Fran Posted October 8, 2008 Report Share Posted October 8, 2008 Well as a lot of you probably know, I split up with the other half back in June, but to complicate matters we have a house together. We've been getting along ok as housemates for the time being, but before too long something is going to have to be done. Unfortunately, the mortgage and bills is a little out of my reach to pay all on my own so I can't take the house over.However, he thinks he can cope alone, so I have agreed to let him take over my part of the mortgage - now how does this work? Does he have to buy my half of the debt, or do the deeds just get taken over by him? Obviously some cash out of this would be nice to get myself started somewhere else again, but as we are probably in negative equity with the house the chances of that are slim. I am happy to just sign my half of the property over to him, and obviously will take the stuff thats mine.I've never done this before, or know anyone who has so excuse my ignorance but what happens now, where do I go from here??? Quote Link to comment Share on other sites More sharing options...
jamiea7x Posted October 8, 2008 Report Share Posted October 8, 2008 seeing as your name will be on the title he will have to buy you out, then again im not too sure Quote Link to comment Share on other sites More sharing options...
electricpanda Posted October 8, 2008 Report Share Posted October 8, 2008 Happened to my mate, he had to have it revalued and pay half of the difference, then take on the full remortgage on his tod. Best of luck Quote Link to comment Share on other sites More sharing options...
Mitchell Posted October 9, 2008 Report Share Posted October 9, 2008 as above, unless the property has went up in value i doubt you will walk away with anything, good luck.if indeed it has went down pack up sign over and run away. Quote Link to comment Share on other sites More sharing options...
IDGM Posted October 9, 2008 Report Share Posted October 9, 2008 Mitch is right. Quote Link to comment Share on other sites More sharing options...
Fran Posted October 9, 2008 Author Report Share Posted October 9, 2008 Looks like I'm signing up and running away then!!! Thanks all! Quote Link to comment Share on other sites More sharing options...
Tigz™ Posted October 9, 2008 Report Share Posted October 9, 2008 My friends are just going through this.She has left, he can not afford it on his own so after 6 months of being unable to sell the house his Dad has agreed to take up her half the morgage.They have to pay £800 to remove her name off the morgage, and a further £800 to put his Dads on.Its going to depend on your morgage provider rearlly I would suggest to go and see a solicitor (you normally find they will give you a hour free - which gives you enough time to find out the options) as its going to vary depending on your contract. Quote Link to comment Share on other sites More sharing options...
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