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How can I get mortgage transferred to my name?

  • 03-02-2012 7:33am
    #1
    hiltonhater
    Registered Users, Registered Users 2 Posts: 144 ✭✭


    Background is basically that bought house with now ex. he moved out years ago and I have paid mortgage back myself each month. Mortgage company aware that we are about to divorce. Ex has agreed to take his name off title deeds to property once I take the mortgage over in my own name. Is this a simple process or will it be quite lengthy? Any advice before I contact the bank?
    Many thanks in advance for advice or experience :)


Comments

  • #2
    MagicMarker
    Banned (with Prison Access) Posts: 32,865 ✭✭✭✭MagicMarker


    Afaik it's not so simple, you would effectively have to apply for a new mortgage to cover what's outstanding. So, you won't be able to transfer it into your name unless the bank approves you. And just because you've been paying the mortgage yourself (which, btw, was not very smart), doesn't mean that you will be approved.


  • #3
    killers1
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭killers1


    There are a few variables to the way the Bank will assess your request to have the title deeds and mortgage transferred to your sole name. Is the property is negative equity or do you know the current mortgage o/s V the value of the property? Basically the way the bank will assess you request will be that you will have to qualify to borrow the amount outstanding based on your sole income and the loan to value will also have to be within your bank's credit policy. So if you qualify to borrow the full amount outstanding and you have equity in the property it should be fairly straightforward. If you are in negative equity and your income is not sufficient to borrow the amount outstanding they may be reluctant as they could then only pursue you for the debt remaining and if your salary is way short of amount required they might not be too confident of the debt being repaid.


  • #4
    hiltonhater
    Registered Users, Registered Users 2 Posts: 144 ✭✭hiltonhater


    MagicMarker - why was it not smart to pay the mortgage??

    Killers, not in negative equity but just about breaking even.


  • #5
    StillWaters
    Closed Accounts Posts: 1,799 ✭✭✭StillWaters


    Because you have gained nothing by doing so, your ex still owns 50% of the property, and was always liable for 50% of the repayment. It would have been more prudent to have an agreement before you started to pay the entire amount.

    The house not being in NE will stand to you, however it still won't meet loan/value ratio, so it's likely you will need savings and of course sufficient salary.


  • #6
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    StillWaters wrote: »
    Because you have gained nothing by doing so, your ex still owns 50% of the property, and was always liable for 50% of the repayment. It would have been more prudent to have an agreement before you started to pay the entire amount.

    The house not being in NE will stand to you, however it still won't meet loan/value ratio, so it's likely you will need savings and of course sufficient salary.

    No one owns 50% of the property. They both own it and are both liable for 100% of payments. This is not the same as each being liable for 50% of the payments. No grey area on this one.


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  • #7
    hiltonhater
    Registered Users, Registered Users 2 Posts: 144 ✭✭hiltonhater


    Sorry only coming back to this now but the update is that the bank said no. This I had been advised by my solicitor, was going to happen. However my ex is still removing his name from the title deeds and an agreement between us has been drawn up that I will get his name off mortgage as soon as is possible and that everything to do with the maintenance of property and mortgage have to be solely conducted and discharged by me. This is a great thing for me as the other option was selling or allowing the property to be repossessed which means we would both be out of pocket so he is 'allowing' me the house, the negative equity and the arrears once he gets out of it all financially unscathed (pension etc). We are to divorce and all other issues dealth with in July courts :D


  • #8
    teejayboo
    Registered Users, Registered Users 2 Posts: 1 ✭teejayboo


    sorry to go off a bit but my story is this, me and ex built house mortgage in joint names, since we have split, ex is now living in house and wants to take on all responsibility an payments on house, i want out, only problem is ex has not the means to buy me off the mortgage. ex wants me off the deeds and says in time will try and remove me off the morgage. is it wise to sign my name off the deeds of house, could i be liable in case anything went wrong in future or is there a way this can be safely done, please can somebody advise??


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