Bank unlikely to transfer title to me after split.

DonkinJames

Short story, me and my partner of 10 years are splitting up and have agreed on the following. 
She keeps the car, I keep the house and we halve the savings (£3000 each). She is going to move in with her mum and we are going to have our son 50/50 with her claiming all the benefits/child credit and paying for his nursery. She isn’t interested in getting her own mortgage maybe just renting at a later date. 

Now comes the problem, we are 6 months into a new mortgage (5 year fixed) the house is worth £155k and the current mortgage is £130k. We don’t want to sell the house and she has agreed to sign the house over to me but the bank is very unlikely to allow this to happen as I’m on a just over min wage and they would not have lent me that amount on my own. I’m excellent with saving and budgeting and I haven’t missed a payment on any thing for 15 years. If I leave her name on the mortgage and pay the mortgage for the next 4.5 years on my own. Would that have any effect on them letting me keep the house or are they only interested in what you earn?? 

We we are going to get a solicitor to type up a contract that she gets the car and savings and I get the equity out of the house if we have to sell. 

Or  if anyone has any other suggestions other than selling the house please share them with me. I have spoke to the bank and they said they could be overruled by a court. If I proved I have payed the mortgage for 4 years on my own and it is the house of me and my son would that be sufficient??

NewShadow

My word that's an expensive car... then again, we've always had second-hand runarounds so maybe I'm not the best judge. 

I can't see a problem with her moving out but still being on the mortgage - normally it's the other way around with the man moving out and the woman/child staying put, but the respective genders shouldn't matter. 

She'll need to realise she'll still be liable for any defaults - so she's trusting you... but assuming she's properly advised. 

You probably need separate solicitors... possibly even different firms, though not automatically. 

If you're getting divorced then you will need a proper financial settlement - as part of the settlement, the courts can overrule any agreement between the parents if it's in the best interests of the child...

Thrugelmir

Not a question of having the house signed over. You'll need to apply for a mortgage in your own right. 
Drawing up a legal agreement can resolve financial conflicts. 
Your ex will remain liable for the mortgage until such time as she is removed. 

DonkinJames

NewShadow said:

My word that's an expensive car... then again, we've always had second-hand runarounds so maybe I'm not the best judge. 

I can't see a problem with her moving out but still being on the mortgage - normally it's the other way around with the man moving out and the woman/child staying put, but the respective genders shouldn't matter. 

She'll need to realise she'll still be liable for any defaults - so she's trusting you... but assuming she's properly advised. 

You probably need separate solicitors... possibly even different firms, though not automatically. 

If you're getting divorced then you will need a proper financial settlement - as part of the settlement, the courts can overrule any agreement between the parents if it's in the best interests of the child...

Thanks for the reply. The reason she is happy letting me have the house is because I renovated the house we had before this one and made enough money on it to get this new house. 

We aren’t married which I don’t know of that helps anything. Can the court overrule the bank saying I can’t afford it on my own if I have proof I’ve paid it for 4 years? 

NewShadow

DonkinJames said:

NewShadow said:

My word that's an expensive car... then again, we've always had second-hand runarounds so maybe I'm not the best judge. 

I can't see a problem with her moving out but still being on the mortgage - normally it's the other way around with the man moving out and the woman/child staying put, but the respective genders shouldn't matter. 

She'll need to realise she'll still be liable for any defaults - so she's trusting you... but assuming she's properly advised. 

You probably need separate solicitors... possibly even different firms, though not automatically. 

If you're getting divorced then you will need a proper financial settlement - as part of the settlement, the courts can overrule any agreement between the parents if it's in the best interests of the child...

Thanks for the reply. The reason she is happy letting me have the house is because I renovated the house we had before this one and made enough money on it to get this new house. 

We aren’t married which I don’t know of that helps anything. Can the court overrule the bank saying I can’t afford it on my own if I have proof I’ve paid it for 4 years? 

Hmm - not an area I'm hugely familiar with so hopefully others can provide better advice... but my initial thoughts would be:

If you aren't getting divorced then the only situations in which 'the Courts'/HMRC/Similar would get involved would be if: 
- your partner requires benefits - it may be deemed she gave away an asset which would have made her not otherwise eligible or that she made herself intentionally homeless by moving out of the family home/home she had a stake in
- your partner seeks support for your child and you can't come to an agreement between yourselves. 

Other than that, I'm failing to understand how 'the courts' would even know you were financially linked? 

It's the lender's criteria you'd have to meet to be able to afford a mortgage - and you'd have to talk to a broker about that one. 

Thrugelmir has said above - it's more a case that your partner can't just be signed off the mortgage/deeds because it's collateral for the loan.

You need to either have her stay on the deeds/mortgage until you can afford it yourself - which is what I know several divorcing couples to do when children are involved and the parent with custody stays in the family home - or you need to get a new mortgage for yourself immediately. 

Thrugelmir

DonkinJames said:

NewShadow said:

My word that's an expensive car... then again, we've always had second-hand runarounds so maybe I'm not the best judge. 

I can't see a problem with her moving out but still being on the mortgage - normally it's the other way around with the man moving out and the woman/child staying put, but the respective genders shouldn't matter. 

She'll need to realise she'll still be liable for any defaults - so she's trusting you... but assuming she's properly advised. 

You probably need separate solicitors... possibly even different firms, though not automatically. 

If you're getting divorced then you will need a proper financial settlement - as part of the settlement, the courts can overrule any agreement between the parents if it's in the best interests of the child...

 Can the court overrule the bank saying I can’t afford it on my own if I have proof I’ve paid it for 4 years? 

Can you clarify on what grounds this become a matter for the courts? 

davidmcn

I've never heard of a lender being obliged by a court to accept a single borrower. If a mortgage can't be sorted out then the only other option for the parties (if they don't want to continue a joint obligation) is to sell up - that can be ordered by a court.