Posted on 20 May 2013 by Melissa
Hi, I have a shared Ownership Mortgage at 50% in total with my ex who is moving out the UK. I want some legal advice as I want to take over the flat. He will still pay his share but I want a legal agreement to cover if he does not pay . What is my option to make this safe for me?
You are quite right to take legal advice, as all joint mortgages are held as 'jointly and severally liable', which is to say that as far as the lender is concerned, both you and your ex are equally liable for the whole of the monthly amount, irrespective of any agreements you may have between you.
You could look to do a 'transfer of equity' if your income is sufficient to cover all of the monthly costs, and set up a separate legal agreement to pay him and share of the equity when you sell the property as some point in the future.
Whether any legal agreement is something that could be enforced when your ex is actually out of the country is something your solicitor can advise you on.
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