Advice please divorce/property split

fingers_&_thumbs

Can you give me some advice please, I've seen a couple of solicitors and building socities and get different information each time.

My husband and I are splitting up, we have one 6 year old son. Its all amicable at the moment and hopefully will remain that way.

He has agreed that I can have the marital home and this is where I have been receiving conflicting information.

The mortgage and house dees are in his name only. There is an outstanding mortgage of approx £60,000 and house is valued at approximately £200K now.

He has agreed that I can have the house if I pay off the mortgage leaving him mortgage free.

As far as we are concerned this makes it a 'simple' (is there such a word?) house purchase and sale i.e he is selling me the house for the amount outstanding on the mortgage. Yes, its much less than the market value but it means I can afford to do this and a home is provided for our son.

A couple of the building socities I have seen have agred that yes its a purchase at a discounted rate due to family circumstances, but the mortgage broker and one of the solicitors I've spoken to has said it needs to be a transfer of equity before its a sale.

Help I'm confused, as far as we are concerned he owns the property and surely he has the right to sell it at whatever figure he wants, below or above market value as long as any outstanding charges are cleared.

Can anyone give me some advice please?

Thank you

F&T

homer_j_3

Hi there and welcome to the forum.

Firstly, it cannot be a tranfer of equity (toe) because from my understanding you are not mentioned on the mortgage or property in any official capacity.

A TOE would basically mean that you would be asking the lender to remove your husbands name from the mortgage and deeds thus giving up his rights to that property. If the lender does not have you named on the mortgage then you cannot do this as a lender will not do a TOE without keeping one of the original people on the mortgage.

Effectively what you need to do is get a mortgage to buy the property from your husband. It should be irrelevant that you have been living there as part of your marital home.

What you might need to do, dependent on the lender and product is get your husband to gift you the deposit, which will be the difference between the true valuation and the agreed price or you will have to go for a 100% mortgage based on the 60k.

Of course both these will be dependent on a lot of factors and for that reason I think you will need the assistance of a profesisonal who knows what they are doing.

If you are named on the mortgage and property and I have misunderstood then a TOE may well be the first course of action, however, there should be no reason why you have to take this route if you feel that another deal with another lender will be a cheaper option.

It is great to hear that you are both trying to resolve this without falling out.

fingers_&_thumbs

Thank you, that is my understanding as well.

I am not named either on the mortgage documents or on the property deeds so I have been looking for a mortgage to buy the house, just as I would if it wasn't the marital home but some other house that I wanted to buy. But the conflicting advice is very confusing, particluarly when even the conveyancing solicitors can't agree!

Thank you very much for your promt advice, greatly appreciated:A

homer_j_3

not a problem and thank you for my 100th thanks...