Sunday, August 22, 2010

Legal Advice - splitting up with partner and want my name removed from deeds??

I purchased a flat with my partner just under 2 years ago - I want to move out and either sell up or have my name removed from the deeds....selling up might not be an option as ex-partner probably won't agree....anyone with any advice? thanks so muchLegal Advice - splitting up with partner and want my name removed from deeds??
You need to get him to take out a new mortgage in his name if he can afford it and wants to stay in the flat, and the building society agree he can afford it.





If he cant afford it then the building society wont allow you to do it.





What agreement do you have with your partner about ownership of this property?





Are you joint tenants or tenants in common





Joint Tenancy and Tenancy in Common


Legally there are two types of joint ownership, joint equity or property co-buying. You can either own the property as 鈥榡oint tenants' or as 鈥榯enants in common'. Do not be put off by the terminology. It has nothing to do with tenancies and applies to freehold or leasehold land.





Joint tenancy





Under this agreement the joint owners together own the whole property and do not have a particular share in it. If one of the owners dies the other automatically becomes the sole owner. This would be the case even if a will had been made leaving the deceased owner's 鈥榮hare' to someone other than the co-owner.





Tenancy in common





This is the opposite of joint tenancy in that the tenants in common each have a definite share in the property. For example A and B could own the property in equal shares, or A could own one fifth with B owning four fifths. This would be the most appropriate agreement where people want to own a property in separate pre-determined shares.





Under this form of ownership if one of the owners dies, his share of the property will pass on to whoever he specifies in a will, or if a will is not made, in accordance with the rules of intestacy (someone dying without leaving a will). If you are planning to make a will (and it would be wise to do so) you should have it drawn up before you sign the transfer deed that passes the legal ownership of the property to you. This way you will save the time, money and inconvenience of having to change your will.





Which form of joint ownership should you opt for?





This depends upon personal choice and your particular circumstances. The joint tenancy is most commonly adopted between married couples where there is perceived to be no advantage in defining separate shares in the property and where it would be the intention that on the first death the property would automatically pass to the surviving spouse. The alternative basis of a tenancy in common will often be used between brothers and sisters, parents and children, unmarried couples, business partners and the like. In these relationships it might be desirable for specific shares in the property to be identified and for each owner to be able to leave his or her share in the property to a named person other than the owner.





You can force a sale and sever your tenancy with him should you want your property to go to someone else in the event you dying.Legal Advice - splitting up with partner and want my name removed from deeds??
It's usually easy enough to have your name removed from the deeds, you simply transfer your interest to your partner using a Land Registry TR1. A problem might arise if you have a joint mortgage as you will need to be released from your obligations under the mortgage otherwise you will remain jointly liable for any re-payments whether you live there or not. Also the Land Registry will not amend the register without the mortgage lender's consent.
UK? You may have to get an order to force your partner to sell alternatively, he could buy you out subject to the mortgagers agreeing to re-mortgage the property in his name.


it is best if you can get an agreement but I would suggest a lawyer ti protect yourself and make sure he sticks to any deal you make. I know it will cost but it could save you a lot of heartbreak.


ps Property prices are falling fast so you may have negative equity and I do not know how you would deal with that issue
You can file a quitclaim deed.

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