Split with ex - Mortgage options

pldd4

Hi everyone,

Ok here's the background, i've recently split with my ex gf, we both own a house together.

Ideally i would like to buy her out, but as its a joint mortgage i just wondered what the process is regarding the actual mortgage following a buy out? Transferring it into my name etc etc.

The mortgage expires at the end of Aug if that helps.

Thanks for any help whatsoever,

Troubled_Joe

You firstly need to agree how much you will be buying her out for then speak to your lender (or any other lender) to see if you can borrow that amount in addition to the original mortgage.

Once that's all sorted speak to a solicitor.

Troubled_Joe

Just noticed you've sort of asked about the mechanics of the transfer. Basically you will receive your additional borrowing (or new mortgage) and pay that to her. Simultaneously the (already signed) transfer deed will be sent off to the Land Reg and the property will be registered in your sole name.

PS Make sure you check what your redemption penalty is and see if it's worth waiting until the end of the fixed term.

pldd4

Troubled_Joe wrote: »

You firstly need to agree how much you will be buying her out for then speak to your lender (or any other lender) to see if you can borrow that amount in addition to the original mortgage.

Once that's all sorted speak to a solicitor.

Yes once we've agreed on amount etc

The money to buy the other party out will be from my own funds not from a remortgage or additional borrowing.

Troubled_Joe

In that case you still need the lender's consent to take on the mortgage on your own. Once this is agreed you'll pay her the additional sum and the property will be transferred.

pldd4

Troubled_Joe wrote: »

Just noticed you've sort of asked about the mechanics of the transfer. Basically you will receive your additional borrowing (or new mortgage) and pay that to her. Simultaneously the (already signed) transfer deed will be sent off to the Land Reg and the property will be registered in your sole name.

PS Make sure you check what your redemption penalty is and see if it's worth waiting until the end of the fixed term.

thanks, yes that's what i meant.

Will the existing mortgage company want to check that i can afford the repayments on my own? Personally this wont be a problem.

beecher

pldd4 wrote: »

thanks, yes that's what i meant.

Will the existing mortgage company want to check that i can afford the repayments on my own? Personally this wont be a problem.

Yes, they'll look at it as if it were a new application so salary multiples have to stack up.

nick1977

pldd4 wrote: »

Hi everyone,

Ok here's the background, i've recently split with my ex gf, we both own a house together.

Ideally i would like to buy her out, but as its a joint mortgage i just wondered what the process is regarding the actual mortgage following a buy out? Transferring it into my name etc etc.

The mortgage expires at the end of Aug if that helps.

Thanks for any help whatsoever,

I went through an almost identical scenario a couple of years back. I was with Nationwide, and they reassessed my ability to pay the mortgage, and after paying some off to get the amount owing to a level they were satisfied with, they agreed the change. I was able to keep the same deal I was on before (lifetime tracker).
I think they might have made a small admin charge, and the solicitor charged too, but that was all there was to it.

Best thing to do before going any further is make an appointment to see the mortgage company. If they refuse to approve the change given your new circumstances, then you will have to look at other options.

HTH
Nick