Hello, was after some help. I have an investment property with an ex-partner, whom is currently bankrupt. I need help as to what the best move is. I would like have his name removed from the title before he is out of bankruptcy. He claims he wants nothing to do with the house, but I just want to protect the interest of our kids and myself, that in time he may change his mind. I have paid out the bankruptcy company to relinquish their rights over the property. We do have a joint loan, but i make all payments and pay all expenses. What do I do now? Any advice will be great.
Hi , sorry about your situation. Make sure you get a solicitor involved. They will assist with preparing a transfer that will need to be signed by your ex to put i into your name only, and in conjunction with this you will need to apply with the bank for a new loan just in your name to pay out the joint one you had together. The bank will then pay out the old loan, register the transfer and mortgage in your name with the land title office, and it will be then just yours. IF you have a joint loan on a property, you can't change the ownership structure without changing the loan.
All the best.
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