changing ownership share with partner with a mortgage

[philv]

My partner and i , unmarried, own out home together.
Both on deeds.
Both on mortgage.
50 / 50.

Can we change the ownership split to
98 / 2 for instance without asking permission from the mortgage company?

Basically we are seperating.
I'd like to buy her out but cannot due to new mortgage rules since we took out the mortgage.

However, i could sell another property and buy her out, and change the ownership share of the property.
As long as the mortgage company does nto have to be involved.
If they get involved, they will insist on affordability checks which i will not pass.

Thanks.

[Sarnie]

philv said:

My partner and i , unmarried, own out home together.
Both on deeds.
Both on mortgage.
50 / 50.

Can we change the ownership split to
98 / 2 for instance without asking permission from the mortgage company?

Basically we are seperating.
I'd like to buy her out but cannot due to new mortgage rules since we took out the mortgage.

However, i could sell another property and buy her out, and change the ownership share of the property.
As long as the mortgage company does nto have to be involved.
If they get involved, they will insist on affordability checks which i will not pass.

Thanks.

The ownership share doesn't matter to the lender, you are both 100% liable and severable whilst named on the mortgage.

[philv]

Thanks.
I wonder if a deed o trust is possible 100 / 0 %

[Panamax]

philv said:

I wonder if a deed o trust is possible 100 / 0 %

Yes, you can change "beneficial ownership" to anything you like but "legal ownership" will always be "joint" and the mortgage will always be "joint" as well, so both of you remain 100% liable as Sarnie said above.

It might be worth discussing with your solicitor the possibility of signing a contract to buy her out and paying the money to buy her out but leaving that contract uncompleted - i.e. get her to sign a legal transfer but it sits in a drawer undated so that you can complete a sale (either to yourself or to someone else) at a future date. You would need to pay Stamp Duty straight away because the contract would have been substantially performed once the money was paid.

The problem with this is that she'd remain liable on the whole mortgage so she'd be unlikely to agree.

[Deesee]

If the ‘other’ property is of a similar value, gift this across to her at present she is your spouse.

[anonymous-user]

Sarnie said:

The ownership share doesn't matter to the lender, you are both 100% liable and severable whilst named on the mortgage.

And if she is named on the mortgage still she will find it virtually impossible to get another mortgage to buy her own house, and even if she does she will be liable for secondary stamp duty.

[philv]

Joey Deacon said:

And if she is named on the mortgage still she will find it virtually impossible to get another mortgage to buy her own house, and even if she does she will be liable for secondary stamp duty.

She's never get another mortgage anyway.
I'd obviously pay a premium over what she would get by justy selling.
She'd be daft not to.

[anonymous-user]

philv said:

She's never get another mortgage anyway.
I'd obviously pay a premium over what she would get by justy selling.
She'd be daft not to.

Until she meets someone else and they suggest buying a house together and it then becomes a major problem. Personally if I was her I would want to be financially independent from you and not have any ties to you anymore.

I know how being stuck on the mortgage of the marital home is an utter nightmare, I would want to be free if it were me.