are they?

Communicating with the ex is fine as we get on. The lender (from the joint mortgage) sent the deed of transfer to her solicitors about 4 weeks ago.

New lender is ready to send the offer to me in the post - How can this be then when the old property should flag up as a commitment as per Funny old game's reply?

Would like to re-iterate I applied for new mortgage in good faith and on the advice of a bank advisor, who said it was fine, given old lender approved ownership amendment!

Annisele

The offer from the new lender might have a special condition along the lines of "old mortgage must be paid off before you can have this new mortgage".

Probably time to see if your ex can hurry things up at their end.

Thrugelmir

Donwan1 wrote: »

Would like to re-iterate I applied for new mortgage in good faith and on the advice of a bank advisor, who said it was fine, given old lender approved ownership amendment!

Bank advisors don't make lending decisions. They process applications.

Thrugelmir

Donwan1 wrote: »

Communicating with the ex is fine as we get on. The lender (from the joint mortgage) sent the deed of transfer to her solicitors about 4 weeks ago.

You ex has a mortgage in place as well?