ChatterBank2 mins ago
where do i stand?
My partner who I have a joint morg with has never contributed to our morgage or bills and now he has ended the relationship and wants his name removed from our morgage, as he cant afford the flat i have had the morgage approved in my name only. He has asked for me to give him �1000 and for me to pay all the legal and admin fees aswell. He is also taking 2 hi value items from the flat which I will have replace. I dont think its fair that i have to pay out all this money, but i need him to sign his name off the morgage. i have proff that he hasnt paid anything. Where do I stand. pls help!
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You don't stand very well, unfortunately if their is equity in the property - as a joint owner he is entitled to half of that, whether he paid in or not.
I think �1000 plus legal fees is unfair but light in comparison to what he could be demanding. Do it as soon as possible as a Christmas present to yourself.
I think �1000 plus legal fees is unfair but light in comparison to what he could be demanding. Do it as soon as possible as a Christmas present to yourself.
It is far from as simple as paying your partner �1000 (plus costs) to make the break. So far, you have been very badly advised.
Let's be clear on something here: ownership of the home and ownership of the debt are two COMPLETELY DISTINCT legal entities. Transferring your partners share of the DEBT to you, DOES NOT transfer his/her share of the PROPERTY to you.
Let's be clear on something else: you and your partner will need the advice of solicitors/conveyancers if he/she is to transfer his/her share of the property over to you (or anyone else). This cannot be acheived by a private arrangement - it has to be done publicly via the land registry. So any private arrangement will be trumped by statutory law concerning the transfer of heritable property. Put it this way: you can remove your partners name from the debt, but not from the title deeds, unless and until he/she transfers his/her share of the property over to you - via a solicitor/conveyancer and the land registry.
Your partner wants you to give him/her �1k, plus you pay the costs of 'taking his /hername off the mortgage'. It seems to me that you are both under the misconception that transferring debt means that you also transfer property rights. I repeat, IT DOES NOT!
The good news is that the share of any equity is likely to be loaded in your favour. You have made it clear that you have paid the bills and the mortgae payments. That will be offset to some extent against the notional '"equal share" your partner is entitled to.
There is not a chance in hell that you would be able to get 50% equity in perhaps quite a lot for �1k plus legal fees. Your partners solicitor will advise him/her appropropriatley. Likewise there is no chance of your partner walking away with �1k in his/her pocket, abandoning his/her financial obligations, and keeping rights to a notional half share of your property. YOUR solicitor will not allow
Let's be clear on something here: ownership of the home and ownership of the debt are two COMPLETELY DISTINCT legal entities. Transferring your partners share of the DEBT to you, DOES NOT transfer his/her share of the PROPERTY to you.
Let's be clear on something else: you and your partner will need the advice of solicitors/conveyancers if he/she is to transfer his/her share of the property over to you (or anyone else). This cannot be acheived by a private arrangement - it has to be done publicly via the land registry. So any private arrangement will be trumped by statutory law concerning the transfer of heritable property. Put it this way: you can remove your partners name from the debt, but not from the title deeds, unless and until he/she transfers his/her share of the property over to you - via a solicitor/conveyancer and the land registry.
Your partner wants you to give him/her �1k, plus you pay the costs of 'taking his /hername off the mortgage'. It seems to me that you are both under the misconception that transferring debt means that you also transfer property rights. I repeat, IT DOES NOT!
The good news is that the share of any equity is likely to be loaded in your favour. You have made it clear that you have paid the bills and the mortgae payments. That will be offset to some extent against the notional '"equal share" your partner is entitled to.
There is not a chance in hell that you would be able to get 50% equity in perhaps quite a lot for �1k plus legal fees. Your partners solicitor will advise him/her appropropriatley. Likewise there is no chance of your partner walking away with �1k in his/her pocket, abandoning his/her financial obligations, and keeping rights to a notional half share of your property. YOUR solicitor will not allow
As the previous answer suggests, this is far from straightforward and the one thing you MUST do is seek legal advice to protect your own best interests.
It's time to look after number one, and to forget any notion that you can rely on free advice, however well intentioned it may be. Or that this is something that can be informally agreed between you and your ex.
I'm not a lawyer touting for business, by the way - I just know from personal experience that if you cut corners now, you could be facing a disastrously expensive situation, financially and emotionally, months or years down the line.
I'm also a man, and he sounds like a typical male control freak to me - all this can be resolved provided you listen to him and go along with his terms and conditions. It's not up to him to call the shots, and you shouldn't be intimidated.
It's time to look after number one, and to forget any notion that you can rely on free advice, however well intentioned it may be. Or that this is something that can be informally agreed between you and your ex.
I'm not a lawyer touting for business, by the way - I just know from personal experience that if you cut corners now, you could be facing a disastrously expensive situation, financially and emotionally, months or years down the line.
I'm also a man, and he sounds like a typical male control freak to me - all this can be resolved provided you listen to him and go along with his terms and conditions. It's not up to him to call the shots, and you shouldn't be intimidated.
You clearly stand inside your warm, clean, comfy apt, whereas your partner will soon be getting the hell out of there and out on the street. Get a lawyer to sue your partner's butt off for all the unpaid bills etc, and don't forget to pour some 7up or applejuice on the 2 high value items they're taking with them. If you need to pay them for now, give them a personal check, get their signature on the paper and then as soon as they;re out the door, withdraw all your money from the bank account. Serves your cheapskate partner right.
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