Being removed from a mortgage

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Being removed from a mortgage

Post by Hooli @ Thu Jun 15, 2017 8:37 pm

My ex is buying me out & putting the mortgage on the cottage we own together solely in her name. She wants a letter off me saying I will have no interest financial or otherwise in the property after this. Should I include in this document the financial agreement between us?

ie -

a) I will have no interest in this property after this date, subject to the agreed payment of x.
or
b) I will have no interest in this property after this date.

I believe a) is correct, but she keeps claiming I should just do b). My belief is if I do the latter she can then not pay me anything & use to claim I agreed to that.
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Re: Being removed from a mortgage

Post by Monty @ Thu Jun 15, 2017 8:45 pm

I'd imagine 'a' is the only sensible reply frankly.
But for something this important I'd not reply before I'd got some (proper) legal advice. I'm sure you can do a quickie with a solicitor for an hour's work and the cost of a letter nowadays?
DIY legal stuff such as this isn't worth the risk IMHO etc...
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Re: Being removed from a mortgage

Post by Clown Ice Skater #4 @ Thu Jun 15, 2017 8:57 pm

You need proper advice for this. Agree with Monty - don't try and DIY.
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Re: Being removed from a mortgage

Post by Greg66 @ Thu Jun 15, 2017 8:58 pm

She needs a doc that says you have accepted a sum of money in exchange for which you transfer her the entirety of your legal and beneficial interest in the property.

You need a deed of release from the bank that holds the mortgage, (a) releasing you from all liability to the bank to repay the mortgage loan, and (b) releasing you from all your obligations under the mortgage that the bank has over the property.

The bank will want a doc from her acknowledging that she is solely responsible for the bank's mortgage loan and an acknowledgement she is solely liable to the bank under the mortgage.

You both need a solicitor each to finalise the docs, and the bank's solicitor will need to look at the second and third set of docs.
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Re: Being removed from a mortgage

Post by minimoog @ Thu Jun 15, 2017 9:01 pm

Monty wrote:But for something this important I'd not reply before I'd got some (proper) legal advice. I'm sure you can do a quickie with a solicitor for an hour's work and the cost of a letter nowadays?


This. If it was a divorce an online lawyer would knock this sort of document up for very little dosh. For a non-marriage split I expect the same to apply - get a solicitor to draft something up. The outlay is worth it for the peace of mind of no comeback, for both of you.
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Re: Being removed from a mortgage

Post by Hooli @ Thu Jun 15, 2017 9:27 pm

Cheers all.

I thought that'd be the answer, I've just been trying to avoid the cost of solicitors as I'm loosing out on a hell of a lot already just to try & get away from the situation.
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Re: Being removed from a mortgage

Post by Hooli @ Tue Jun 20, 2017 8:57 pm

Well I can now reveal the answer is 'a' as most of us thought.

I did a free 30min talk with a solicitor & asked my ex's solicitor what she expected in the doc & they both said 'a'.

If all goes to plan I will be off the current mortgage tomorrow, now I've handed this over.
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