MORTGAGE

[ELMAJORI]

My daughter and son in law have separated. The mortgage is in joint names and she wants it in her own name. He is willing, if she pays him a lump sum, to sign the deeds to her. Would a signed declaration be enough?

[hc4361]

No, the lender will need to be satisfied she can afford the mortgage on her own and his name will then have to be removed from the Registered Title at the Land Registry.

[Richard1966]

In most cases the mortgage will need to be paid off in full to release the person who is leaving and the person staying will need to obtain a mortgage in their own right.

[VHG]

They may need to pay off the mortgage and then your daughter needs to get another one in just her name.

The new mortgage could be used to pay off the old mortgage.

[Eve]

No, she is keeping on the mortgage it would need to be agreed by the lender (make sure she can afford it on her own etc...) and, if they agreed, a formal transfer would need to be done (along with any formalities for the lender) and it registered at the Land Registry.

If she is not keeping the morgage eg getting her own by remortgaging to get the funds to pay him off, a formal transfer would still need to be done and registered at the Land Registry, also taking the old mortgage off and putting any new one on.

[ELMAJORI]

The lender has been approached and her brother is willing to pay a share of the mortgage and the lender is quite satisfied that the mortgage will be paid.They really don't want the expense of legal fees.

[dzug2]

If he is paying towards the mortgage (rather than paying it off) then his name has to be on the deeds

[Eve]

There will still need to be a formal transfer to take him off the title and most lenders wouldn't be happy with people doing it themselves.

Most lenders have their own lawyers who may be able to do this for them. Check with them if this is the case and any fees payable.

It shouldn't cost too much in fees for a conveyancer to do it. It's a very simple job.

[ELMAJORI]

Would the only legal fees be to get son's name on deeds?they really don't want it to get too involved.

[ELMAJORI]

Thanks everyone for your input. Jenna they will probably take your advice and approach the lender.Comments are very much appreciated.

[Maydup]

It is wise to encourage your daughter to start divorce proceedings promptly. Although he might have taken his money and removed his name from the deeds, all the time he is still her husband he could still make a claim on what is now her house.

[cathfromsaron]

if the lump sum is his half of the equity then the divorce lawyer will sort it! the mortgage company will only permit this if she can afford the future repayments! is he paying alimony too? x