Maud - mortgage and house ownership

[Ellan]

Hi , I have been reading your answers to other people's questions and find them extremely useful. I would just like to clarify something because I currently have a joint mortgage with my boyfriend but unfortunately we are splitting up. Basically I want to put the mortgage in my name and subsequently own the house on my own. I don't want to change mortgage companies , just have my name on the mortgage only. I also understand from your advice that I will have to take his name off the land registry form? Is this all I have to do ? are there any other things involved so that he's not tied to the house in any way ? I am hoping this will be a simple process as we both don't want solicitors involved and he is more than willing to sign the house over to me. The only additional thing I would like to mention is that my parents are going to put some money to repay a percentage of the mortgage off so to make the monthly repayments are a bit more lower for me as I'm on my own. THey do not want to have their names on the mortgage if possible. Do you think this is an easy procedure ?

[Uzoma]

Hello Ellan: I'm not Maud but it's possible for your name to be on the mortgage alone. If you don't want your parents names on it, it just has to be possible to show that you could afford it on your own ie through a credit score and the bank's lending multiples (eg. 3 or 4 times your income).There are a number of legal technicalities involved with taking your (ex) partner off the mortgage which would be much easier through a solicitor. You can do it yourself but it's not straight forward eg searches.

[vittoria]

I went through exactly the same a number of years ago; I agree with what Uzoma says; there are two aspects, firstly the mortgage company have to agree that you can meet the repayments on your own (this is where you may need your parents to pay a chunk off); secondly title in the Land Register will have to be amended. I think you will need a solicitor for the admin side of what you are proposing to do; involving a solicitor does not necessarily mean litigating. It is very important that the Register is amended properly. The mortgage company may even demand that the transfer of title is done by a professional - check with them. This is because if title is defective (not properly transferred from both of you to yourself only) and if you then default, they will have the bother of sorting that out before repossessing.

[Ellan]

HI Vittoria and Uzoma, Thanks a million for your advice. Very mich appreciated. I only discovered this site yesterday and think its such a great idea as I was having quite a few problems trying to get my questions answered beforehand. Thanks Again, Ellan

[simon@tmn]

Hello Maud.  What you want to do is usually a simple process.  It is known as a transfer of equity.  You will have to make a request to your lender for this to be carried out but it is usually a straight forward process.

The lender will okay this if:

1. You can afford to carry on with the mortgage repayments

2.  Your ex partner is willing to be removed from the loan

etc

It is a legal procedure however your current lender should employee a solicitor to act for you.  The solicitor will then act accordingly with regards to the legal charge on your property (the mortgage).  The cost for this will be contained in your mortgage terms and conditions.

My advice to you would be to contact a qualified mortgage adviser to discuss your options with regards to your parents generous offer.  There are various options open to your self.

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