How to be released from Mortgage with Ex?

[Trudy78]

Hello,
I have a house with an Ex.

• Mortgage 300k
• Negative Equity (if it sells) 50k

Do we approach the Bank/ Solicitor and ask for me to be released off the Mortgage and then I pay her the 25k Neg Equity or would the Bank want me to pay them the 25k to reduce the Loan?

Will she lose the tracker on the Mortgage?
What is the most straight forward way to do this?

I am hoping that I can get my name removed and give her the Neg Equity payment for her to do what she chooses, whether that being paying down a chunk of the Mortgage or something else.
She is on the position to pay the Mortgage so no issue there.

I have since got married and it is hanging over our shoulders.

How do we agree what the Neg Equity is when houses are not selling?
We had a contract drawn up and it states the best of 3 valuations - does this still stack?

Thanks!

 

[peteb]

The bank won't just release you from the mortgage you are jointly liable. so unless your ex is in a position to remortgage you are going to be tied in here.

If you were to assume that negative equity were 25k, she could just take your 25k, buy a new wardrobe and the bank would still pursue you for any shortfall. That said you also need the bank permission to sell if the price you can get is less than the outstanding balance owed to them.

I'll let the mortgage heads come in and illustrate the finer points.