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Thomas
Thomas, Lawyer
Category: UK Law
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Experience:  BA (Hons), PgDip, Practising Solicitor
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Hello, I have recently split from my Partner and we have

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Hello,

I have recently split from my Partner and we have a mortgage together. We are friends and the situation is very amicable. I no longer live at the address and as of November do not want to pay into the mortgage. I know I am owed money on the property but he doesn't want to sell the house which is fine with me all I would like is that I receive my money at some point.

What are my options?

Any help would be much appreciated.

Regards,
RF
Hi,

Has your partner agreed to pay the whole of the monthly mortgage repayments after you stop paying in November?

Are they likely to be able to get a mortgage offer in their sole name?

Tom
Customer: replied 3 years ago.

Hi Tom,


 


Yes, he is happy to continue paying the mortgage.


 


No we don't think he would be mortgage-able on his own therefore was thinking to keep my name on the mortgage still until he sells the property etc ?


 


Thanks

Hi

Drafting your answer. 5 mins please.

Tom
Hi

Thanks for your patience.

First of all, if you and you partner presently hold the house jointly (as joint tenants) then each person's share would pass to the other upon death regardless of any directon made in any Will. If this is not what you want then you should sever the joint tenancy by using Form SEV from the Land Registry (you will have to send it to them and if you have any questions about completing the form you should call their customer service number - they are very helpful):-
http://www1.landregistry.gov.uk/publications/?pubtype=49

You will then hold you interests as tenants in common, meaning that your respective shares will pass according to their wills or under the intestacy rules. Your partner need not sign the form provided you follow the instructions.

The liability of mortgages is joint and several. This means that if he does not pay the mortgage then the lender can still sue both of you for the whole amount. They will not care that you have an agreement with him to pay the whole amount himself.

If you wish to realise your share of the equity and be released from the mortgage liability then you have only one option: to compel your partner to sell the property (if they cannot get a mortgage offer in their sole name to remortgage)

You can force the sale of the property by making (or posturing to make) an application to Court. If your partner cannot demonstrate sufficient finance to receive a mortgage offer to buy you out and transfer the equity in to his name then this may be your only option. A local solicitor would be able to do this for you and these orders are seldom refused by the Court.

It’s important to remember that if arrears clock up on the mortgage then the lender can take enforcement action against you, which can affect your credit rating and prevent you from getting future mortgages.


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Kind regards,

Tom
Customer: replied 3 years ago.

Thanks very much for your assistance.

Thanks, XXXXX XXXXX be grateful if you would kindly rate my answer.

Good luck.

Tom
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