Transferring shared ownership of property to one person

[Ithinkiminlimbo]

Hi everyone

I hope someone can help me and i shall try to be as detailed as concise as i can.

I currently live with my stbx in a house that is mortgaged and is in both of our names. stbx pays the mortgage, he earns a wage, and i do not, i am a fulltime student and will in no way be able to afford this house, with all its bills by myself with my children. I bear no ill will to my x and i want to transfer all ownership to them and have no financial interest in the property.
He currently pays the mortgage on his wage, i do not contribute at all. His financial situation hasnt changed since we applied for the mortgage about 18 months ago so i dont see it being a problem with the bank on that side of things.

If there is anymore information that is needed, please say and ill get back to you asap.

Thank you

What is your question? You have set out the situation but haven't said what you want to know.

my goodness, i only put it in the title! Thank you for that @prh47bridge

I was wanting to know how to take my name off of the mortgage and house deeds.

Is the mortgage in his sole name or joint?

He’ll have to speak to the lender. He might be able to port the current deal, but he’ll have to be assessed on his ability to pay the mortgage by himself.

Is there any equity in the property?

I'm currently buying my ex husband out of the family home and it's all being done through solicitors so I would assume that's how you need to do it. I know you're not buying him out or vice versa but it still needs doing legally.

Are you married? Would you not be entitled to any of the equity in the house at all? I would definitley get some legal advice.

Yes you need to go and see a solicitor really, I assume you are divorcing as well as changing ownership of the house? Are there any other assets to be considered? Are the children his or from a previous relationship? It's really only sensible to take proper legal advice, it's not about ill-will and making things adversarial or dragging him through the courts, a solicitor can draw up legal agreements that you are both happy with and that are watertight for the future, as there are children involved even if not children of the marriage I would say it's vital you do this.

Changing ownership on the deeds and changing the mortgage are separate processes, are you tenants in common with a deed of trust or joint tenants? As others have said he needs to talk to the bank/building society about the mortgage, they will need to be satisfied he can afford the mortgage on his own, which is not just about his income but also if you are about to imminently divorce and therefore he may be liable to pay out to you in a divorce settlement or pay child maintenance for the DC (if they are his) this might affect his affordability.

There's nothing to stop you moving out in the meantime and allow him to continue paying the mortgage but really I wouldn't advise it until you've taken some advice as you might potentially be entitled to a share of the property...

The title seemed to be a statement of what you are doing rather than a question.

Whilst in theory, changing ownership and changing the mortgage are separate issues, both are dependent on your mortgage lender. They will want the two to match.

As others have said, you need to see a solicitor.

He will need to fill in financial statements for the bank to show he can afford the payments comfortably before they will agree to remove your name from the mortgage. Once they have approved that they you need a solicitor to remove your name from the deeds of the property itself.

In essence the process is he needs to secure a mortgage offer in his soul name then you sign the TR1 and his mortgage company will do the rest. Obs cant comment about splits of equity etc but that is the basic process