Posted on: 09th Sep, 2008 09:29 am
My Partner and i have been living together for 5 years and we have now decided on a permanant seperation, we are un married. The Mortgage on the house is in my name but my partner took over the mortgage payments when i lost my job.....we never added him to the mortgage.I am happy to walk away from the house but my partner wants to keep the house for himself.....How do i get my names removed from the title deeds and Mortgage.Please can you give me the necessary advice so that this situation can be resolved!!!!!!!
Nina, as Sara suggested, you'll want to arrange to transfer ownership to him, but he'd have to concurrently arrange for a mortgage to pay off the existing debt that is yours alone. Presumably, throughout the partnership, he's maintained a good credit standing with sufficient income, etc. that will allow him to be approved for a new loan.
You've not indicated whether or not any funds exchange will take place, as in a situation where you're trying to pull out your share of whatever equity may exist. If you are looking to take advantage of equity that might have built up, you'll want to formalize the agreement with a contract between the two of you, and in fact, you'll be selling the home to him in that case.
Depending on how simple you're trying to make this all, you may or may not wish to sit down with an attorney to iron out all the details.
You've not indicated whether or not any funds exchange will take place, as in a situation where you're trying to pull out your share of whatever equity may exist. If you are looking to take advantage of equity that might have built up, you'll want to formalize the agreement with a contract between the two of you, and in fact, you'll be selling the home to him in that case.
Depending on how simple you're trying to make this all, you may or may not wish to sit down with an attorney to iron out all the details.
