ex partner - tennants in common help!

[davedave123]

I own a house with my ex partner. We are tennants in common thus her being entitled to 50% of the equity in the house.

I had a new mortgage product which I was going to be on by myself. My ex-partner at this time stated that she did not want any monies to sign over the property to myself.

Sadly my circumstances have changed and I cannot undertake this new product as my employment status has changed. I will need to wait a further 6 months in new employment to re-apply for a new mortgage product.

Since then the ex partner rightfully so has had legal advice and has said she would like £2000 to sign her 50% over to me.

Heres the catch...

~Even though currently I cannot get a new mortgage soley by myself at the moment can I get legal documentation underwritten that she relinquishes her 50%. This is so that she cannot in 6 months plus come back asking for more money.

~Would this legally be recognised by the new mortage lender if written up properly and legally by a solicitor.

Any advice would be greatfully appreciated and would perhaps save me a costly trip to the solicitors to be told no.

If you both have a mortgage on the property at the moment it is very unlikely the current mortgage company would agree to your other half giving up her share as they want the right to be able to sue either or both of you to recover the mortgage if you stop paying it. So that is going to be your hurdle. She will not give up her 50% share unless you can get her off the mortgage otherwise she owns no shaer but owes potentially 100% of the mortgage if you default so no one in their right mind would sign up to that I'm afraid.

If you can't agree what to do with the property it will need to be sold. If she has to apply to the court for an order for sale it would take more than 6 months to get to a final hearing, so she's likely to wait if she believes that you will get her free of the mortgage in 6 months.

You can compromise her potential court claim by agreeing that she will transfer the property to you in 6 months subject to her being released from the mortgage. I think that you'll have to offer her an agreement to sell the property if you can't get that mortgage.

If it gets sold then she'll have to factor in tot he equation sale costs.