Breaking up and taking your name off the mortgage?

A reader is trying to take her name of a mortgage after she split up with her partner.

Tony Davis, myfinances.co.uk mortgage expert from Mortgage Meadow, takes her through the problem.

Caroline from Brentwood asks:
I bought a home with a partner in July 2007. Unfortunately the relationship dissolved in December. I now want to remove my name from the mortgage.

I was at university at the time of the purchase so did not put any money into the deposit or contribute to the mortgage payments in the short period we were together. I am sure that my ex partner will be able to make the payments by himself and has done this since July.

How can I remove my name from the mortgage? Things were amicable between us, but unfortunately that no longer seems to be the case, hence me still trying to find out how to remove my name after six months.

Will there be costs to incur? How would I go about it?

Thanks

Tony replies:
Transferring your name off a property is called a “Transfer of Equity” and is a straightforward process provided that all parties and any mortgage company that have an interest in the property, agree to the transaction.

I would suggest that you speak with a solicitor and ask them to write to your ex, explaining that you are not seeking any financial gain from the transfer, just to be released from a property that you have no further interest in.

Solicitors costs vary and I would suggest that you speak to some local firms to get a quote, however, uncontested Transfers of Equity are not expensive to complete.

If you have a question for Tony, go to the myfinances.co.uk Ask the Mortgage Expert section.

Or for more information or mortgage advice go to Mortgage Meadow.

Mortgage Meadow is an independent mortgage broker and is authorised and regulated by the Financial Services Authority.