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Matt Jones
Matt Jones, Solicitor
Category: Law
Satisfied Customers: 671
Experience:  I am a qualified and practising Solicitor with over 7 years post qualification experience
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This question is related to property law. In the scenario where

Customer Question

This question is related to property law. In the scenario where their is a jointly owned property, in which the relationship between the 2 parties has dissolved. If one member of the partnership writes a letter stating that they accept full responsibility for the property and the other party accepts. Will the banks / courts accept this as a legally binding document?
Submitted: 2 years ago.
Category: Law
Expert:  Matt Jones replied 2 years ago.
Matt Jones :

Hi I will try and help

Matt Jones :

is there a mortgage against the property?

JACUSTOMER-zxxnauwq- :

Yes there is

JACUSTOMER-zxxnauwq- :

its a joint mortgage

Matt Jones :

and what exactly are you looking at trying to achieve in this scenario?

JACUSTOMER-zxxnauwq- :

I am trying to remove my name from all legal responsibility on the property. We cannot go back to the banks and ask them to remove my name from the mortgage because she is not working. She refuses to sell the house, and I have no way to leave the property without something in place

JACUSTOMER-zxxnauwq- :

We are living together but under duress

Matt Jones :

i see. and there is no-one else in the picture to replace you as joint owner?

JACUSTOMER-zxxnauwq- :

Not that I am aware of. If there was (i.e. a family member) what option(s) would I have

Matt Jones :

if there was someone else on your estranged partners side, who was working and have good credit, then you could apply to the lender to get their agreement to transfer the property out of your name. Ultimately you need their consent and a formal application need to be made to the lender, a simple letter unfortunately wont suffice. Is there any equity in the prorpety (i.e left over after sold and the mortgage was repaid)

JACUSTOMER-zxxnauwq- :

That's disappointing. There is some equity in the property. Potentially £10,000. So is there any legal precedence that can force my ex to sell the property where we are in a situation where we are unable to live together. I should note, there is a child involved too. My son currently lives with the both of us. She is under the impression the through government support she'll be able to pay the mortgage and all bills. I believe the risk is far too great for me to move without having my name removed from the mortgage

Matt Jones :

Thanks. Unfortunately the facts are particularly stark for you I am afraid. There is a procedure where you could apply to the Court to force the sale of the property, but it is both costly and time consuming and it is debatable on whether the equity i the property would be worth it. However in addition, under the Family Act 1996 you have an obligation to house your son and so even if you made an application it would likely be suspended pending your son reaching 18, or other solution.

Matt Jones :

I am sorry I have to give bad news but I have to be honest with you

JACUSTOMER-zxxnauwq- :

That is unbelievable. I just want to make sure I fully understand. What your saying to me is that there is no way whatsoever, without a costly legal battle that I will more than likely lose, for me to separate from this person? Due to fact that we have a joint mortgage together? I can house my son in other locations (I have a flat that I own plus I can rent or purchase a new house). I just do not want to spend my life with this woman, and right now your saying there is no way to make this happen?

Matt Jones :

You really have 3 solutions but all of them have downsides:- 1) agree between you to sell the property. 2) get someone to take over your responsibility under the mortgage or 3) seek an order of the Court. The re-housing of your son elsewhere is a potential solution but you have other issues to consider, for example the Court would have to order that your son resides with you and it is likely your ex-partner would disagree with that.

Matt Jones :

by entering into a mortgage you are of course signing a contract for a particular period of time. The lenders will not want to be put in a disadvantageous position because of your relationship breakdown.

Matt Jones :

It is sometimes the case that I have to give news that is not welcome but I don't make the law, I simply advise on it. I hope I have clarified your position for you. Do by all means ask any follow up questions. If you leave me positive feedback I can be paid for my time today, the question wont close and you can come back to me with further questions later on.

JACUSTOMER-zxxnauwq- :

Thanks Matt. This information, although very very disappointing has been very helpful. I will pursue option 2 with some vigor. I appreciate that you've just relayed the law and I am in no way disappointed by your service. Just the information that was given to me.

Matt Jones :

Of course I understand.

Matt Jones :

Good luck with everything. As I say f you require further clarification then do by all means come back to me

JACUSTOMER-zxxnauwq- :

One final question, regarding option 2. Is there a name for the application I make to the banks to have ownership transferred? Just so I can research it a bit more?

Matt Jones :

Lenders call it by different names, but it is generally known as a "Transfer of Equity" application

JACUSTOMER-zxxnauwq- :

Brilliant. I'll submit my review now. Thanks Matt

Matt Jones :

you are welcome. All the best and Happy New year

Matt Jones, Solicitor
Category: Law
Satisfied Customers: 671
Experience: I am a qualified and practising Solicitor with over 7 years post qualification experience
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