How to change names/mortgage help

onamission_2

Hi

Not sure what forum this belongs in as I usually am in DFW so bear with me . My partner has asked how difficult it would be to take him off the deeds/land registry? We are joint tenants with a mortgage. It’s a NR together on SVR. There is a small secured loan (NR) in joint names and I have a charge (CCJ) registered in my name. The LTV I’m estimating at 87%. This is based on the estate agents lowest valuations on the neightbours property (same as ours) and taking the secured loan but not the CCJ into account . Even though only I pay the mortgage at the moment– I don’t honestly think the NR will let me take the mortgage on in my name only. My credit record is shot to bits due to my debts and DMP so finding another remortgage will be difficult. We were planning on selling but in the current climate and based on the 2 properties in our road selling in the last 6 weeks I estimate we’d clear 10-15k once all the above is paid.

So I guess we will still plan to sell even if I make a loss but my question is my partner wants out so what can I do?
Is it possible to change the deeds but not the mortgage? Appreciate any advice.

Conrad

No you cannot change the deeds, and your ex cant just walk away from a legal committment.

The mortgage was based upon your joint income and credit status at outset, so the only occasion a mortgage can be put into a single name is where that applicant has the status and income to justify it.

If NR were to put into your sole name that would be deemed irresponsible lending.

The property deeds and the mortgage are inextricably linked so are inseparable in this instance.
You may get posts from people who say its possible as they did it but that would be because thier status and income alone were sufficient to allow such.

You will have to sell up if he wants out.

Good luck