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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30-07-2013 19:47 #1
Defacto split with mortgage.
30-07-2013 19:56 #2Senior Member
- Join Date
- Jan 2009
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.
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