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Transfer of equity with no Equity


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hi all,right last year i brought a house i shared with a friend and put my girlfriend on there but now me and her have just split up last month so im in a bit of a pickle to remove her i have no equity in the house its worth 125k and i owe 125k im with the chelsea for mortgage and when i tried to just have my name on last year they wanted 60k so i know it wont be any different this time so how do i remove the ex girlfriend from the mortgage?i earn approx 14k year without any overtime which boosts to about 17k-18k with overtime i also have a lodger who pays £70 P/W.

 

Just unsure what to do she isnt being funny with me and we are still friends and she hasnt said she wants to come off it but would like her of it so i can leave the past behind.

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unfoitunately I am divorced, my ex is indemnified and I still can't get him removed from the mortgge even though when we took it out his income was declared as £0.00! In your case her being on the mortgage actually doesn't affect you, it may affect her though as she won't be able to get another one.

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is there anyway she can remain on mortgage but i have complete equity i dont think she will ever get a mortgage to be honest as her saving skills were not good to say the least and she will sign it all over to me without payment aswell as ive already spoke to her about it so no problems there

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The issue is less the equity, more the fact that to remove her from the mortgage you'd have to remortgage and you won't be able to. However, you can probably apply to the land registry to have her removed from the deeds (but you would have to check) and that then means she has no right to the equity as she is only part of the loan without any title to the property. The mortgage company will just see her as a means to pursue the monies if you fail to pay. However, if your g-friend enquired on this site I will tell her not to agree to being removed from the deeds...!!! :-) As I say you'd have to check as I had a court order instructing my ex to hand over all the rights to the house but if I recall it was just a simple form that had to be completed and signed by both parties...

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