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Ex staying on the mortgage options?

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Seth Tue 14-May-13 17:43:07

Our situation is probably quite common but I seem to be going round in circles so if anyone could help that would be great on these 2 points.

Ex and I have agreed on a sum for me to buy him out of the FMH (we have a 5 year old and 2 year old ). I don't earn enough to get a new mortgage so he has agreed to stay on the mortgage for a period of time. Understandably he doesn't want to be on the mortgage forever but appreciates that this is a necessity for the time being. How does this normally work ? Is it normal in this situations for us to agree that I will use my best endeavours to get to a stage where he is no longer on the mortgage but for it to be open ended ? Or do I have to give him a date in time (say 2 years) when I will no longer need him on there ?

Also what happens to the deeds ? Is it fairly straightforward for him to stay on the mortgage but for the deeds to be in my name ? I have heard of a few options... one where he just has a 'beneficial interest' in the property but essentially its in my name and he is on the mortgage. The second is an arrangement where we have joint mortgage , sole proprietor. The third is changing the ownership to a tenancy in common where I get 99% ownership and he gets 1%.

Are these all routes that people commonly for ? I assume there are more risks and complications with 1 than the others. Which is the most straightforward and low risk ? I am getting really confused at the moment so if anybody has any knowledge on this I would really appreciate it.

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