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Ask Clare Your Own Question
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 35574
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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Both myself and my ex partner share a mortgage in joint

Customer Question

Hi, both myself and my ex partner share a mortgage in joint names. Ex moved out over 6 years ago and since has not paid a penny towards the interest only mortgage payments, upkeep of the property. I paid all of the legal fees, stamp duty and deposit towards the purchase. As such the ex has agreed that a financial settlement would be appropriate to waiver all of her rights to any equity within the property. She is happy for this arrangement to take place, however I was wondering if a legal contract or document was available to stand in place to stipulate our expressed intentions to share the the equitable interest 0%:100% for when I finally decide to sell the property, ensuring all the equity goes to me. I have 3 children living with me which are mine, not the ex. My income isn't sufficient to take on the mortgage alone in sole names due to me recently leaving the forces to take care of my children. Can you please advise, any help would be greatly appreciated.
Submitted: 3 years ago.
Category: Family Law
Expert:  Clare replied 3 years ago.
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
How much is the property worth and how much is outstanding on the mortgage?
Customer: replied 3 years ago.
The property was purchased for £150 000, and I have only made interest only payments, as such there is still £150 000 outstanding on the mortgage. The house is now worth in the region of £200 000.
Kind regards
Expert:  Clare replied 3 years ago.
Does your ex realise that she is not able to get another mortgage whilst she remains on the mortgage on your property
Customer: replied 3 years ago.
Hi Clare, yes she understands the implications of remaining on the current mortgage until I am able to sell in the future an is therefore happy to waiver any entitlement to equity having received a payment from me. Until this is resolved I'm reluctant to make anymore transformations, improvements to the property, which currently needs a whole new roof as it's leaking.
Expert:  Clare replied 3 years ago.
The way forward is to arrange for a Declaration of Trust to be drawn up setting out that whilst the property remains in joint names you are the only one entitled to benefit from the sale
It would be sensible to have a "long stop" date - so that if her name has not been removed from the mortgage by that date then the property will be sold.
I hope that this is of assistance - please ask if you need further details