Posted on behalf of new user.
Hi there,
I have a friend who is a joint mortgagee with her fiance and she put down a large deposit to buy the house (he put down nothing).
The house is rented out now and they are renting a property elsewhere. The relationship is breaking down now and neither party have made a will; he has estranged children from a previous relationship (marriage) but there are no children involved in their relationship.
They have spoken about him transferring the ownership of the house over to my friend, but she would like clarification on how complex this process might be.
Is it a transfer of equity and is this the recommended route?
She would presumably have to approach the mortgage company and go through, in effect, the motions of applying for a new mortgage?
Also, how costly is this process?
Obviously, in the worst case scenario, if anything happened to either of them before this is resolved, she might end up losing some/all of her investment in the house? Any advice you can offer about how best to proceed in a cost-effective manner would be gratefully received. Many thanks.
Hi there,
I have a friend who is a joint mortgagee with her fiance and she put down a large deposit to buy the house (he put down nothing).
The house is rented out now and they are renting a property elsewhere. The relationship is breaking down now and neither party have made a will; he has estranged children from a previous relationship (marriage) but there are no children involved in their relationship.
They have spoken about him transferring the ownership of the house over to my friend, but she would like clarification on how complex this process might be.
Is it a transfer of equity and is this the recommended route?
She would presumably have to approach the mortgage company and go through, in effect, the motions of applying for a new mortgage?
Also, how costly is this process?
Obviously, in the worst case scenario, if anything happened to either of them before this is resolved, she might end up losing some/all of her investment in the house? Any advice you can offer about how best to proceed in a cost-effective manner would be gratefully received. Many thanks.
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