Hello,

A friend and I bought a house together a couple of years ago as we are both in the millitary and wanted to move off of the base. Subsequently I have got married and moved out into forces accommodation but am still paying my half mortgage on the property we own. Unfortunately things are proving a little too expensive for me so after a discussion with my friend we have decided that I will stop paying my half of the mortgage and his parents will take it over as they are looking to invest in some property anyway. I have said that I do not want to recieve any money, as the house is probabaly in negtive equity at the mo anyway and any profits that he and his parents may make they can keep.

My question is this, do I need to sign over the Title Deed to his parents or him and what happens about the mortgage? He is under the impression that he would have to re-apply for a new mortgage and might not get as good a rate, so I think I am happy still being on the mortgage but don't know if I am affecting things for me and my wife further down the line? In an ideal world I would like to leave the mortgage and title deed stuff alone for as long as possible.

Any advice you could give would be greatly recieved,

Ianm80

Hi. There should be nothing to stop your pal asking the mortgage provider to take your name off and add his parents names on. However this will be subject to whatever charges the lender makes and will require a solicitors involvement to change the title deeds. His parents will be subject to some form of mortgage check (as if they were applying for a mortgage) and things like income & expenditure will be taken into account. You need to talk to your lender.

If you are married (and happy?!) I could see no benefit to remaining on a mortgage on a house that is in negative equity, unless you think the property might increase in value and create equity for you. If not, free yourself and let your mate and his parents have the house. For me, in an ideal world, I'd get off the mortgage and think about the future with my wife.