remortgaging in a single name

I wonder if anyone can help...I am separated from my partner, we were due to marry next June, and we have 3 properties that i believe need to be sold to give me some cash to move on with my life. My partner says that he does not want to sell any of the properties but would rather raise the cash i need and settle up with me. But he says that I have to remain named on the mortgages until a time that he feels it is right to sell but that i will not get any extra money as that is a risk i have to take by taking my money now. His reason for not remortgaging in his name is that we would have to pay stamp duty on all three properties and that would wipe out my money. I don't believe that this is true, I know you have to pay Solicitors fees and probably searches and land registery. I have a son from a previous marriage and need to sort this out. Can anyone tell me if what he is saying is true please? Thanks

I gather from your post that you are not currently married, is that correct? Just making sure, because it makes a HUGE difference!

Are both of your names on the deeds for all of the houses as 50/50 owners? If so then you own 50% and you are entitled to 50% of the equity in all 3.

You are correct, you do not need to pay stamp duty to transfer property to his sole name. You would have to pay conveyancing and solicitors, yes. This is exactly what I did when I split up with my ex gf in 2005. From my rather dusty memory I believe it cost around £500. That is for changing the house deeds.

There may also be some fees from the mortgage company, a cancellation fee for cancelling the current mortgage and a valuation or admin fee for taking out a new mortgage. Some lenders will transfer to just his name for free but some won't release you so easily. You'd need to speak to the lender about that.

Definitely worth a visit to a local solicitor, many will do a free initial consultation and this should tell you whether what he is offering is fair, and whether it's worth pursuing through the legal system.

Thanks for your reply. No, we are not married All 3 properties are in joint names as are deeds etc. He is refusing to sell the properties as 2 of them have tenants in them but they are on 6 month contracts. He wants to pay me off, keep the tenants for the income, of which I would receive nothing and keep my name on the mortgages but not get any future profit. I can't force him to sell I imagine?? Unless it is done through a court. I have no income so do not believe I should stay on the mortgages as I would not be able to pay if he couldn't, would receive not extra profit in the future and receive no income from the tenants.

If you just want your 50% then it doesn't really make any difference if they are sold or not. As long sa you get your 50%.

Yes, your name being on the mortgage could be a risk and his failure to pay could ruin your credit rating. Also you will find it hard to get a mortgage on a new place while your name is still on the old ones. You need to get a Clean Break from him, and that means getting everything that is in a joint name changed.

Taking you off the mortgage shouldn't be a problem, as long as his financial circumstances are sufficient to borrow the outstanding amounts. You can speak to the lender about that.

Taking you off the house deeds wouldn't be a problem either, as I said there wouldn't be any stamp duty, just solicitors and conveyancing fees. They shouldn't be that much, and you could offer to pay them (since if it was sold, you would have to pay half the estate agent fees which would no doubt be more).

If he's not prepared to do it amicably then I'd go and see a family solicitor. Although it's not a divorce, they will probably have experience of uncooperative partners, and how to get your money out.

Taking someones name off the deeds is fairly easy. Its just the TR1 form. Both of you sign the transfer deed and thats it. Done. As part of equity release, (as this is what you are doing) then the TR1 is usualy done at the same time by the conveyencer. Usualy a solicitor that is appointed by the lender. Or, a sol or conveyencer that is "on the books" of a lender that you appoint. In my case, it was the same firm of solicitors that I used to do the same thing that yr doing.

However, when you change a mortgage from joint to single names, you effectivly are applying for a new mortgage. What this means in principle is that covenent to pay transfers from joint to single and the person that is getting sole covenent, has to go thru all the usual mortgage application stuff like legal checks, money laundering and of course the credit checks. Of course, you have to prove that you can afford it by submitting pay slips etc in the usual way.

What you could do (and its always a good idea anyway) is tie this all nice and neatly together in a clean break settlement. Remember that the courts only have powers over land registry. They have no sway whatsoever with lenders.

I wouldnt stay connected to him in regards to being joint ownership becuase that is leaving you open to all sorts of issues. Like if he dont pay. 3 non payments and you get a non payment strike in yr credit rating. And that doesnt just mean that you cant get a mortgage, that also means that you wont be able to rent either. Bad credit ratings are notoriously hard to sort out. So if I was U, I would move heaven and earth to get that clean break. Hope this helps. C.

Thanks again. I'll try the direct approach first and see if I can get him to sort it out amicably. The problem is he doesn't want me leave the house. He wants to remortgage for another 2-5 yrs and my son and I stay here. This is so that if it goes pear shaped with the new gf ge can come back. But it no longer feels like home. And he wanders in and out whenever he feels like it! Next step will have to be a solicitor.

Well, certainly don't be a "back up plan" for him!!!!!

If you want to stay there then that might well be possible, it all depends on the figures. If all 3 houses are worth similar amounts then you could keep one each and he can buy you out of the third one (or sell it). If they are worth different amounts then obviously you'll need to be given more or less to equalize it. But if you do stay, make sure to change the locks!