Welcome to the reallymoving forum
Got questions and need some advice? Our forums have answers on everything from choosing the right property, to renting and selling.
  • If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.


No announcement yet.

Advice on Joint mortgage and getting out of it

  • Filter
  • Time
  • Show
Clear All
new posts

  • Advice on Joint mortgage and getting out of it


    Firstly i hope this issue has not come up before and if it has i apologise for posting it again.

    I am just looking for some advice on here first so i have some kind of idea what our options might be when we go to a solicitor. I will try to explain the situation the best i can and any advice would be appreciated.

    My Girlfriend jointly owns 2 properties with her ex. She is living in one and he is living in the other. They have owned them both for over 3 years now. They are not of equal value and she has been paying the more expensive mortgage for the past 3 years while he has been paying the other. There is however a similar amount of equity in both properties as far as i am aware.

    What she has proposed to him is that she takes on the property she is in and he takes on the property he is in which seems simple enough. Now the tricky bit, would it be possible for an agreement to be drawn up where by both parties could just buy the houses at mortgage value if both were in joint agreement and use the equity in the house they have been living in as a desposit. I understand that its not this simple and have spoken to a mortgage advisor who explained the way it should work but the reality is that at the moment neither party are able to come up with the money to pay to each other if they were to remortgage and this would be an easier solution as far as i can tell.

    So my question would be is this possible or would there be a better way of doing it?

    Any help would be much appreciated.

    Thanks in advance

  • #2
    Re: Advice on Joint mortgage and getting out of it

    If each is able to service the mortgage they are taking sole responsibility for, and the equity values in each are similar, there is no reason why the equity in property A should not be transferred by Ms B to Mr A in exchange for Mr A transferring the equity in property B to Ms B - the cooperation of the mortgage lenders will be required, which is why each individual must be able to service the mortgage over the property they are acquiring sole ownership of

    I hope this makes sense
    This is based on my experience as a conveyancing solicitor in England, but I do not accept liability for information I give in this forum