split up with partner.

lukese

hi, ive split up with my partner, all ammicable at the minute, im keeping our flat that we bought less than a year ago and is now worth next to nothing, (lucky me), what is involved with taking her name of of things like the mortgage and the actual flat it self.

sorry if its a bit of a vague post ut not sure whats involved, at first i fought it would be a few phone calls, but now im thinking i might need to get a solicitor to sort the flat out which will no doubt cost a fortune.


any help/advice greatfully recived.

Caz3121

The problem may be getting the mortgage changed over

Is there any equity in the flat?
Do you earn enought to take a mortgage on your own?

lukese

why would the morgage be a problem? i assumed it would be a case of takeing her name of it, i earn enough to take it on, but there will be no equity as we took 100% about a year ago and obviously given the circumstances the property has devauled im assuming.

scumboss

If the flat is in negative equity surely she should take half of it?

silvercar

Lender will only agree if you have sufficient income to justify a mortgage that size.

Then you have to agree a value with your ex eg flat originally cost say £100k with £95k mortgage. If it is now worth say £80k and you agree to take on the £100k mortgage, she should be paying you £7,500 in return for you taking on her half of the mortgage.

lukese

to be quite honest mate im not intrested in getting any cash out of her, she has nothing. all im concerned about is getting it all changed over to my name, and if i cant then it will have to be sold i guess and we will both walk away with a nice piece of debt!


would we not need to involve solitors then? is this something that we can do ourselves?

silvercar

Generous guy!

Phone your lender and ask about transferring of equity, they may have a legal team that can do the work along with changing the land registry entry.

I would expect the cost to be £2-400.

zaphod_beeblebrox_2

silvercar wrote: »

Generous guy!

Phone your lender and ask about transferring of equity, they may have a legal team that can do the work along with changing the land registry entry.

I would expect the cost to be £2-400.

Silvercar's hit it on the head, negative equity or not!

Take at look at this link ..

http://www.recentlyseparated.co.uk/buy-out-mortgage-from-your-ex.html

BabyBoots

I'm in a similar situation in terms of one of us buying the other out of a jointly owned house. Is there stamp duty to pay if one of you buys the other out?

Can we just settle on an amount and get a solicitor to draw up the paperwork, assuming the mortgage change is approved?

lukese

the way it is all panning out now after contant thinking during the day i think it will be better if we sold the flat and split the debt between us after the sale, how does this work though, if we sell, i doubt very much we will get what we need so how do we pay the rest back to the mortgage company? would we have to take out loans or something?

neas

im sure the mortgage company want the payment there and then etc. And in this market you may eventually get 5-10% less than you estmate now... as its a buyers market and they will brutally knock you down another 5-10k off the bat.