Info/advice required RE coming off mortgage

normalbloke

Hello everyone,  I am hoping someone can give some advice please about leaving a mortgage - short version is -  was married, had a mortgage on a house, we split up 6 years ago where I moved out, now divorced. Ex has remarried  since.
I have been living in rented accommodation since but would like to one day buy my own house.
How do I go about in leaving the original mortgage, I am not interested in the house and happy for ex to have it , we get on fine now and don't want to cause distress for the kids.
What's the easiest/best solution? 
Thanks in advance.

Emmia

Can your ex service the mortgage by themselves? Do they meet the lenders criteria for a sole mortgage, and could they borrow enough to buy you out?

If not, the house will need to be sold and the mortgage repaid via that route.

Wasn't this / financial arrangements generally covered as part of your divorce?

Thrugelmir

Did you have a financial consent order drawn up when you divorced? 

normalbloke

The ex and her new husband have been paying the mortgage for a few years as he moved in back then and obviously things are fine in that respect and I am not looking to be bought out, just taken off the mortgage so I can move on with my life basically

molerat

Highly unlikely the lender will "take you off" the mortgage.  The property needs to be remortgaged in either your ex's sole name or joint with her new husband.  Can they meet the financial criteria to do that ?

Thrugelmir

If you are not interested in the structured formal route. Then you'll need to speak to your ex directly. 

Emmia

normalbloke said:

The ex and her new husband have been paying the mortgage for a few years as he moved in back then and obviously things are fine in that respect and I am not looking to be bought out, just taken off the mortgage so I can move on with my life basically

For you to come off the mortgage (to stop being jointly and severally liable for it as you are now) they (either your ex alone or your ex + partner) will need to take out a fresh mortgage to effectively pay off the mortgage you are named on, releasing your liability.

If you want no money out of the property that may make the numbers easier... Is the property in negative equity at all?

normalbloke

I think by today's market it's in negative equity by only a few thousand (3-4) for talking sake..
I would have thought that because I don't want to contest the house, not looking to be bought out , divorced, she's remarried, would make things relatively easier?

molerat

Why would the lender let you off the hook for when / if it all goes wrong when they can still hold you liable for any failure to pay especially if the property is in negative equity ? You not wanting a share, not that there is any, just makes the paperwork a little easier, doesn't alter the basic principle though.  If the house is worth less than the mortgage can they come up with the funds to make up the difference ?

tim_london

normalbloke said:

I think by today's market it's in negative equity by only a few thousand (3-4) for talking sake..
I would have thought that because I don't want to contest the house, not looking to be bought out , divorced, she's remarried, would make things relatively easier?

Just to be clear:

1. You have been paying your share of mortgage after the split
2. You are happy to give the house to her
3. You don't want your ex to pay you back what you put in 

Technically this is 'transfer of equity'.  Because you have a mortgage, by legal terms she'll have to buy your 'share of the house' off you.  Even though you are selling it free (i.e. gifting), for tax reasons she may still need to pay SDLT again of the value.  (It is likely to be under the threshold).  Then you'll need to pay a solicitor for all the paperwork.

This is still a good deal for your ex and her partner (depending how much you put in so dar) and it sounds more complicated than it is.  

Thrugelmir

normalbloke said:

I think by today's market it's in negative equity by only a few thousand (3-4) for talking sake..

Then your ex will happily leave you on the mortgage. As you are on the hook for any shortfall.