Would like to remove my ex from house but problems...

BOBBY

Good afternoon,

Advice please.

I split up with my ex approx 6 years ago. He is still on the house and mortgage. I have a partner of four years who lives at the house. I would like to take my ex off the mortgage but between us myself and my current partner do not have the earnings to remortgage and even if we did, I have horrendous credit so it would be a no go.
My current partner and I are planning on having a child in the near future and he understandably is uneasy with the situation as am I. I have one child already with the ex.

This is causing a lot of stress and I would be so grateful for any advice or has anyone been in this situation and how did you deal with it?

Thanks in advance

Pixie5740

BOBBY wrote: »

Good afternoon,

Advice please.

I split up with my ex approx 6 years ago. He is still on the house and mortgage. I have a partner of four years who lives at the house. I would like to take my ex off the mortgage but between us myself and my current partner do not have the earnings to remortgage and even if we did, I have horrendous credit so it would be a no go.
My current partner and I are planning on having a child in the near future and he understandably is uneasy with the situation as am I. I have one child already with the ex.

This is causing a lot of stress and I would be so grateful for any advice or has anyone been in this situation and how did you deal with it?

Thanks in advance

You can't just remove your ex from the mortgage. He jointly owns the property with you so you will need his agreement whatever you decide to do.

You and your ex selling the property to you and your current partner because that essentially what you would have to do in order to close one mortgage account down and open another isn't an option because you and your current partner can't afford to get a mortgage.

That leaves you with selling the property with your ex's cooperation or maintaining the status quo.

Is your ex an ex-husband or just an ex-boyfriend. What does he want to do with the property?

BOBBY

Pixie5740 wrote: »

You can't just remove your ex from the mortgage. He jointly owns the property with you so you will need his agreement whatever you decide to do.

You and your ex selling the property to you and your current partner because that essentially what you would have to do in order to close one mortgage account down and open another isn't an option because you and your current partner can't afford to get a mortgage.

That leaves you with selling the property with your ex's cooperation or maintaining the status quo.

Is your ex an ex-husband or just an ex-boyfriend. What does he want to do with the property?[/QUOT

Thanks for your reply. This would of course be done with his complete agreement! He is a long term ex boyfriend and the relationship is very civil. He would like to go off the mortgage too, but he's not massively motivated as he doesnt need a mortgage to live where he does.

I want to know the best way to present the information to him so we can make the right decision for all.

Thanks again

Pixie5740

Present him with all what information? You said that you and your current partner don't earn enough to get a mortgage for the property. If you can't get a mortgage then you can't buy your ex out and if you can't buy him out you can't get him off the mortgage without selling the property to someone else.

BOBBY

I was under the impression that there is a document called a deed of trust or similar document which is specifically for these situations. I do not see why he should get the benefits of me paying a mortgage for however many years when we do eventually sell. He has never paid towards the mortgage and will get half of the house when it sells? Doesn't seem fair...

Pixie5740

A declaration of trust won't remove him from the mortgage.

To flip it, is it fair that he has joint and several liability for the whole mortgage debt and has to pay rent elsewhere but would get none of the equity? The joint mortgage also links you financially so whatever is making your credit "horrendous" is also impacting him and vice versa.

BOBBY

My credit is horrendous because of him. Not wanting to go into details but those are the reasons unfortunately.

warby68

BOBBY wrote: »

I was under the impression that there is a document called a deed of trust or similar document which is specifically for these situations. I do not see why he should get the benefits of me paying a mortgage for however many years when we do eventually sell. He has never paid towards the mortgage and will get half of the house when it sells? Doesn't seem fair...

But you are living somewhere you couldn't afford without him and also preventing him from raising a mortgage whenever he wants to buy again. It also allows your partner to do the same. Unfortunately you can't have it every way. If you can't afford to take him off the mortgage you ARE getting some benefit at his expense/risk.

Could you sell and buy something smaller on partner's income ?

rorrism

BOBBY wrote: »

He has never paid towards the mortgage and will get half of the house when it sells? Doesn't seem fair...

He would also be liable for half of the debt if there was a property crash.

When I split up with my (now ex) wife, me being removed from the mortgage wasn't the easiest of processes, and that was with me being willing and proactive.

Whether you like it or not, if you want to live in that house and can't get a mortgage, he HAS to be on it. If you want somewhere he isn't linked to then your only option is moving elsewhere.

pjcox2005

Presumably whilst it doesn't solve the situation now, you could get something in writing agreed between you that you'll pay the mortgage and in return his gain on sale is set at X/price you'll pay to him for any equity when the property is sold.


Won't stop them being responsible to the bank if you stop paying but may help in case things aren't civil when you come to sell or buy off him.

Jenniefour

You have the option of agreeing with your ex to sell the house now/soon, so that both you and your ex get your shares of the equity out of it. Then you're both free to move on without having the financial/property tie to each other. Surely, there's going to come a time when that's what your ex will want to do anyway, and it might be better to consider making that break now before it might be forced on you. I understand why you and your partner feel uneasy about this - you and he are not quite completely in the driving seat about your future together as a family, as long as this situation continues.