Mortgages in joint names
14 January 2003, 08:28 AM
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A non-married couple take out a mortgage in joint names. Several years later they split, one remains in the property. What options does the other person have regarding what happens next?
Would like to sell house in UK and cut all ties, but ex still living there, doesn't look like moving, and is unable to take out a mortgage in her own name (debts, CCJs etc.) What can be done?
Would like to sell house in UK and cut all ties, but ex still living there, doesn't look like moving, and is unable to take out a mortgage in her own name (debts, CCJs etc.) What can be done?
14 January 2003, 08:54 AM
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contact a "family law" lawyer. In Scotland it is different to England as you are entitled like a married couple whereas in Scotland you aren't, which I found out this year.
AJ
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14 January 2003, 09:01 AM
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Depends whether ownership is "Tenants in Common" or "Joint Tenants"(Default).
If its the former then each person is entitled to sell, giveaway, remortgage their half share without the others approval. If this is the case you could sell half the house as an investment to someone.
If its the former then each person is entitled to sell, giveaway, remortgage their half share without the others approval. If this is the case you could sell half the house as an investment to someone.
14 January 2003, 09:17 AM
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Should probably clarify, the house is in Scotland. Never heard of this "joint tennants" distinction, maybe it's an English thing? I'll check the documents tonight...
14 January 2003, 06:23 PM
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I was in this exact same situation, when I split with my ex
We had been given 5000 from the council as an incentive to buy a house, which we did, we were tied to this money on the deeds for 2 years
So I agreed to take on the house, and she signed it over to me, and had her name taken off the mortgage, and she didnt want any money as she took the car, and most other things in the house too
If either of you decide to sell without the others permission, you can put a caution on the deeds, so that the house sale cannot continue (this happened to my brother very recently, with the house he was selling, AND the house he was buying!!!)
and to put the caution on , only takes a phone call, but removing it is a pain
Not sure how this stands in Scotland, but this was in England
Steve
We had been given 5000 from the council as an incentive to buy a house, which we did, we were tied to this money on the deeds for 2 years
So I agreed to take on the house, and she signed it over to me, and had her name taken off the mortgage, and she didnt want any money as she took the car, and most other things in the house too
If either of you decide to sell without the others permission, you can put a caution on the deeds, so that the house sale cannot continue (this happened to my brother very recently, with the house he was selling, AND the house he was buying!!!)
and to put the caution on , only takes a phone call, but removing it is a pain
Not sure how this stands in Scotland, but this was in England
Steve
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