House deeds and Ex

samerlin

Sorry if this is a long one property in joint names with ex. Very amicable.  Was originally my house and we remortgaged.  When we split couldn't get mortgage in my name only hence why he still on it.   I have a developer that wants to buy completion in 12mths due to semi detached half needing time.  Exchange contract and deposit due to go ahead  Ex has just informed me due to corona he may have to declare bankruptcy,  I need to get him off house deeds he relinquished all interest in property and we best friends and trust him   I have savings  and the house will be sold in 12mths.  Any advise please.   property is in England .  Thanks 

Thrugelmir

Unfortunately probably not as simple as your ex relinquishing their share of the equity. Were you married? 

[Deleted User]

How much is the outstanding mortgage? 

How much could you borrow to take over the mortgage - either with existing lender or new lender ?
How much are savings ? 

Could you raise enough from all sources to transfer to your name ? 

You might want to ask in the bankruptcy forum about whether this would pass a trustee in bankruptcy - bearing in mind you owned it first. What happened to the extra money when it was remortgaged ( if you borrowed more ?) 

samerlin

Thrugelmir said:

Unfortunately probably not as simple as your ex relinquishing their share of the equity. Were you married? 

no not married,  outstanding mortgage 50000, if i paid off mortgage is it easier to get his name off,  it was remortgaged 20 years ago  if any of this info helps 

samerlin

Densol said:

How much is the outstanding mortgage? 

How much could you borrow to take over the mortgage - either with existing lender or new lender ?
How much are savings ? 

Could you raise enough from all sources to transfer to your name ? 

You might want to ask in the bankruptcy forum about whether this would pass a trustee in bankruptcy - bearing in mind you owned it first. What happened to the extra money when it was remortgaged ( if you borrowed more ?) 

remortgaged about 20 years ago,  bought a horsebox   i could pay most of it ,    how easy is it to get his name off  

[Deleted User]

Very easy if he agrees to sign the transfer form, and the mortgage company will take you on, on your own.

However if he then runs off and claims bankruptcy, the trustee may feel he did this ( give property to you ) to minimise his assets to pay his debts and come after his share - so check with the bankruptcy forum for likelihood of this happening  

Thrugelmir

Part of the equity in the property will be viewed as your ex partners. Too convenient to suddenly give up the asset now.