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Removing your name from a mortgage after being discharged from bankruptcy

3 months ago - Posted by

My wife’s name is still on the mortgage of a property she owned with an ex-partner. She went bankrupt, and has since been discharged, over the issue when they split up, he kept the flat on but now wants to have my wife’s name removed from the mortgage. If we go ahead and have the name removed does this have any legal/financial implications on her as the property is in negative equity?

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1 Answer

TAD Member

3 months ago

Hi

It would probably be best if your wife spoke with her trustee in bankruptcy first as your wife’s interest in the property may still belong to them and her ex may have to speak to them about transferring over title to him.

They may ask him for a payment for him to obtain the interest in the property that they may still hold.

Your wife may also want to be clear who will incur the legal costs of taking her name off the property.

The final matter is he will need to pay off the existing mortgage in full, to transfer title. Your wife should ensure the existing mortgage is paid off and her name removed from this. This should ensure your wife has no residual debt left from the transfer. She may also want to make sure he does not expect her to contribute to the paying off any shortfall.

It is always best to seek independent legal advice when transferring ownership of land or property.

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