Having name removed from mortgage.

Anna111

Hi.

My partner and I split several years ago.

I moved out and he paid me half the equity we had in the house at the time I moved out.

The mortgage on the property is approx 150k due to his income he does not qualify for a 150k mortgage (even though he has been paying it for years...frustrating!)

There was a plan that a family member was going to sell a property, give him a lump sum so he could apply for a mortgage he would get. This has never come to fruition.

I sought advice I was told the ONLY option available is to take him to court to force the sale of the property.

We have remained friends and this seems drastic. I do not want to force him to sell the property merely get my name removed from the mortgage and ensure I no longer have any ties to the property.

Can anybody let me know if there are other options available to me?

Thanks in advance
Anna

Thrugelmir

With hindsight easy to say that the property should have sold when you parted. As now you are you left in a stalemate situation. Forcing a sale is your best option. Though of course your ex may decide to do so once they too have received legal advice on their own accord. As highly probable that the costs of any court action would be paid out of the equity in the property. A letter from a solicitor acting on your behalf may focus their attention. As will demonstrate your seriousness in taking action.

glosoli

Anna111 wrote: »

Hi.

I moved out and he paid me half the equity we had in the house at the time I moved out.

How did he raise the funds to "buy you out" at the time? I am surprised that he done this without going through a transfer of owner process at the time. Should the relationship have turned sour and you not being as nice then he could have ended up in a terrible situation.

Anna111

Thank you, this is as I thought. It's a shame as there's no hard feelings and I don't particularly want to take this course of action, however I'm hoping to be in a position to buy in the next 12 months and so need to get the ball rolling now to get off the mortgage.

Thrugelmir

Anna111 wrote: »

Thank you, this is as I thought. It's a shame as there's no hard feelings and I don't particularly want to take this course of action, however I'm hoping to be in a position to buy in the next 12 months and so need to get the ball rolling now to get off the mortgage.

From a neutral stance. Your ex would appear to be cynically taking advantage of your generous nature.

antrobus

Thrugelmir wrote: »

... As highly probable that the costs of any court action would be paid out of the equity in the property.....

Since all the equity now belongs to the former partner I would not bet on that.

Thrugelmir wrote: »

From a neutral stance. Your ex would appear to be cynically taking advantage of your generous nature.

That's one opinion.

On the other hand, the partner has paid the OP half the equity, but does not qualify for the necessary mortgage. It is entirely down to the mortgage lender whether or not the OP is released from their joint and several liability for the debt.

In divorce cases, it frequently happens that one party gets the house and is required to use their “best endeavours” to obtain the release of the other party from liability under a mortgage.

If two parties (presumably not married) make their own decision as to what happens to the house, I honestly don't know whether you can use TOLATA to get a different result.