my ex partner wants me to buy her out , the problem is the bank wont lend me the full amount to pay off the exsisting mortgage . shes says if she gives me a letter in writing saying she doesnt want any money ( other than i have paid her for her share of the house ) or have any claim on the house in the future that i can have the house and get it remorgaged into my name when the balance of the outstanding loan is lower . i dont know if this would be possible ? any ideas . Antony
Province/Country relating to question : west mids / england
no others yet
HiThanks for your question. 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=49You 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.They key to the larger issue is whether or not you can obtain a mortgage offer in your sole name in order to remortgage to your sole name an carry out a transfer or equity/remortgage. If you cannot then you are at a stalement because as long as she is on the mortgage she is faced with the prospect of liability in the event that you default and the lender takes enforcement action. Therefore, if she is minded she could apply for an order for sale from the court so that your consent to the sale is not required. If you do not have any children then this is a real possibility. You need to shop around to see if you can get a mortgage offer. If you can’t then you are stuck playing a waiting game to see if she will apply for a court order for sale. The alternative is to see if there is someone else who is willing to come on the mortgage but not take occupation of the property. You could execute a declaration of trust specifying your percentage interest in the property (ie. heavily in favour o you). A further alternative is to see if there is any one else willing to inject capital in to the property, perhaps in return for an interest in the property reflected, again, in a declaration of trust so that a mortgage in your sole name is XXXXX XXXXX the lenders.If this has been useful please kindly click accept so that I may be rewarded for my time. If you do not click accept your money stays with the site and I do not receive any credit for the time I have taken to answer your question. You will not be charged any further money for clicking accept.If you wish for me to provide you with further guidance on any question you may have in the future then please submit a further question to the board requesting me either by my profile or by marking your question. “FAO Tom”. Kind regards,Tom
BA (Hons), PgDip, Practising Solicitor
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).