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    threechooks's Avatar
    threechooks is offline If my spelling annoys you that's your problem.... I have better things to do than proofread !
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    Default Defacto split with mortgage.

    If Party A and Party B put equal amount of deposit into a mortgage and are both on the house deed. Then...they break up and party A wants to keep the house. How does Party B get themselves out of the loan and off the deed? Thanks

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    B would have to transfer their share of the property to A, and refinance the mortgage in A's sole name. If A can't get the refinance, then it should be sold and the proceeds divided after the mortgage is repaid.

    The parties should get legal advice beforehand, and look at some binding orders, so neither party can come back and make a claim later. I haven't looked at it for ages, but an order should may also give a stamp duty exemption for the transfer.

    But either way, get legal advice. It is cheaper in the long run to get the advice, then get it wrong.

  3. The Following 2 Users Say Thank You to MsMummy For This Useful Post:

    HugsBunny  (30-07-2013),threechooks  (30-07-2013)


 

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