Brendan Burgess
Founder
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Variations of this have come up from time to time as side issues in different questions. It would be useful to clarify the issues involved in a systematic manner.
Case 1 - She can't afford to keep the house either but she wants to act responsibly.
Can she just tell the lender that she will agree to its repossession? The bank will initiate proceedings and the court will give the bank possession. She will still be responsible for the full shortfall.
Case 2 She is prepared to pay the mortgage in full but wants his name off the deeds.
If she pays the mortgage in full, he can return after a few years and claim his share of the equity in the house.
If the bank agrees to give her a mortgage for the full amount, can she go to the High Court to get him off the deeds?
If not, can she agree to the bank repossessing the house as in Case 1 above. She can then buy the house back from the bank with a new mortgage for the market value. She and he would still be liable for the shortfall.
Or she could buy it back for the full amount of the mortgage and he would be let off the shortfall.
Case 1 - She can't afford to keep the house either but she wants to act responsibly.
- She can't sell it without his agreement, but he can't be contacted
- She can't sell it without the lender's agreement
Can she just tell the lender that she will agree to its repossession? The bank will initiate proceedings and the court will give the bank possession. She will still be responsible for the full shortfall.
Case 2 She is prepared to pay the mortgage in full but wants his name off the deeds.
If she pays the mortgage in full, he can return after a few years and claim his share of the equity in the house.
If the bank agrees to give her a mortgage for the full amount, can she go to the High Court to get him off the deeds?
If not, can she agree to the bank repossessing the house as in Case 1 above. She can then buy the house back from the bank with a new mortgage for the market value. She and he would still be liable for the shortfall.
Or she could buy it back for the full amount of the mortgage and he would be let off the shortfall.