Break up - Transfer or Assumption of Mortgage

Mathshead

Hello - and thanks in advance.


I co own a property with my partner, so we are both registered as owners and we have a joint mortgage. We are separating though and my partner says it's possible to have my name removed from the mortgage agreement, and they or A.N.Other will take on responsibility of paying the mortgage an also have agreement amended with new name added.


It cannot be that simple can it? Any brief guidelines on what the process should look like and how I would indicate consent would be appreciated. I am very concerned that this goes wrong and I end up with credit rating issues.

AnotherJoe

It's possible it depends on your partners finance position. Your partner will need to ask the mortgage company.

getmore4less

It's actually very similar to just selling

Your interest goes to someone else just happens to be the other/new person.

There is a bit of difference on the legal side but the "new owners" need to get a mortgage or get the current lender to agree the change.

Mathshead

Thanks that does sound simple.


If I assume that my partner has agreed the transfer as lenders are happy with their financials, presumably I have to sign some sort document to confirm my consent to being removed from the agreement?


For timing purposes that, that before my name removed from property title as until that happens and irrespective of mortgage arrangement, I would still be legal owner?

davidmcn

Mathshead wrote: »

Thanks that does sound simple.


If I assume that my partner has agreed the transfer as lenders are happy with their financials, presumably I have to sign some sort document to confirm my consent to being removed from the agreement?


For timing purposes that, that before my name removed from property title as until that happens and irrespective of mortgage arrangement, I would still be legal owner?

Yes, it all happens simultaneously.