Joint property and unable to transfer of equity in my name

[LondonSuperTrooper]

Hello. I am hoping that someone can help me please. My ex and I bought a property together. Now 9 months after buying the property, he has decided that he wants out of the marriage. Both of our names are on the deeds and I have contributed 90% of the deposit/ house buying costs.

He wants to move out and stop paying the mortgage next month. I cannot do a transfer of equity, as my lender will not allow me due to my low income. I am intending to get a lodger once he moves to help pay the mortgage, as I would like some continuity for my DC. The lender said that as long as the mortgage is paid, they would not ask any questions. So Im hoping that Im safe on that front.

With his name on the deeds, is there a legal agreement that can stipulates that I own the property outright or have a certain amount of percentage stake in the house? Even though he said that hes got no interest in the house, I am worried that will want to stake a claim on the property in the future. And Im the one whos been paying the mortgage in his absence.

I sincerely hope that someone can help me until I can find a solicitor.

TIA

You need to get divorced. Ownership of the house, etc. will be sorted out as part of the financial settlement.

Well if he's not living there then you paying the mortgage is the same as him paying rent/mortgage on his own place so he may well be entitled to as much as half the equity at the point of sale. If you were married then who paid the deposit may mot come into the equation either. You need to see a solicitor about a divorce & financial settlement, your ex can agree in a consent order to get nothing from the house. I got 100% equity in my house BUT I released ex from the mortgage

Thanks for your replies.

I am really worried that the source of deposit is disregarded. We've been paying the mortgage 50/50 so I'm pretty upset that he is going to walk away with more than he has contributed!

I will need to get a solicitor ASAP then!

How are you holding the property?

Joint Tenants or Tenants in Common?

Did you have a Trust Deed drawn up stating you paid more in?

Are you not married?

Think you need to get appointment with Solicitor ASAP.

Good luck.

Pilates we are married & we have a mortgage.

No I didn't get a Trust Deed drawn up - didn't know that it existed :(

I think that we are joint tenants.

I wonder if you get him to sign something to say he has no interest in the property and would not make a claim in the future. Not a Solicitor but hope someone comes along soon to help you out.

Any such document would not be binding. I repeat my advice up thread. You need to get divorced and sort out a financial settlement.

It is not guaranteed he will get more than he contributed. It depends on a range of factors. You will only get proper advice from a lawyer who specialises in family law and is in possession of all the facts.

Yes, get a solicitor. But, I (property lawyer) and getting an increasing number of Consent Orders given to me by family lawyers which state the property is to be transferred to X, but if the lender won't agree, the transfer can't happen - family lawyers don't seem to consider that lender often won't agree to transfers.

So, within the consent order needs to be something along the lines of "property to be transferred to LST as soon as mortgagee will allow, but in the meantime, the sum due to Mr LST to be limited to £x/x%"

Sorry, first line should read "am getting"

Thanks for the advice. I am currently looking for a good family/divorce solicitor.

Didn't realise that if he releases equity to me then it is not binding :(

Seabright is the consent order legally binding? Especially the bit about transfer of equity?

I'm currently looking for a solicitor and getting overwhemed by the sheer numbers that are in my area :(

Just to chip in, FWIW, some lenders protect their charges with a restriction on the title, and it's consent to the registration rather than the transfer that is required. However, when a divorce court makes an order settling the beneficial interests - eg all, 90%, 60% or whatever to the Wife - then that will be binding between the parties, even if the lender refuses to consent to a transfer of the legal title. A remortgage at that point could be useful!

Nappy - Thanks for the explanation. I feel so much better knowing that :)

The consent order is only binding on the two parties, not on the mortgage lender. They can and will ignore it, if they don't want to agree to the transfer

I've never understood why the lender would object, as long as the other party remains on the mortgage, what diff does it make to the lender if s/he is taken off the title? Some lenders - the Woolwich springs to mind - never quibble. Others...the Halifax for example...are less keen. Any thoughts or comments, Seabright?

Thanks Babyrose.

And thank you all for your replies and sharing of information. I'm feeling much more positive now :)