Transferring mortgage into single name

Burb147

Hello,
I am trying to get my mortgage and house in my own name after separating from my ex husband eight years ago. The problem I have is there is restriction on the land registry from a loan company under his name. At the point this was made the house was jointly owned. Which I understand means the loan company just needs informing of a pending sale. However two years ago the tenancy was changed to tenants in common. Does this affect that original restriction made by the loan company? He is signing the house over to me and receiving no financial gain from it.

Thrugelmir

I assume that that TIC was as a direct result of your relationship breakdown.

Tenants in Common

If you co-own a property as tenants in common, each co-owner owns a specific share of the property. This is typically a 50% share each, however it is possible to hold unequal shares.

As you each own a separate share in the property you are all entitled to leave your individual share to your chosen beneficiaries in your Will. If you do not have a Will when you die, your share will pass to your nearest living blood relatives according to the Rules of Intestacy (law).

A tenancy in common agreement is ideal for people who wish to own property jointly with their partner but wish to leave their share of the property to someone else when they die. It is also appropriate for people who have children from a previous marriage as they can guarantee that their children will benefit from their estate when they die, provided they have written a Will.

The transfer to yourself of your ex's share would remove the creditors security for the debt. Potentially resulting in financial gain if the debt were defaulted on.

Burb147

The tic was done 7 years after the break up when I did my will. To protect 50%of the house for my children if I died before being able to remove him. He is currently not making any payments to them. And they can not take payment for the loan under a joint tenancy (as it was when they made the restriction) as they cannot take my money to pay his debt. So therfore it can never get paid Un less they know we have now changed the tenancy. The whole thing is just confusing. I have already paid off 10000 of his debt secured against the house. I don't want to pay more. We had only owned the house for 16 months when we split. He is entitled to none of the value as there was nothing in it when he left.

fev1983

Burb147 wrote: »

The tic was done 7 years after the break up when I did my will. To protect 50%of the house for my children if I died before being able to remove him. He is currently not making any payments to them. And they can not take payment for the loan under a joint tenancy (as it was when they made the restriction) as they cannot take my money to pay his debt. So therfore it can never get paid Un less they know we have now changed the tenancy. The whole thing is just confusing. I have already paid off 10000 of his debt secured against the house. I don't want to pay more. We had only owned the house for 16 months when we split. He is entitled to none of the value as there was nothing in it when he left.

Not on topic of your post but how did you get your husbands name off the mortgage???,,my ex girlfriend wants me off ours,,she is in the house still but mortgage firm say she can't afford it even though I haven't paid in for over 7 years.
Doing my head in it is

Burb147

I haven't taken his name off yet but I am now after 8 years finally in a position to do so. Until now I didn't earn enough and my mortgage is small less than 100000. Despite making all the payments alone during this time and being able to prove I was not getting financial help from him I was unable to remove his name until now.

fev1983

Burb147 wrote: »

I haven't taken his name off yet but I am now after 8 years finally in a position to do so. Until now I didn't earn enough and my mortgage is small less than 100000. Despite making all the payments alone during this time and being able to prove I was not getting financial help from him I was unable to remove his name until now.

Same situation I'm in but the reverse,,,it's a bloody nightmare