Getting Ex off mortgage

frazer1

Hi there

Me and my wife have seperated and we have a shared ownership apartment of which we own 35%. I have had the property valued and we are in negative equity to the tune of £700?! I can afford to stay here and we are amicable etc.

What is the quickest and cheapest way to get her off the mortgage deeds etc. Our fixed term deal is up for renewal in april

Any help is appreciated

_Andy_

Hi Frazer

You will be restricted to what your current lender can offer (due to negative equity). It will be at their discretion as to whether they allow you to take the mortgage into just your name.

opinions4u

You need the world and his wife to agree:

1) Your wife needs to agree to it.
2) Your housing association/landlord needs to agree to it.
3) Your mortgage lender needs to agree to it.
4) You need a solicitor to complete the paperwork.

Expect costs from (3) and (4). No idea if (2) will charge a fee. Losing (1) will save you a fortune in the long run!

Happy New Year!

frazer1

_Andy_ wrote: »

Hi Frazer

You will be restricted to what your current lender can offer (due to negative equity). It will be at their discretion as to whether they allow you to take the mortgage into just your name.

I spoke with the lender and they were prepared to lend just me subject to credit checks etc. What do i ask a solicitor for? and do they have to be involved

frazer1

opinions4u wrote: »

You need the world and his wife to agree:

1) Your wife needs to agree to it.
2) Your housing association/landlord needs to agree to it.
3) Your mortgage lender needs to agree to it.
4) You need a solicitor to complete the paperwork.

Expect costs from (3) and (4). No idea if (2) will charge a fee. Losing (1) will save you a fortune in the long run!

Happy New Year!

Oh im finding it cheaper already!! wife agrees to it tho? i have yet to speak with my housing association etc!

opinions4u

frazer1 wrote: »

I spoke with the lender and they were prepared to lend just me subject to credit checks etc. What do i ask a solicitor for? and do they have to be involved

To transfer the legal ownership of the property from wife/you to just you. I'd budget £300ish for this part and another £200 for the lender's consent.

frazer1

opinions4u wrote: »

To transfer the legal ownership of the property from wife/you to just you. I'd budget £300ish for this part and another £200 for the lender's consent.

Thanks for this, gives a good idea of costs etc. Would that be £300 each or is that a total cost that we would split between us?

opinions4u

£300 for the transaction itself.

If you're wife chooses to take legal advice (which she should) then she would have her own bill for that. Many will just sign the form and have done with it though!

frazer1

Ok i see,

Many thanks again