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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3695
Experience:  Solicitors 2 years plus PQE
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hi, i have an intrest only mortgage with an ex partner, there

Resolved Question:

hi, i have an intrest only mortgage with an ex partner, there is no equity in the house as such. i want my name off the mortgage but due to bancruptcy a year or so ago she is unable to remortgage, so she has been trying to have my name removed and her new partners name put on to it. this if possible i am happy to accept. i have recieved a letter from her solicitors/ conveyancing specialist wich is a tranfer of equity request, with a land registry form tr1 ( transfer of whole of registered titles). the letter states. "by signing this transfer you are consenting to the transfer of equity of the property. once the transaction is complete you will no longer be responsible for any mortgage repayments, nor will you be entitled to any legal,equitable, financial or beneficial interest in the property. you will also be relieved from any responsibilty with regards ***** ***** covenants which affect the property."
having not contributed to the mortgage for a number of years now i would like to be free of the mortgage so i can eventually have a mortgage on a house i live in. is this possible or am i about to get legally stiched up.
Submitted: 3 years ago.
Category: Law
Expert:  Alex J. replied 3 years ago.
Hi,
Thank you for your question and welcome.
My name is ***** ***** I will assist you.
In signing this you are seemingly giving your rights to the property, which is potentially fine, but have you seen any document or written confirmation from the bank saying you are completely released from your responsibility for the mortgage?
Until you have seen some indication from the bank that they will release you from your obligations under the mortgage deed, I would not sign this. This is because if they do not release you, you would still potentially be on the hook for the mortgage but wont have any rights over the property. You would then have to sue your ex partner if the bank pursued you.
I look forward to hearing from you.
Kind regards
AJ
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