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Category: UK Law
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Experience:  BA (Hons), PgDip, Practising Solicitor
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My partner & I are splitting up, we have a mortgage in both

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My partner & I are splitting up, we have a mortgage in both our names, how do we seperate this so that she is the sole mortgage holder as I am moving out.
{there are no children involved and the break-up is by mutual agreement}
Submitted: 4 years ago.
Category: UK Law
Expert:  Thomas replied 4 years ago.

Hi,


Thanks for your question.

 

You would have to execute a transfer of equity and remortgage in order to have the mortgage and land registry title in her sole name. For this, she must be able to receive a mortgage offer from either your current lender or others. If she can demostrate sufficient income to receive an offer then you can instruct a local conveyancer to do this for you.

 

If she cannot receive a mortgage offer then you will remain on the legal title to the property and mortgage until such time as the property is sold and the mortgage redeemed upon sale. You can apply for the Court for and order for sale if you so wish.

 

If you hold your interest as joint tenants and one of you were to die, that person's share would automatically pass to the survivoer. If this is not what you want then you should sever the joint tenancy so that you hold your interests separately as tenants in common, upon death the deceased's interest in the property would pass according to their Will or under the intestacy rules.

 

If this is useful please kindly click accept so that I may be rewarded for my time. It will be gratefully received and you will be free to ask follow up questions.


Kind regards,

 

Tom

Thomas, Lawyer
Category: UK Law
Satisfied Customers: 6288
Experience: BA (Hons), PgDip, Practising Solicitor
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