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Joint mortgage
#1
Hello,

Not sure if this is the right place to ask this question, but I am getting divorced.

The ex doesn't want the house which we have on a joint mortgage she has already left, so I am living there and paying the joint mortgage myself, however I will soon be taking full ownership on the deeds of the house and will need to get her off the joint mortgage. Can I just get her taken off this or do I have to get a new mortgage and pay off the joint mortgage, or is there any other options?

Thanks
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#2
She may not want the house but its is highly likely that she will want her share of the equity so they way to do it is to buy her out.

You would still need to remortgage to remove her if she doesn't want anything. Her signature would be required to re finance.
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#3
(10-28-2017, 01:16 PM)NewHill123 Wrote: Hello,

Not sure if this is the right place to ask this question, but I am getting divorced.

The ex doesn't want the house which we have on a joint mortgage she has already left, so I am living there and paying the joint mortgage myself, however I will soon be taking full ownership on the deeds of the house and will need to get her off the joint mortgage. Can I just get her taken off this or do I have to get a new mortgage and pay off the joint mortgage, or is there any other options?

Thanks

She will be entitlted to a Pro Rata Share, but that will only be based on
a, if "Family Money" paid the Deposit, so as an example if it did and it was 10%, she would own 5%
b, of the remaining percentage after the deposit (in this example, 90%), if you was to seperate 10 years into a 20 year contract with the mortgage provider, a futher 45% would of been paid, so she would be also due anotehr 22.5%.

Estimate todays value of the house, and take off the Settlement Amount for the Mortage that day (if paying interest only, you need to include repayment of the capital amount in the settlement amount).

Take into account the out of pocket costs of you buying her out (legal fees etc) and then apply her percentage to what is left.

You need to raise your own mortgage for at least the Settlement Amount, but better if you can also raise enough to pay her off in full.

If you can not raise enough to fully pay her off, she might accept a deal where a charge if put on the house, for her balance, so onl sale she gets paid (The VAT Man and HMRC etc still come first under the law), but she would get paid before you get any money from the sale.

You need to employ a Solicitor to do this, as we had a case a while back, where the member had done the deal, and years later, the House Price had gone up, and she came back after more money. It needs to be documented that this is considered at time of seperation, to prevent future claims.
Posts made by me are my opinion and any factual information should be checked out. If you do not have a Solicitor, often your local CAB can get you some initial advice.
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