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split up scenario (sols) might need to be in legal
bike_saving_expert
Posts: 78 Forumite
Hi
I have heard of a situation of a friend and looking for a little advice. Question here is in a situation where there is a joint mortgage and affordability is met by the two apps incomes together but neither applicant on their own. Hence i assume the lender would not release either app from the mortgage.
In this scenario assuming above is correct is there anyway for one app to legally remove the other apps interest in the property without releasing them from the mortgage?
I have heard of a situation of a friend and looking for a little advice. Question here is in a situation where there is a joint mortgage and affordability is met by the two apps incomes together but neither applicant on their own. Hence i assume the lender would not release either app from the mortgage.
In this scenario assuming above is correct is there anyway for one app to legally remove the other apps interest in the property without releasing them from the mortgage?
0
Comments
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Basically no ........Ex forum ambassador
Long term forum member0 -
Why would the person losing their rights to the property consent to that agreement?I am a Mortgage BrokerYou should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
David_White wrote: »Why would the person losing their rights to the property consent to that agreement?
wants out the money they put into the deposit originally. Being payed off0 -
So i am guessing as there are no other replies there is no way round this using sols. and bottom line is your named on mortgage therefore you have equitable right ?0
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Only exit route is to sell the property and repay the debt.
The persons named on the mortgage are jointly and severally liable for the debt. No a situation that one of the parties will wish to be left in.0
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