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If i do not live in the house and never will.....can I pass ownership and responsibility for mortgage and secured loans on property to Ex and family ?

(3 Posts)
LandRegistryRep Fri 22-Mar-13 08:12:48

As CheeseandGherkins a transfer of equity would be required to transfer the legal ownership from the 3 of you to just 2. However the consent of the existing lender would most likely be required under the terms of the actual mortgage itself and/or as per any restriction registered against the title.

From the lender's perspective having 3 people responsible/liable for the mortgage is probably better than 2 but it may still be worth having that discussion with them to appreciate what may or may not be possible. If the monthly payments have been made over time without any issue and/or there is some quity in the property there may be options to explore.

Legal and/or financial advice is always recommended as there may be other alternatives which all of you could consider but there is no simple way of way of you being able to 'hand the property back' and get my name off the mortgage and loan'

They need to apply for a mortgage and it be granted for you to come off it. I imagine the same would be with the loan. You can't just sign it over to anyone else without them being financially able to take it on and that would be judged by the bank. You can do a transfer of equity rather than a new mortgage but it's essentially the same requirements.

TICKLETUMBLE Thu 21-Mar-13 14:22:48

That's it really.
Ex's family home was mortgaged and got a further secured loan to pay his debts of...using mine and his mothers earning so all 3 of us own it.
we split 5 years ago.
His family continue to live in the house and between them pay the installments for the mortgage and loan (I contributed while we were together despite not being able to afford it, but stopped when we split).

I have no access to this property, I have not use for it (in wrong part of world), I cant gain any value from owning it like getting an income from rental, and have the constant worry or default payments (ex financial irresponsibilty)
Ex's family have no intention of selling any time soon and as there are three of us its unlikely I would be able to force the issue.
Ex is not in a position to refinance and his family are retired.

So , is there a way - without selling or formally remortgaging to pay off the debts - for me to 'hand the property back' and get my name off the mortgage and loan?

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