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Harris
Harris, Family Law Expert
Category: Family Law
Satisfied Customers: 2739
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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If I can remove my husbands name from our joint mortgage,

Resolved Question:

If I can remove my husbands name from our joint mortgage, would I have to pay him the equity from the house? We have two children that are currently living with me for 6 nights a week, moving to 4 nights a week when he moves into our flat that we also have a joint mortgage on. The children will live with him for 3 nights a week.Thank you.
Submitted: 1 year ago.
Category: Family Law
Expert:  Harris replied 1 year ago.
Hi, thank you for your question. Just a bit more information required to fully assist you:-How long have you been married?-How old are you both?-How old are the children?-What other assets do you both have?-What are your respective incomes?
Customer: replied 1 year ago.
Married since 1st September 2001 (nearly 15 years).
I am 42, he is 44.
Children 4 and 6.
We have a flat with a mortgage of approximately £151k together and a house with approximately £198k left on it.
He earns £1516.67 nett a month.
I earn approx £2050 nett a month.
Expert:  Harris replied 1 year ago.
How much are the properties worth each?
Customer: replied 1 year ago.
The flat is approximately £230k and the house £310k.
Expert:  Harris replied 1 year ago.
Thank you for confirming. Your husband has a right to claim financial relief from you (as do you from him) which will take consideration of all assets. If you take his name off the property and mortgage, he will lose his legal interest in the property and he would likely expect to be compensated for this. If he does not immediately, he may do so in the future and seek financial relief - such claims will remain open against you even after divorce and only end upon his remarriage or if there is a court order settling the finances.At this time, a court will likely agree that your needs are greater than his due to you being main carer of the children, and therefore any equity release would likely be delayed until the youngest child finishes education (or other appropriate date). You should also be conscious that despite what you both agree, it is for the mortgage company to agree to release him and for you to take on the mortgage solely - they will undertake an affordability check to see if you can take it on yourself.I hope this assists you. If you found this information helpful please provide a positive rating using the stars at the top of this page. I will not be credited for answering your question without a positive rating. Thank you
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