Mortgage Transfer

yenbo89

Hi,


I was after some advice and apologies in advance if this situation has already been discussed elsewhere.


Myself and my ex partner split up nearly 2 years ago, a year before that we purchased a property (110K). I moved out of the property and moved in with my family until I could get myself back on my feet again. The property and the mortgage are in joint names.


I am now trying to figure out a way of removing my association to the mortgage and property so that I can move on with my life and get a mortgage and home with my current partner. I know I can still get a mortgage even with the current property in my name but cannot borrow no where near what I could borrow if my name had no association to the previous property.


The situation currently is that the house is on the market to sell (130K marketed) thankfully but has been on for nearly 6 months with no luck (I'm fairly impatient) there is some finance on the house (new kitchen 9K) that is in my name and I still pay for myself, currently I'm requesting money from the sale of the house (10K) to clear the finance and leave myself with a small sum but I'm desperate to move on as the rented accommodation I am in now is not sufficient for my needs.


My ex partner is now unemployed, her new partner lives with her with my son and his 2 children (on weekends), she is expecting a baby within the next 2 months and her brother lives with her. She was happy to make the mortgage payments herself, not sure how, I can only assume that her partner and brother assist her and with some benefits on top.


I'm concerned that even if I bite the bullet, ask for no money and transfer the property to her, she will be refused flat out by the bank due to her situation.


Any advice would be appreciated.

KRB2725

Unless she or she/her partner combined have the income and credit history required to secure the mortgage themselves then you will not be able to remove yourself from the mortgage.

By in large it is a sellers market at the moment, is the house overpriced do you think or is your particular area slow moving?

yenbo89

Thanks for the quick response emmatthews


I personally think the house is overpriced for the area and the area is not fantastic, however, she is unwilling to reduce the price due to her needing a certain amount out of the property herself to clear some of her own finances and with it being a joint property/mortgage I need her consent to reduce it. It was previously up at 135K and I managed to get that reduced a little bit. The only way I can get it reduced is to reduce the money I am receiving otherwise I assume she would threaten to take it off the market.


I hope you are right about it currently being a sellers market and I hope it is just me impatient.


Thanks again

hazyjo

Six months is a long time. If the market there picks up, the house price should eventually catch up with it (although being on the market so long may put people off).


Maybe you could send in a fake viewer to see if she's being deliberately obstructive? Are you sure she wants to sell? Are you sure your EAs are efficient?


So she wants a buyer to pay over the odds to clear her finances? So basically she's expecting them to take her debt? If it's overpriced, it's overpriced. Not up to a buyer to foot her bill for debt.


Jx

yenbo89

Thanks for the reply hazyjo. Yeah, it is a long time. Some recent feedback that the estate agents have provided me we're to do with the state of the property inside and that people were in the house during the viewing. She's now not wanting to do much else with the house as she wants to have her baby first. I feel that maybe you're correct in the fact she's not really trying hard to sell the house which again, I have no influence over.


I've no idea where I stand now, my feeling is that I can't really evict her out of the house plus it'd be unfair. She technically has lodgers in my house, so really its my house but I have no control over it and cant do much to it.


Does anybody have any advice on forcing a sale of the property and a judge agreeing a sale price etc? If this could be done then at least it can be resolved fairly, I'd imagine.