Once our 'Transfer of Equity's' gone through am I still responsible for the house or mortgage?

Posted on 28 April 2013 by Terry

This is a preliminary question and I am asking it for some background information.

My wife and I have a mortgage in both our names? We have been undergoing marital problems for a year now, and therefore I wish to come off of the mortgage and move out amicably, in return for me signing over my share of the property to my wife. She can actually afford to pay the mortgage as she has been doing so since February this year. She wanted to prove she could do it, and has done well in proving that she can in fact do it, and I applaud her for that.

In return for her receiving my share of the property, would it be safe for me to assume that A) I would then have no further responsibility for the house, and B) that I would no longer be named on the mortgage, and finally C) that the mortgage would be in her sole name after a transfer of equity form has been filed with our lender? Thank you.


You are correct in your assumption that once a 'Transfer of Equity' has been effected and your name has been removed from the mortgage and title deeds you will no longer have any responsibily for the property. Your wife will then have the mortgage and ownership in her sole name.

You will need to speak to your existing lender to see if your wife meets their affordability and lending criteria to be able take the mortgage on in her own right. If sucessful then the transfer can proceed, however if for any reason she is declined, then we can look at alternative lenders to do a full remortgage and transfer at that point.




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