Advice re Deed of Transfer on a Mortgage please

[Eleni.X]

Hello. I'm a new member so please be gentle with me! I have a joint mortgage with my partner of 9 years. We bought our current home in 2007 when he put a sizeable amount into the property from the sale of his former home and we had a joint mortgage on the balance. For the last 5 years and 8 months I have paid the same amount every month into a joint account from which the mortgage is taken. Basically I have always considered the property as his - with my contribution being "rent". Problems have recently arisen as my partner has got a bee in his bonnet about my credit card debt. This has caused a huge rift between us as he says that he paid off my debt previously when we bought the property (I disagree with this as my understanding was that we got a little extra on the mortgage to cover the payment of this debt). He demands to know how much my debit is and how I expect to pay it back - because they will come after him as well if the bank decides to call in the debt. I have not told him - not because I am ashamed of it but because it is none of his business. I have never asked him for money, I always pay my way and I am not asking him for help with my existing debt now. I want to walk away from the joint mortgage and leave. I don't want anything from him or the property. Does such a thing as a Deed of Transfer still exist? I can manage re-payments on my credit card and without the monthly amount I pay now I can afford to rent a small place of my own. Friends say I'm mad to expect nothing after contributing both money and housekeeping services for so long but I can't bear to be lorded over by someone who thinks he is hugely superior to me because he can afford to buy anything he wants without resorting to credit. Any comments or advice gratefully received.

[Sapphire]

Re: Advice re Deed of Transfer on a Mortgage please

Hiya and welcome to Beagles, I'm not sure about a Deed of Transfer, however ... my advice to you would be think very, very carefully about what you're doing, you've paid half the mortgage, lived there and contributed in all ways and yet your willing to walk away and let this man have everything.
I understand you're anger and your frustration, even if he is a supercillious idiot, which he certainly does sound like, so I'm begging you, please reconsider and make sure you get half of everything, you've paid in so make sure you get whats rightfully yours, and put that idiot in his place.
Your worth more than just walking away even if you feel like it, don't let him win.
If you need any help just shout.

[Nic]

Re: Advice re Deed of Transfer on a Mortgage please

I have no expertise I. This area but I do agree with your friends and sapphy you should not walk away with nothing!

[Nikolai]

Re: Advice re Deed of Transfer on a Mortgage please

I agree you shouldn't walk away, but if you want out, here's how........
You have a joint mortgage, which means that your name is on the title of the property as is your partner's name. It is necessary to remove your name from both the mortgage and the title if you want to be totally free of the property. This is where it gets tricky, because you will almost certainly have to get your mortgage lender's agreement to release you from the mortgage. Now different lenders have different policies on this. Speak to your lender and find out their criteria for releasing you from the mortgage. It's usually based on whether the party remaining on the mortgage account can afford the repayments on his/her own, but there are additional factors which your lender will be able to tell you. You don't need to tell your partner that you're speaking to the lender by the way. If the lender makes encouraging noises then by all means explore further, and at that point you will need to involve your partner.
One thing you should do, irrespective of what the lender says, is to seek legal advice. Do this before speaking to your partner. A solicitor will be able to advise you on how you and your partner hold the title. This involves referring to the register of title, a copy of which can be obtained from the Land Registry for about £10. You should ask the solicitor to explain to you the legal significance of owning the property with your partner as joint tenants or as tenants in common. Also ask what the legal position would be with your entitlement if you split up. Yes I know you don't want anything, but you need to know about these things so you can make an informed decision. If you are determined to go with nothing, you must get your name off that mortgage or you will continue to be liable for it.
In short, speak to your lender and get some legal advice (you'll have to pay for the advice, but it'll be money well spent - ask if they do a fixed-fee consultation). Only act when you are fully aware of your legal position. Hope this helps, best wishes.

[Craig S]

Re: Advice re Deed of Transfer on a Mortgage please

I agree you shouldn't walk away, but if you want out, here's how........
You have a joint mortgage, which means that your name is on the title of the property as is your partner's name. It is necessary to remove your name from both the mortgage and the title if you want to be totally free of the property. This is where it gets tricky, because you will almost certainly have to get your mortgage lender's agreement to release you from the mortgage. Now different lenders have different policies on this. Speak to your lender and find out their criteria for releasing you from the mortgage. It's usually based on whether the party remaining on the mortgage account can afford the repayments on his/her own, but there are additional factors which your lender will be able to tell you. You don't need to tell your partner that you're speaking to the lender by the way. If the lender makes encouraging noises then by all means explore further, and at that point you will need to involve your partner.
One thing you should do, irrespective of what the lender says, is to seek legal advice. Do this before speaking to your partner. A solicitor will be able to advise you on how you and your partner hold the title. This involves referring to the register of title, a copy of which can be obtained from the Land Registry for about £10. You should ask the solicitor to explain to you the legal significance of owning the property with your partner as joint tenants or as tenants in common. Also ask what the legal position would be with your entitlement if you split up. Yes I know you don't want anything, but you need to know about these things so you can make an informed decision. If you are determined to go with nothing, you must get your name off that mortgage or you will continue to be liable for it.
In short, speak to your lender and get some legal advice (you'll have to pay for the advice, but it'll be money well spent - ask if they do a fixed-fee consultation). Only act when you are fully aware of your legal position. Hope this helps, best wishes.

The above isgood advice.