Help - Mortgage when splitting with partner

Claire_lou

Hi,

Myself and my partner currently have a mortgage in both names. We are unmarried with no dependants.

We have decided to go our separate ways and was wondering what action I can take ref our mortgage.

I know my partner will want to stay in the house, though I’m pretty sure he cannot afford to take on the mortgage himself (unless the bank of mum and dad stump up the cash to get him to an acceptable LTV).

I am pretty confident he will perhaps try and ask me to leave my name on the mortgage, though if im going to leave I definitely want to cut all ties to the house. I know he does not want to sell so can I force him to?

glosoli

He should try and exhaust all avenues first through the lender/remortgaging or with family assistance to take the mortgage on in his own name. You should be contacting a solicitor if you haven't done so already to discuss options regarding forcing the sale of the property etc just incase it comes to that. You should make it crystal clear to him that if he is unable to take the mortgage on in his own name then you will be pursuing the sale of the property.

Whatever you do though, make sure it's all dealt with at this point and don't agree to keep your name on the mortgage, as this is just kicking the can down the road and will inhibit your own plans in future if you need to get a mortgage of your own.

Debtslayer

Are you on talking terms? If you are then you need to discuss if he wants to take the property on
Or do you both want property sold so you can make a clean break
Do you want to take on the property yourself and pay him out?
How long have you had the mortgage?

Claire_lou

Thanks for the replies. We’ve had the mortgage close to two years and are close to the end of our current 2 year fixed deal.

I can’t afford the house by myself so staying here on my own is not an option, he can afford it though I’m confident he is short of what the lenders will want to allow him to take on the mortgage himself. I will want the house sold if he is not able to take it on himself, I do not want to stay on the mortgage. I am pretty confident there is only a little equity in the house

Claire_lou

Also, does anyone know what fees will be likely needed to process any changes to the mortgage? Will stamp duty come into it?

glosoli

The lender specific fees might be arrangement fees, valuation fees, funds transfer fees etc but this might all be determined by the product he ends up proceeding with and the lender. They might all be covered or they might not be. In terms of solicitors, there is obviously going to be a cost applicable to that, I would probably budget between £500 - £1,500 but it could be more or less.

As far as stamp duty is concerned as far as I know this might only be applicable if there is money changing hands and if he is buying out your "share" of the property. Not an expert on it but https://www.gov.uk/guidance/sdlt-transferring-ownership-of-land-or-property might be helpful.

Claire_lou

Thanks for that . he can sort it if that’s the route h wants to go down. I personally would be happy with either option but if he can’t afford it, I want to get it sold. Think I’ll go see a solicitor