Advice

Hi

I am posting in the vain hope that I can pick the brains of all you lovely forum people to help out my incredibly stressed partner

The story so far....

I have been with my partner for a year. During this time he is joint owner of a flat with his ex partner (not married). He no longer pays towards the mortgage as she has lodger. She is incredibly cagey about who is living there so we don't know if this is a boyfriend or not. My partner also gave back the key, which we now realise he had no legal obligation to do so as he is still named as joint owner on the mortgage and on the deeds.

He wants to be taken off the mortgage. Sadly, like a lot of properties at the moment, it is in negagtive equity. The mortgage company are in the process of confirming if she can take the mortagage on by herself as the fixed rate is coming to an end (Aug) and as such the variable rate they are offering means that she can afford it. As far as the mortgage company is concerned she can afford it as she has been paying it off every month although granted this is with the help of the lodger. If the mortgage company agree for her to take it on then we know that we need to get my partner's name off the deeds and his share bought out by her. She claims that she has no one that could buy him out.

What he doesn't know is what he is entitled to. He would like the small sum of £7K as this is how much he put into the property when he bought out her ex boyfriend. The long and short of it is can he ask for this money or is he not entitled to that much if anything. It just would be so unfair that money he invested is lost and he walks away with nothing.

Any advice would be gratefully recieved.

Thanks
WW

Hi WW. What could happen is that when his ex remortgages. This is what it is. She could ask for say 7K on top. But this will have to be less than what the propety is worth by a good margin.

Say the property is worth currently 100K. She wants to borrow 50K. Thats ok becuase there is some headroom to borrow more. If on the other hand she wants to borrow say 90 and add 7 then there is not realy enough. You have to look at the figures to see if its feasable let alone if she would do that. So there is no point even asking if the money dont stack up.

There are 2 bits to a mortgage on a property. The loan itself which is means tested and the deeds. You cant be on the deeds and not have a mortgage. Well you can but they wont like it. You will need to do what is called a TR1 deeds transfer. You have to do this in conjunction with the mortgage provider changing covenence to pay. They usualy dont do this. They say you need conveyancing to do this. But you dont realy. Contact the land registry and ask about a TR1 deed transfer. You fill it in and get the sig witnessed and same for his ex. This goes back to land reg and his names off the deeds. Not hard realy. C.