transfer deeds/morgage into sole name

[smartmart]

my xpartner and i have a morgage together she has left the home stating she no longer wants to pay the morgage ,we have agreed a settlement figure that she is happy to walk away from the property.
but i have just become self employed and cannot prove what im earning at the moment.
i do have the money to pay my x off but what kind of criteria do i need to meet in order to get everything transfered into my name, ie do i need to prove how much i spend, and how much i earn?
i have never missed a payment on the morgage or loans secured on the property.
will i need to remorgage?
can i just take over the morgage and loans as they stand??

[dans1977uk]

Hi,

This is quite a common situation. If you are to keep the house unless your ex is happy to remain named on the mortgage, you'll hav to ask your mortgage lender if they will allow you to take on the whole mortgage on your own. Whilst this is unlikely as you've recently become self employed you may have to switch to a lender who will allow you to self certify your income (eg; provide no proof).

If you could let me know the value of your property, your current lender and mortgage amount along with your annual income now your self employed I should be able to give you an idea of if you're likely to be able to keep the house, For more in depth advice contact a local mortgage broker from yellow pages - but before making an appointment ask them how much their fee is, don't pay more than �995 at MOST.

Warm Regards,

Dan

[smartmart]

i cant really say what im earning at the moment as my buisness is only 2months old and i have not drawn any wages from it what so ever..
my house is worth around 110k but the amounts owed on this including early repayments would be someone around the 95-100k mark.
is there any kind of legal agreement that i could get my x to sign for her to stay on the morgage but she has no power to make me sell ???

[Ray Von]

Hi Smartmart, you can have a legal agreement drawn up to whatever terms you wish... but will your ex sign it? The existing lender will be reluctant to remove your partner from the mortgage because the liability is joint and several.. thats to say they can hold you both responsable for the debt if they have to. The lender will be happy to let things lie as long as the payments are maintained, your problem is that you can carry on paying the mortgage whilst your ex has a call on any future growth in the properties value.You could consider a self certification mortgage as per the previous answer by forecasting your future earnings but most lenders want you to be self employed at least a year.

[Finance Guy]

Get a mortgage quote and see if it is viable. It may reduce your outgoings, as well as moving the property into your sole name.

Try Refinance UK on 0800 849 1000, they offer self cert mortgages.

Once you have a quote, consider your options by talking to a matrimonial lawyer or C.A.B.. They will be able to guide you on your various options.

Common situation though, im sure a mutually agreeable solution will be found.

Good luck

[smartmart]

well i managed to get it all sorted
i agreed with my x to pay her off ,
i went a head and got a self cert morgage ,was very difficult to find 1 that would take me on as i had only been trading 2 months,
if anyone is loking for a self cert morgage and have been self imployed for less than a year try the bank of scotland there very good.
so all in all ended very niceley i kept my house paid my x off and everthing is transfered into my name.
many thanks for all the above post they were very useful