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House transfer rights
3 Answers
Hi guys
I currently have a joint mortgage with an ex-partner we bought the house in early 2007 on a fixed mortgage for a 5 year term, 100% mortgage.
We split up in July 2008, and my partner moved out in October 2008, since then I have paid for everything to do with the house and prior to that I paid for half of everything.
The mortgage however is still in joint names as I have not had the finances to sort out the situation. The mortgage had a buy out of circa £7000 and the house had fallen in to negative equity so it was easier for all concerned for me to take on the house to avoid landing either of us in larger debt!!!
The problem is now that the mortgage deal comes to an end in 12 months and the price of the house has started to pick up a bit, I can prove that I have solely paid the mortgage and all the bills and that this has come out of my personal account all the time since my partner left
How do I stand in getting the mortgage and property transferred to my name and what do I need to do, me and my ex partner have an amicable relationship but she thinks she is worth some money back from the house...
I currently have a joint mortgage with an ex-partner we bought the house in early 2007 on a fixed mortgage for a 5 year term, 100% mortgage.
We split up in July 2008, and my partner moved out in October 2008, since then I have paid for everything to do with the house and prior to that I paid for half of everything.
The mortgage however is still in joint names as I have not had the finances to sort out the situation. The mortgage had a buy out of circa £7000 and the house had fallen in to negative equity so it was easier for all concerned for me to take on the house to avoid landing either of us in larger debt!!!
The problem is now that the mortgage deal comes to an end in 12 months and the price of the house has started to pick up a bit, I can prove that I have solely paid the mortgage and all the bills and that this has come out of my personal account all the time since my partner left
How do I stand in getting the mortgage and property transferred to my name and what do I need to do, me and my ex partner have an amicable relationship but she thinks she is worth some money back from the house...
Answers
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Sadly, as she is shown to be an equal owner she is entitled to a 50% share of the equity regardless of 'who paid what' unless you have written agreement to the contrary or own the property as tenants in common with differing shares, rather than joint tenants.
Equally, she is just as liable for any debts as you are.
She will say you have had the benefit of living in the property since she left and haven't paid her any rent to her for the privilege of having sole occupancy.
Equally, she is just as liable for any debts as you are.
She will say you have had the benefit of living in the property since she left and haven't paid her any rent to her for the privilege of having sole occupancy.
To get her name off the mortgage you have to prove to the lender that you earn enough to take on the mortgage - the fact you have been paying it on your own for some time is not enough.
Your ex will have to agree to her name coming off the Title Register which can be easily sorted out through the mortgage company if the are agreeable.
Your ex will have to agree to her name coming off the Title Register which can be easily sorted out through the mortgage company if the are agreeable.
Same answer as another question just above yours:
You can't take your name off a mortgage - you have to take out a new mortgage in your name only, so you would have to meet current lending criteria. You would also have to re-register with the Land Registry and pay stamp duty if the transaction is above the relevant amount - plus of course pay off your wife for her share (which you will need to negotiate with her)
You can't take your name off a mortgage - you have to take out a new mortgage in your name only, so you would have to meet current lending criteria. You would also have to re-register with the Land Registry and pay stamp duty if the transaction is above the relevant amount - plus of course pay off your wife for her share (which you will need to negotiate with her)
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