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JGM
JGM, Solicitor
Category: Family Law
Satisfied Customers: 11554
Experience:  30 years as a practising solicitor. Partner in own firm.
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I have a mortgage with my husband. How do I go about taking

Customer Question

I have a mortgage with my husband. How do I go about taking myself off of the mortgage so that I can leave my marriage and go it alone?
I will need to rely on government help to get set up in rented accommodation with my children, but as a property owner, I won't get very far.
Is there a loop hole?
Selling up and splitting equity isn't an option at the moment. The house is half built.
Submitted: 1 year ago.
Category: Family Law
Expert:  JGM replied 1 year ago.

If your husband can take on the mortgage on his own, then you can both apply to the lender to do a transfer of equity. That would mean that the lender would agree that the title and the mortgage be transferred to him. You would have to reach an agreement on when and how you are going to be paid your share of the equity if that is an issue. If, however, it is not an option for him to take on the house, then you won't be able to get out at this stage and you may have to wait for completion so that the house can be disposed of. Happy to discuss further. I hope that helps. Please leave a positive rating so that a I am credited for my time.

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Customer: replied 1 year ago.
Thank you for answering. I will investigate further with my husband and see if he can afford things on his own.I'm doubtful to be honest. But I can try. If I just walk away, I'm liable for the monthly payments and won't be able to set up on my own. Until the house is sold.He can afford the monthly payments. But as a whole lend amount, the lender would say no as my salary had allowed for this mortgage.The house in this build stage has increased value by up to 100k which means equity stake is higher. Would that make a difference to what he could borrow?
Expert:  JGM replied 1 year ago.

It might be that a different lender would be able to help. Let me know if I can help you in the future. Kind regards.