removing ex name on mortgage

sanova76

Hi,

I thought I continue on this thread instead of starting a new one.

I would like more information please.

Is it possible to change the property ownership to sole name if the mortgage remains in joint name?

I'm drafting a consent order at the moment and my solicitor ask me something I don't really understand. Below is what he asked me

"Or is the property to be held upon a trust between yourselves which would allow you to transfer the property into your sole name when you are in a position to do so however that transfer must be before a trigger event which in your case would be when the child attains the age of 21. If the property is not transferred at that point then the property would be marketed for sale. "

Is he saying I need to change the name before the child turn 21 otherwise I have to sell it? Nobody knows the future but I might not sell the house even my son turns 21.

Thrugelmir

sanova76 wrote: »

Is he saying I need to change the name before the child turn 21 otherwise I have to sell it? Nobody knows the future but I might not sell the house even my son turns 21.

The court acts as guardian for any children and looks after their interests. The aim of the financial consent order is to provide your son with a secure home until he reaches the age of 21. After which he will deemed to be old enough to take care of himself.

Only reasonable at that point that your ex is no longer held liable for the mortgage. Either you remortgage the property into your sole name or sell it by the time he reaches the age of 21. An equitable solution to the issue.