Equity release

nicgrif1977 · 17 August 2019 at 7:03PM

I am currently struggling to finalise my equity release process. My wife (we are separated and I live elsewhere) has said she wants to buy me out of our house we've had for 18 years. I am not on the deeds but have always been on the mortgage. She is telling me she has already changed our mortgage from joint names to just her own however I'm not sure she can do this without my consent, authorisation or at least my signature. I'm struggling to find clear advice on this so does anyone out there know any facts about this who can help advise me?
Many thanks

Linton · 18 August 2019 at 11:37AM

In the absence of other replies, it is my understanding that...

If you are both on the mortgage you are "jointly and severally" responsible for payment. So if your wife stopped paying it the mortgage company could chase you. Conversely I do not see why she cannot pay off the mortgage by getting another one solely in her own name since she is the only owner on the deeds. But I do not see why you should complain since you could have a problem if the mortgage company wanted you to repay and also you are better off without the debt on your credit files.

On what basis do you have any claim on the house if you are not on the deeds?

[Deleted User] · 18 August 2019 at 1:06PM

If she applies to another mortgage company for a new mortgage the solicitor will check the names on the new mortgage match that held on the deeds. If they match no issue.

I can easily see how you could be removed from a mortgage without knowledge if you weren't on the deeds.

If I have a joint bank account with my wife, she can easily close it on a single signature without me being there. No different with your situation as you aren't named on the deeds

Equity release

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