How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask JGM Your Own Question
JGM
JGM, Solicitor
Category: Family Law
Satisfied Customers: 11137
Experience:  30 years as a practising solicitor. Partner in own firm.
31090051
Type Your Family Law Question Here...
JGM is online now

HiI have a joint mortgage with my ex partner. I would

Resolved Question:

Hi

I have a joint mortgage with my ex partner. I would like to keep the property but remove his name. I am getting very unclear advice from Nationwide my mortgage advisors and I would be very appreciative if you could help me understand what I need to do as plan of action?

Many thanks
Rebecca
Submitted: 3 years ago.
Category: Family Law
Expert:  JGM replied 3 years ago.
Thank you for your question.

You have to ask Nationwide for an application form for transfer of equity. You and your ex have to compete the form and if the application is granted, formal instructions will be sent to your nominated solicitor who will then arrange to transfer the title and vary the mortgage deed into your sole name.

Happy to discuss further.

I hope this helps. Please leave a positive response so that I am credited for my time.
Customer: replied 3 years ago.


Hi


 


Thanks for coming back to me.


 


I will call Nationwide for this application form for transfer of equity.


 


I also read last night that to ensure my name remains on the mortgage/loan I have to qualify for refinancing. I will need to have available income for the monthly payment, as well as money to cover refinancing costs. I also read that refinancing is the only legal way in which to have a name completely removed from a mortgage, other than selling the home. Is this correct?


 


I have already completed an affordability interview with Nationwide so just want to be absolutely sure that the next step is now as you advised an application form for transfer of equity. I have been delayed by 2 weeks by Nationwide and just want to have all my facts together ready for my ex partner.


 


Thanks so much


 


Rebecca

Expert:  JGM replied 3 years ago.
If you are buying your partner out then yes, you would have to establish that you can sustain the whole amount borrowed. Even if your not taking out any extra borrowing then you have to establish that you qualify for the amount of existing borrowing in your sole name.

The application form for transfer of equity may not be called a transfer of equity form but that is what you are trying to achieve here and the lender or your financial adviser will know what is meant by applying for transfer of equity. It basically means that you wish to put the title to the property in your sole name and transfer the mortgage from joint names to your name.
Expert:  JGM replied 3 years ago.
See www.nationwide.co.uk/support/support-articles/manage-your-account/transfer-of-equity
JGM and other Family Law Specialists are ready to help you

Related Family Law Questions