Mortgage Buy Out - Help Please

ocsmod

I have put a couple of posts on this forum over the last week or so, and to cut a long story short .....I am looking to buy out my girlfriend (ex) from the property we bought together in December 2004.

I have now got to the point where:

- i have calculated that i can afford to take over the mortgage as an individual
- i have spoken to a whole of market broker who has confirmed that there are lenders that are willing to lend the amount i require, based upon my salary at decent, affordable rates
- i am looking to arrange valuations of the property x 3 to work out any value increases and the figures i need to agree with the ex.

I just have a couple of things i would like from anyone who can help:

1) I am quite apprehensive about the process and if someone could give me a detailed time line in bullet points about what i should be doing/and what i should expect that would be really, really helpful

2) Do me and the ex need a 'solicitor each' or can we just deal through one solicitor and split the cost? (we are still amicable)

Thanks in advance

silvercar

Do you have redemption penalties on your current mortgage? If so, you may be better approaching them and asking to take over the mortgage. Then you would need to appoint a solicitor to arrange a "transfer of equity" to transfer your ex-s share to you and register you as the sole owner with land registry and transfer the mortgage to your name alone.

If you are transferring mortgage providers the solicitor will redeem your old (joint) mortgage and do the legal work on your new mortgage.

1) arrange valuations
2) agree value and split between you.
3) appoint solicitor (who will sort existing mortgage).
4) apply for new mortgage.
3& 4 should happen at the same time.
5) new mortgage people will arrange valuation.
6) wait for solicitor to sort out paper work.

You will both probably have to sign that you understand you should take your own legal advice but you don't need to if you agree on everything.

ocsmod

Many thanks SilverCar that is very helpful - anybody else got a different slant on this?

bitza81

Hiya
I'm in a similar situation to you except that its my ex partner who is buying me out.
We are still amicable which makes life slightly easier. We agreed on a house value and therefore what he needed to 'pay me off'. He then approached the bank to arrange his mortgage.
We are now at the stage where he has his mortgage arranged and we are approaching separate solicitors to deal with the transfer...
if everything is agreed it keeps the costs down, and just a case of signatures.

You are on the right track, Good luck with everything
Helen

p.s. if you approach estate agents for a valuation and they know its a separation they may try to charge you.... beware!