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James Mather
James Mather,
Category: Property Law
Satisfied Customers: 22629
Experience:  Senior Partner at Berkson Wallace
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Hi , I have a property with my ex partner , which is in both

Customer Question

Hi , I have a property with my ex partner , which is in both our names . She has agreed that I can take over the property and put it in my name only . I have been to the bank who we have the mortgage with , but they are not prepared to put the mortgage in my name only . We have come up with a possible solution to resolve this . She is prepared to sign a legal document saying that she will claim no responsibility for the property and that in effect it will be in my name only , any decision such as selling it , renting it , remortgage or taking out a different mortgage will be mine decision only and she has no say on this . If I sell it , I would have any equatiy myself . Can I get such legal documentation to do this and in affect the property be in my name only ??
Submitted: 5 years ago.
Category: Property Law
Expert:  James Mather replied 5 years ago.
How much equity is in the property?
Customer: replied 5 years ago.
Negative equality on the property
Expert:  James Mather replied 5 years ago.

There is nothing to stop you moving to another lender, of course,
apart from the negative equity.

The situation you find yourself in with the existing lender
refusing to remove someone is not uncommon if the remaining person does not have
enough income to support the mortgage or of there has been a history of arrears.

The document you need is a deed of trust where she still owns half
of the property and you on the other half, but she owns her half, holding it on
trust for you.

In the deed you would covenant to make all the mortgage payments
and pay the bills and insure the property et cetera and in consideration of
that, she would covenant to make no claim on the property at any stage in the

A solicitor will draft the deed for you..about £200 plus vat. Ideally it should be registered at HM Land Registry

There is no document that she can sign whereby you can do what you like with the property without her signature. If you decide to rent the property, you can rent it out, but you do need the lender’s consent

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The thread remains open. Thanks

Customer: replied 5 years ago.
Expert:  James Mather replied 5 years ago.
Thank you. You should see a button somewhere to allow you to do a formal rating. That triggers a credit to me. Thank you