Can i get my name off my joint mortgage?

[alib74]

Hi. My husband and I have recently separated, he left me, although it is now fairly amicable. i am currently living in the family home with our 2 young children. My ex husband is currently paying the mortgage, but wants us to sell in the next 6-12 months and split the equity. We have a joint mortgage and jointly own the house. I want to buy into a shared ownership house in our village but cannot apply whilst I am named on another mortgage. Is it possible to get taken off our current mortgage whilst retaining the right to live in the house until it is sold, or until i am able to buy this other property? Time is of the essence so i dont want to risk waiting to find a buyer for our house as there is a limited number of properties available on this scheme. Also can i get a legal document drawn up to ensure I retain my rights to my share of the equity? (yet to be agreed but 60/40 in my favour seems likely)

[hc4361]

The mortgage company will have to agree as it would be very difficult to repossess if your husband fails to pay the mortgage if you are living there. There will be no contract between you and the mortgage company.

[Charlie911]

vibrasphere is 100% correct :-) (And well spoken vibrasphere)

[yogi-bear]

Ahhhh.....Ain't togetherness wonderful :0)

[alib74]

thank you all for your help and advice - its such a minefield, i do't know where to start!
if my husband back into the property when i moved out until it sold would that make a difference to him getting the mortgage easier?

[alib74]

oh and roughly what costs would be involved in doing the above with a solicitor?

[bednobs]

tbh i can't see this happening in your wanted timeframe, or indeed your hubby agreeing to it - he will have to re-mortgage most likely, which is a lot of hassle if he wants to sell in the next 6 months anyway, plus there will be fees/survey etc probably. What might be a beter idea is to sell the house now

[davidbrt]

You can have the mortgage transferred into his name, but he will need to be the instigator of this. His income would have to be enough to service the mortgage on his own and woudl need to be agreed with the lender. It is a "transfer of equity" and as such will need to have the intervention of a lawyer to facilitate the transfer from joint to single names. When he does the mortgage he will need to state to the lender you will be living in the property, which will require you to sign a declaration in favour of the lender that you have effectively no rights over the house from the lenders perspective. You will need to refer him to the lender, and both of you need independant legal advice.