In this podcast, Patrick Mc Namara, founder of QuaiDesNotaires.com, answers a question about separation.
MySweetImmo and QuaiDesNotaires.com present the 20th episode of the podcast “Les Rendez-vous du Notaire”. In this podcast, Patrick McNamara, founder of QuaiDesNotaires.com, answers the concrete questions you ask him about the dedicated page.
Matter of Luck of the Oise: “Hello, I am separating from my concubine and it is she who will keep the house, a house bought less than a year ago. It’s been three weeks since I made a request to dissociate the joint account and the loan, the bank told me that we must wait until we have gone to the notary. What is the average time for everything to be settled and for me to be free again to be able to buy on my own? “
My Immo Podcast: How do the rules of joint ownership work?
Patrick McNamara : The problems of the separation of unmarried couples and of undivided sharing are very frequent. If you buy or own property (for example a bank account) with another person without being married, the law provides that the rules that apply are those of joint ownership. As its name suggests, a good, or more generally the patrimony, which is in joint possession cannot be divided without the agreement of the two parties, it is what is called undivided. The two people jointly own all the property and the same rule applies for the liabilities.
My Immo Podcast: Can we split a loan?
Patrick McNamara : Yes of course, it is possible to share the liabilities (like the assets for that matter) but you must have the agreement of all the parties. In a loan, there is a borrower and a lender (the bank). To share the debt, dissociate two partners in our case, you need the agreement of the bank.
My Immo Podcast: In the case of Chance, the bank agrees but specifies that you must first go see a notary …
Patrick McNamara : This is completely normal, Chance does not have to panic! The bank has loaned a sum of money to two joint and several debtors and we are now asking it to remove one in two. The bank’s guarantee is in a way halved. In all cases, the bank will need the deed of partition to be signed at the notary for a new guarantee to be registered. It will be given by the person who ranks the loan. Usually the collateral is a mortgage or the bank asks for a new loan to be signed. The shares of joint ownership are often quite long. On average, it takes two months.
My Immo Podcast: An anecdote for our listeners Patrick McNamara?
Patrick McNamara : Do you know what debt do you and I have in common? We share together the State debt which amounts to 2,544 billion euros.
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