# Taking name off mortgage deeds



## blanch (23 Aug 2007)

hi i have a joint mortgage wit a ex and she wants to go away but is giving me the [long story] house and i want to keep the same mortgage and just get her name off the deeds,what is the best way ,if any,thanks


----------



## agapanthus (23 Aug 2007)

Lender will have to consent to being taken off mortgage, in other words they will have to be sure your income on its own is sufficient to meet mortgage repayment criteria.  So first step is contact lender I would say, then if they ok it solicitor will do the deeds bit, lender may have solicitor who does it for a fee of course.


----------



## jhegarty (23 Aug 2007)

How much is she giving you ?there may be tax implications...


----------



## PM1234 (23 Aug 2007)

You won't be keeping the same mortgage really. You will need to contact your lender and put through a sole application. If you qualify on your own for the new mortgage by meeting lending criteria the lender will approve the application. 

Your solicitor will then have to remove the second party from the title deeds and register you as the sole owner. Essentially you are taking a new mortgage.


----------



## blanch (23 Aug 2007)

?can i not give her money as a gift


----------



## PM1234 (23 Aug 2007)

Your partners name is on the title deeds and she is registered as a joint borrower. By giving her money as a gift she remains in the same position. Joint borrower and joint owner. 

You need to have the title deeds transferred into your own name and have her removed from the existing mortgage. You could contact your lender to have the existing mortgage transferred into your sole name subject to you qualifying on your own. Either way the title deeds will have to be transferred into your sole name.


----------



## ClubMan (23 Aug 2007)

blanch said:


> ?can i not give her money as a gift


Bear in mind the potential _Capital Acquisitions Tax/Gift Tax _implications.

[broken link removed]


----------



## MOB (24 Aug 2007)

There are two issues here:

1.  You need the property transferred into your sole name.  This may involve stamp duty; It is unlikely to involve Gift Tax (C.A.T.) but it is certainly something to watch for.

2.  Youre partner needs the mortgage to be transferred into your sole name, so that she is no longer liable for the repayments (which usually means that this mortgage is redeemed and a fresh one taken out in your sole name, as this is the easiest procedure for achieving the desired result).

You need to engage your solicitor to deal with this.  Your lender will not be able to deal with it for you.


----------



## droileen (24 Aug 2007)

Why don`t you get her to pay any money (due to you) directly into the joint mortgage.  After all it is her joint liability & all she is doing is reducing her indebtedness.  Then Gift Tax would not apply.  You should first check out that you have obtained prior sanction from mortgage lender(s) to transfer the mortgage into your sole name.  You could, at the same time, re-mortgage the property and take out a lump sum (similar to your wife`s payment), if you wished - without any tax liability.


----------



## PM1234 (24 Aug 2007)

droileen said:


> Why don`t you get her to pay any money (due to you) directly into the joint mortgage. After all it is her joint liability & all she is doing is reducing her indebtedness.


 
There is little purpose to having your ex partner paying into a joint mortgage whilst having her name removed from the title deeds if you have split up. If she is contributing to the mortgage she has a beneficial interest in the property. Your main objective is to come to a financial arrangement (buy her out) and have the title and mortgage transferred into your sole name. The easiest way to do this is to clear the existing mortgage and apply as a sole borrower.


----------



## cecille (3 Sep 2007)

I have sort of a similar situation.  My boyfriend and I bought a house but my name is the only one on the Deed and Note.  We have since broken up.  I have no financial interest in the house and he wants to keep it.  Can I add his name to the Deed, remove my name, and then have the mortgage refinanced in his name?  If not, how can I get my name off the Mortgage.  Thanks.


----------



## MOB (3 Sep 2007)

Cecille,

You and your ex need to go to a solicitor to sort this out asap.  

(You refer to the Deed and the 'Note'.  this is an American usage: comments on this forum are directed to Irish people, though I have no doubt the same broad principles apply in the USA to the situation under discussion)


----------

