separation/ divorce help - name off the mortgage

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separation/ divorce help - name off the mortgage

8 posts & 5 voices | Started 2 years ago by grievoustim | Latest reply from IHN

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grievoustim - Member

OK - I hope someone on here has a bit of knowledge about this sort of thing

My wife and I are in the process of splitting up - the house is on the market but seems to be pretty glacial at the moment. I would like to move out and buy a place of my own

but

In order to get a new mortgage I think I will need to get my name taken off the mortgage on the current house and leave it in just my wife's name. However when the house is eventually sold I will be due a share of the equity. Does taking my name of the mortgage mess with this somehow? Will the bank not want to remove me from the mortage because my name is on the deeds of the house?

Any advice/ experience of this appreciated

Posted 2 years ago #
mastiles_fanylion - Member

Jeez, unless it was VERY amicable and you trust the other party, I wouldn't be taking my name off a mortgage.

And are you names on the deeds to the house????? Surely the mortgage lender's name is on the deeds as they own the property until it is paid for??????????????

Anyway, if you are contributing to the bills you would have to (legally at least) disclose this on any new mortgage application.

Why not rent in the short term?

Posted 2 years ago #
grievoustim - Member

thanks MF

so are you saying that by taking my name off the mortgage I am effectively handing over the house to the other half?

renting is an option - but more expensive than what my monthly mortgage payments would be

Posted 2 years ago #
geoffj - Member

Explain this to a decent ifa and they should be able to sort you out a mortgage whilst you are still named on the other.

Posted 2 years ago #
mastiles_fanylion - Member

Well no 'effectively handing it over' as such but it would make it much more complex to prove ownership if it is just your (ex to be) wife's name on it and she decided to play silly ubggers. She could claim - look, it is just my name on the mortgage, I pay for it, it is mine. Then you would have to start proving history of payments and stuff.

But agree with above re IFA completely.

Posted 2 years ago #
rich_tee - Member

First of all, sorry to hear of your situation. I went through a similar experience at the end of last year.

We tried to keep things as straightforward as possible and drew up a consent order with solicitors until the house sold. This should deal with apportionment of any equity following the sale of the property. As and when the house sells, the solicitor will then have this as a legal reference to ensure both parties get what they are due.

And yes, I kept my name on the deeds until the new owners completed the sale.

hope that helps

Posted 2 years ago #
grievoustim - Member

Thanks for the advice guys

Posted 2 years ago #
IHN - Member

Again, firstly, sorry to hear that, Me and MrsIHN split last year and it's not a great experience.

We had the house on the market, but again it was taking ages and she'd found somewhere she wanted to buy so in the end we agreed a price for me to buy her out. I remortgaged in my own name and paid her her share from the remortgage funds. It was pretty simple in the end.

Posted 2 years ago #

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