Ex refusing transfer of equity

SM18

Hi all, need help!

Bought a house (equal rights) with my fiancé 18months ago and we broke up a year ago. I’ve offered to transfer my equity/share of mortgage to him and remove my self from the title deeds walking away with £0 just to get rid of him and anything to do with the house. He is refusing to do so, saying he won’t pay the mortgage company £95 for the transfer fee in case it fails. I think he’s worried he won’t meet the affordability on his own, or incase it changes the rate etc

He’s saying I may have to wait for the 5 year fixed deal to end before he can sort it out, as he’s apparently now in a lot of debt with credit cards and car payments. How do I get off the mortgage, could a solicitor remove me from the mortgage? 

silvercar

SM18 said:

Hi all, need help!

Bought a house (equal rights) with my fiancé 18months ago and we broke up a year ago. I’ve offered to transfer my equity/share of mortgage to him and remove my self from the title deeds walking away with £0 just to get rid of him and anything to do with the house. He is refusing to do so, saying he won’t pay the mortgage company £95 for the transfer fee in case it fails. I think he’s worried he won’t meet the affordability on his own, or incase it changes the rate etc

He’s saying I may have to wait for the 5 year fixed deal to end before he can sort it out, as he’s apparently now in a lot of debt with credit cards and car payments. How do I get off the mortgage, could a solicitor remove me from the mortgage? 

Lenders discretion I’m afraid. Even if you went to court and the judge agreed, no one can force the lender to remove your name from the mortgage. You could remove yourself from the deeds, but that wouldn’t remove you from the mortgage.

SM18

I’ve spoken to mortgage company, they’re happy to switch if my ex does the application and meets criteria, he’s refusing to do the application 

Hoenir

Most likely your ex is unable to remortgage into their own name. Selling the property is the only way forward. Until then you'll remain tied in. There's no easy way to just walk away. 

SM18

The mortgage is around 170k and I think the property is valued around 130-40k will this cause issues 

MWT

SM18 said:

The mortgage is around 170k and I think the property is valued around 130-40k will this cause issues 

How did you manage to lose that much over the last 18 months?

I can see why you would want to walk away from the problem, but on those numbers, you owe £15-20k for your share of the shortfall and more for any early repayment penalty, do you have that money available?

Caz3121

SM18 said:

The mortgage is around 170k and I think the property is valued around 130-40k will this cause issues 

if these numbers are correct then yes....assuming he can get a 90% mortgage and the property value is £140k then £44k will need to be found on top to redeem the existing mortgage
If the property was sold you would both be responsible to find the deficit.
You mentioned transferring your share of the equity to him but it looks like this is a negative figure so can see what he would not be keen to take on your share of the debt

SM18

We bought a polished turd in a bad area. 

SM18

I do not have the money, and he claims to be in debt (a lot) now

MWT

SM18 said:

I do not have the money, and he claims to be in debt (a lot) now

Not being unkind, but he would be very unwise to accept your offer to transfer the equity and let you walk away from the negative equity...

It seems likely that you are stuck with this mortgage for now.

Are you still paying anything each month or is he covering the whole of the mortgage payment?.

 

BarelySentientAI

SM18 said:

 I’ve offered to transfer my equity/share of mortgage to him and remove my self from the title deeds walking away with £0 just to get rid of him and anything to do with the house.

So this is actually "I've offered to transfer my portion of the negative equity to him, walking away without my part of the debt"?

Not surprised that he said no - and I'd be very surprised if there was any way to force him to accept.