removal of name from deeds.

I have purchased an apartment with a friend (no longer a friend) who now does not want to continue to pay. I don't think the lender will allow me to take over the mortgage on my own. However I don't want to continue paying and still have my ex friend on the deeds. She is agreeable and just wants out. Can anyone confirm if its possible to do this without involving the mortgage lender.
Any ideas would be welcome.

"Can anyone confirm if its possible to do this without involving the mortgage lender."

Not possible.

Its real simple. You and your joint owner own the property jointly and you have a joint mortgage. You are both jointly responsible.

If you can remortgage the property with anther lender and get a loan for the full amount and discharge the current mortgage then you can transfer the property into your sole name.

What does you joint owner say about their joint responsibility. Can they pay off some of the debt? And if not, why do they think they can walk away from their debt?

Not wanting to continue to pay their joint debt is not any kind of answer.

mf

unfortunately my joint owner is not paying. i want to keep the apartment but am afraid the building society won't let me take over the mortgage on my salary alone. I am renting a room which is helping to pay the mortgage. We are no longer friends and I want rid of her.

Is the apartment worth less now than what the outstanding mortgage is? Even if the bank were to allow you to take over the mortgage then what about any negative equity? Your friend can't walk away from that. eg the apartment is worth 200k, mortgage is 300k then there is 100k neg equity and she should be giving you 50k....

molbanagers said:

unfortunately my joint owner is not paying. i want to keep the apartment but am afraid the building society won't let me take over the mortgage on my salary alone. I am renting a room which is helping to pay the mortgage. We are no longer friends and I want rid of her.

Click to expand...

Make sure you keep a clear paper trail of all the money you pay towards the Mortgage. Don't pay it with cash!

As the previous poster said, make sure that you do not get tied into taking over your partner's negative equity without getting some money.

The best thing to do is to send a fax to your partner to clarify the situation. I suggest you get assistance from a solicitor in drafting the letter. It shouldn't cost you much but could save you a bundle in the long run.

If there is negative equity, then you do not want to end up in a situation where your ex-friend can argue that there was an agreement for you to take over the mortgage and for her to walk away without paying anything.

In the meantime, you also need to be aware whether the mortgage is an "all sums due" mortgage as it could cover other debts your ex-friend has with the bank.