mortgage advice, concerning a split

craigma_2

my ex girlfriend and i are currently buying a house, we have just split up and i need some advice, her father wants me to carry on with the mortgage till it goes through then wants me to sign my share over to him therfore freeing me from the mortgage. my girlfriend would not be able to buy the property alone due to the cost. would this affect my credit rating? would i still be liable for the mortgage?, andy advice will be gratefully recieved, many thanks

jonesMUFCforever

Sorry I don't understand the question. If you are currently buying (by definition) you have not yet completed and therefore you do not have a mortgage payment to pay now. Is this correct?
I would say that what your father in law wants is a definite no no. If you want to buy the house ( and you can afford repayments) fine, go ahead but you have to inform the building society of the change in circumstance. If you do not you will be committing fraud!
If you don't want the house pull out NOW and cut your losses but tell the vendor that your father in law might want to buy the property and leave them to it!!
How do you know that your father in law has the funds to buy you out/meet repayments on the mortgage? Has he got a mortgage already(lots of building societies will only lend on one property at a time)?
You can't sign over your share in the house without the permission of the building society.If your name stays on the property and mortgage you will soon find that you will not be able to get another mortgage in your own name in the future, so yes it will effect your credit score.
To be honest I can see this getting very messy even if you decide to stay best of friends.
Eric

payless

yeah messy, and incurring legal costs,
even at this late stage , so long as not exchanged, he and your ex could take over the paperwork if thats what they want , and if needed sort out their own mtg if required. Vendors won't be happy, but better than having to find new buyers

brummybloke

as the others have said.

i had same sort of problem 6 years ago, i bought my house with the ex, 3 months later we split. it will cost you a fair amount to have your name taken off the mortgage including solicitors fees and will also take time, in that time you are liable for 50% of the mortgage and 50% of any legal fees. i say 50% but if your ex cant pay they will come after you for the lot.

if you want the house, contact your lender asap and tell them it is a new aplication, if you dont, contact the lender and tell them you are pulling out and no longer want the arranged loan.

dont forget to get your credit scores from experian and equifax and get her name removed from your file as it will be linked now.

stevenp_3

if youve split up why still buying the house????? madness, leave them to it! i dont totally understand it - so youve split up but are going to live together as friends? there must be a reason why they want you to get it first then pass it to them. If he can buy it off you - he can buy it himself to start off with! If you agree then when you tranfer all to him make sure you get everything in writing & i mean EVERYTHING through solicitors & ALL parties acknowledge you are no longer financially responisble then ok. If you dont & they dont repay, you may well be still financially liable.

I say this because i have been involved with a sort of similar sitution. We ended up being financially viable for the mortgage companies incompetence & had a possession order put on us & DIDNT tell us - thanks RBS!!!!! :mad:

Trust no one so i warn you - again, if youve split up why go through all the aggro????

Fairdo_2

Like the others have said, there is no mileage in going through with it, unless you have already Exchanged.

If your Ex's Father is prepared to buy you out later then he should have the means to take on the mortgage with her now. Therefore, cut your losses and make a clean break. You would be STUPID to go through such a large financial commitment when the relationship is over.

I know, the other half can turn evil when money is involved, even if you trust her now.

Don't do it!!!!!

Temrael

Hi all, first post.

I wouldn't swear to it but I'm pretty sure by "buying" Craigma means he's already in the property, paying the mortgage etc.

And in a sense he's right, as you haven't really bought a property til you've made the final repayment on the mortgage.

Just thought I'd point out that might be what he meant so you learned people can answer his question rather than telling him not to do something I think he's already done. :rolleyes:

And yes I really did register just for that, I hope I'm right or I'll look like a plank. Hehe. :rotfl:

stevenp_3

lol you plank :D

"my ex girlfriend and i are currently buying a house" - i dont think you normally say a house you already live in "hey i can buy my house now" - its "i have no mortgage on my house now" or "ive repaid my mortgage" or something like that

oh & welcome you long time lurker

Temrael

I am indeed a plank, hadn't read this bit....

"carry on with the mortgage till it goes through"

But, I still think....

"my ex girlfriend and i are currently buying a house"

...could've meant "my ex girlfriend and i are currently paying off our mortgage", I've heard other people speak like that before about buying a house.

After all, buying means giving someone money in exchange for something, if you haven't finished paying how can you have finished buying? The house certainly isn't yours till you've paid the mortgage company the last penny. Try stopping your mortgage payments, the lender will soon let you know whether you've finished paying for your house and who owns it.

But anyhoo in this instance I was in the wrong, back to me lurking... :wave:

payless

Don't lurk "plank" take part instead

You may have been wrong this time, but I admit sometimes I answer the question I read not the one written!

Daytona_nev

If you're not sure what to do & you're not yet committed then PULL OUT NOW!

You are not liable for anything until contracts have been exchanged. If you decided you didn't want it soon after buying & then went to sell, you'd be losing money straight away through solicitors fees & estate agent fees. Cut your losses now rather than carry on & be burdened with some great mortgage. Chances are, the mortgage offer you now have is invalid.

This is far too big a financial commitment to go into half hearted. Buy a house later, the difference between what the bank will offer you as a single person & as a couple isnt that great anyway, especially if your partner doesn't earn a great deal.

BACK OUT BEFORE ITS TOO LATE. !!!!!!!!!!!