Transfer of joint property to sole name

Discussion in 'Issues arising from joint mortgages' started by alimel, Sep 6, 2017.

  1. alimel

    alimel New Member

    Posts:
    1
    Original Mortgage €320k (taken out in 2007)
    (Tracker Mortgage with PTSB - on a Joint tenancy)
    Value of house - €260 to 270k
    Amount outstanding on mortgage - €267k
    Term remaining - 25 years
    My salary - €38k
    No other debt

    After relationship breakdown with joint owner, I have lived in the property with our daughter and been paying the mortgage solely since 2008.
    My now husband moved in and has been paying half the mortgage since 2010. He is on a salary of €40k, we now have a child together also but after volunteering surrendering his own property (a joint mortgage with his EX - who skipped the country) 2 years ago, he now has bad credit rating until Aug 2020.

    Im taking the bank wont allow my now husband to take over the mortgage with me (due to his bad credit) or me to take on solely due to my salary?

    I was advised by a solicitor to speak to PTSB transfer +releases section to arrange a meeting to request (or see) if they will allow the mortgage to be transferred to myself as ive been paying it solely for 9+years.
    • Selling not an option, as nowhere to rent+ its too unaffordable. We would never afford to save a deposit for another mortgage and we consider it our family home.
    • My ex-partner does want his name off the property and nothing to do with it.
    • Its now getting out of negative equity and to a stage where I could have to buy him out if I wait any longer (for which I couldn't afford). He will also be profiting from a house he only contributed to for 1.5 years .
    Is there any scenario where PTSB would allow mortgage to be transferred even just to my name and taking my husbands income into account (if they wont put him on mortgage) ?
    OR If they wont allow this, is there a way I can legally cover myself i.e. get Ex-Partner/Joint mortgage holder to sign something "renouncing his interest" in the property. OR I get mortgage changed to Tenancy in Common (currently a joint tenancy which im worried about also that EX would have full ownership if I died)?

    Sorry for long winded post, I tried to keep as short as possible.
     
  2. Brendan Burgess

    Brendan Burgess Founder

    Posts:
    32,438