What is the legal positon if your name is on a mortgage can you sell your half of the house to anyone?

Answer 1

I would ask your solicitor. But who owns the other half? Would they be able to take it over to buy you out? I would think you would have trouble getting anyone else to take it on, unless it was a friend of the other person, or someone who knew them really well.

Answer 2

Legally you have to give first refusal to who ever owns the other half of the house, if they don't want to buy your half but don't want to sell up either it can be a very long winded process that involves solicitors and court which you both will have to pay, this is where it becomes quite costly because the solicitors are the ones making the money. I would advise you to try and talk to your mortgage partner and see if they are willing to try and resolve this without involving the courts etc, and only involve the solicitor when it is necessary.

Answer 3

Your partner must raise the money to buy you out. You cannot sell half a mortgage. Your lender has a signed agreement with the two of you to mortgage this property. The bank holds the title deeds. That's the deal.
If you want to change any details, you must start all over again. New valuations, new life assurance, new home cover policies, but basically new loan contract. If your partner cannot raise the money then the house must be sold to reimburse your capital.

Answer 4

As the other contributors have pointed out, you could only really sell your half to your partner - in other words they buy you out. This would almost certainly involve a new mortgage.

There is another possibility. You could sell your house to one of the 'Sell and rent back' companies and you or your partner could stay in your house and pay rent and, maybe, buy it back at a later date.
I can thoroughly recommend Sell to Stay as a company that will give you 80% of the market value of your house and rent it back to you or your partner at a competitive rate. After 3 years of rental they will give you a 50% refund on the rent that you have paid (and every 3 years after that) which you can put towards a deposit on a mortgage to buy a new home, or buy back your old home. Very flexible indeed!!
Give then a look at http://www.sell2stay.com

Best of luck Bigpathome.

Answer 5

There are different forms of legal ownership in the UK, one of which requires both parties consent to everything, the other which gives one party some opportunity to sell their share.

You need to back to the purchase documentation to see which you signed up to, or if that is not available, a solicitor will be able to find records at the Land Registry and advise you further.

Answer 6

No prudent person would buy a house under such circumstances. Also the mortgage holder would not give you a release. A new mortgage would have to be issued to the new owners.

Answer 7

no, your other half gets a mortgage to cover the existing mortgage and what ever your half of its increased value is.---
the original debt is cleared ---your paid off---and the house is
now your partners.
or just sell up & spilt the profit

Answer 8

You need to check with a real estate attorney for proper interpretation, because it has to do with the type of vesting you have, and how your STATE interprets the vesting.

Not all types of vesting are recognized in all states, and some states even restrict vesting for married couples vs non-married owners.

That is why it is important to check with a real estate attorney. People just assume that you can do any type of vesting on property....and you can't.

PS: By vesting I mean owning property in different ways such as tenants in common, joint tenancy, right to survivorship, etc.

Answer 9

Not without the consent of the other partner.