Remortgage and change the name in title deeds

[ybyuan2001]

My friend and I got mortgage together three years ago. I paid deposit ,stamp duty,etc. On 2014 I had side extension which I paid too.Now I am in the position to remortgage the house with my wife. Is there anyway not to ask my friend's permission to change the name on title deeds after remortgage has completed . The reason is I don't want to cause unnnesscery chaos in the house
Any advice would be appreciated
thanks

[Diana M]

Re: Remortgage and change the name in title deeds

What was the reason you and your friend took out the mortgage in the first place ? Was it intended to be a joint investment and did/does your friend also pay their share of the monthly loan repayments?

Having a joint mortgage and being named on the title deeds is not necessarily the same thing.

Do you anticipate that your friend may object to being removed from the 'ownership' of the property?

Di

[ybyuan2001]

Re: Remortgage and change the name in title deeds

What was the reason you and your friend took out the mortgage in the first place ? Was it intended to be a joint investment and did/does your friend also pay their share of the monthly loan repayments?

Having a joint mortgage and being named on the title deeds is not necessarily the same thing.

Do you anticipate that your friend may object to being removed from the 'ownership' of the property?

Di

Thanks for your reply
The main reason we got mortgage in the first place was get better deal . It's not the investment but a residential home. We got place on Feb 2013 but he didn't move in till Sep 2014 when the side extension has done . He paid money to me since then but the mortgage money is out of my account . I pay every bill for the house . He is more like a tenant .
Things here are bit uncomfortable because he has got someone else live with him right now-- I don't think it's a long term plan and I have been only informed only two days before . He is still taking the advantage on me.
. We could have a chat to get him to sign quitclaim but I am sure it's not going to be a smooth talk .
That was more or less the whole story

[Diana M]

Re: Remortgage and change the name in title deeds

From what you say it may be wise to sort this out amicably since as long as his name is on the deeds he owns 50% of the property unless it was set up as Tenants in Common with a defined percentage split. He can't just be removed and substituted without his involvement.

If you take out a joint mortgage with your wife the lender will require her name to be on the deeds not your friend's.

Is there any equity in the property because he may be entitled to claim a share of that if you want rid of him?

Di

[ybyuan2001]

Re: Remortgage and change the name in title deeds

From what you say it may be wise to sort this out amicably since as long as his name is on the deeds he owns 50% of the property unless it was set up as Tenants in Common with a defined percentage split. He can't just be removed and substituted without his involvement.

If you take out a joint mortgage with your wife the lender will require her name to be on the deeds not your friend's.

Is there any equity in the property because he may be entitled to claim a share of that if you want rid of him?

Di

Thanks Diana . It's Tenants in common, I am willing to give all his repayment(more like rent) back although he missed out few months payment in the past . There is no other equity he is entitled to claim rather than property itself. From what you said that my wife's name will be on the Deeds if we take out new mortgage without his involvement--- maybe I misunderstood.
My friend and I have this verbal agreement that we need to be honest and open to each other if someone going to do something. He broke his promise and I am very disappointed. Who knows what is he going to do in the future. If we can't sort this out amicably I am preparing get court order to remove his name from the Deeds.

[Diana M]

Re: Remortgage and change the name in title deeds

It's Tenants in common
.

If you're Tenants in Common is the split 50/50?

If not the 'owner' with the bigger % share may be able to force the issue, but that may involve buying him out of his share. Hence my question about equity in the property.

You may see his payments as rent but he may see them as mortgage payments.

Di

[ybyuan2001]

Re: Remortgage and change the name in title deeds

No it's not 50/50. I have 80%. He says his payment is rent but I am fully aware that can't be a legal term. My friend can be temperament , hence none involvement could be better .

[ybyuan2001]

Re: Remortgage and change the name in title deeds

so in this case I have to get him involved to remove his name off the deeds although I remortgage the house. Is there any way to avoid this conflict ?
I know joint mortgage and house ownership are different ,

[Diana M]

Re: Remortgage and change the name in title deeds

He says his payment is rent but I am fully aware that can't be a legal term. My friend can be temperament , hence none involvement could be better .

Well at least you are still referring to him as your "friend" so there's hope that this can be settled amicably

What is the "promise" you say he has broken? Is there any chance that damage could be repaired?

You say you only took out a joint mortgage with him to get a better deal. Was that because your financial status or credit rating was viewed as impaired or insufficient to get a good deal or any deal at all at the time?

Would a remortgage with your wife provide you with a similar or better or worse deal than you already have?

I'm only suggesting that you look at the whole financial picture before you start a legal battle with your friend.

Finally, are you planning to ask him to move out if things don't settle? I ask because if he's paying rent (as you describe it) then you may have different legal obstacles to overcome before you're easily rid of him.

Di

[ybyuan2001]

Re: Remortgage and change the name in title deeds

[QUOTE=Diana M;686664]Well at least you are still referring to him as your "friend" so there's hope that this can be

i do hope we can sort things out in a peaceful way . The promise was to be open and respect to each other don't abuse the commitment. He only informed me two days before the arrival that someone would be here to stay with him. That person is from oversea and they never met before surely he could discuss this with me a while ago when they made decision. Get friends to stay over for a short period is fine but what he has done is kind of out of order. I am guessing the reason is because he thinks he owns the property which is true legally so he used that a big time because I can't say no. I always help him in terms of cooking, shopping etc etc . Hence I don't think he is trustful and respect me at all.

my credit was better than his when we got mortgage . We had been turned down by nationwide because of his prob. The current mortgage is with Halifax .Due to my wife was working part time in the past so it was difficult to get certain amount to buy the current property. My salary is little up now that means my wife and I possibly can get better deal.

I am not going to kick him out of the house once the deeds have been done. All I want is prevent the same thing happen again -- means I can take the control. He has contribute nothing apart of rent-- repayment. All the bills are on my name. I paid maintenance such as gutter, boiler service, house insurance etc etc.

If worse comes to worse , I think the court order will in favour of me. I am going to tell the court the whole story and explain all I want to do is make myself and my family secure . Also that person has been staying here for a month now I haven't asked any extra penny from him. I think I have done what I can to make things smooth here. He is like sponge ,take take and take. All these can be a strong evidence for legal battle. i hope he realises the best way is talk and sort things amicably in that case I could give him some many in terms of helping me out for getting the mortgage otherwise he will be in a big trouble.

But still I don't wanna unnnesscery conflict.
thanks