kizzy

UK legal advice on buy to let property

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    Hi

     

    Anyone able to provide some UK legal advise.

     

    My husband and I have separated and we have a UK property that is currently being let. I am happy to buy him out of the property and rang the mortgage company to get his name taken off the mortgage but they said due to us residing in Australia they wouldn’t take his name off the mortgage (it had nothing to do with earnings and personally I think it’s most likely due to the fact the rate is 1.5% and they would rather we came out of the mortgage deal). The amount of the loan would have remained the same it would just have meant removing his name from the mortgage. Is there any legal contract that could be drawn up so that if I buy him out of the property and his name remains on the mortgage, any rental income and future profits would be mine. I realise that if the mortgage didn’t get paid he would probably also be liable but we have let this property for almost 10 years now and currently have excellent tenants and the repayments are only 74 gbp per month, so don’t envision any issues.

     

    Thank you in advance.

     

    Tracey

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    I'd perhaps consult some legal bod who knows the ins and outs of all that sort of thing. I'd imagine it is something that could be done, but would need proper legal advice etc

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