We present a two-stage algorithm to perform blind source separation of sources organized in subspaces, where sources in different subspaces have zero phase synchrony and sources in the same subspace have full phase synchrony. Typical techniques such as ICA algorithms are not adequate for such signals, because phase-locked signals are not independent. We demonstrate the usefulness of this algorithm on a simulated dataset. The results show that the algorithm works very well in low-noise situations. We also discuss the necessary improvements to be made before the algorithm is able to deal with real-world signals. Key words: phase-locking factor (PLF), synchrony, blind source separation (BSS), independent component analysis (ICA), subspaces, TDSEP