Transfer of deeds - divorce

MsNice

Hello moneysavers,

I have found many good ideas on this site and on these boards.
Now I need some help with the following...

My husband and I are divorcing.

While married, we have acquired two properties - one we live in and one we have been letting out. The one we live in has deeds and a mortgage in both of our names. The second property has deeds and mortgage in my name only.

What we have agreed to do is for me to keep this flat and for him to take the second one. So, my question is: what is the simplest and the cheapest way of achieving this i.e. deleting his name from deeds/mortgage here, and changing ownership of the second flat from me to him?

Many thanks in advance for any help you can offer.

RAS

Get the form off the Land Registry web-site.

MsNice

Ras, thank you, but are you sure it's that simple even if there is a mortgage on each property?

Any divorce lawyers out there, willing to confirm this?

G_M

You'll need the lenders permission to change the names on the deeds of either property. Will they be happy that you can continue to service the mortgage on your own?

Or is your question about rights/liabilities in a divorce? If so, see a divorce lawyer.

dianah

a girl at work was in a similar situation but her ex was being really difficult (not producing paperwork on time etc).

they had to go through the bank because the mortgage was in both their names, i think it cost her £500 in fees, i *think* she had to do an application for taking over the mortgage so it'd be in her name only.

i think it will be quite an easy thing to do because you're in agreement - i'd give your mortgage lender a ring and see what the process is?

gemma0

I've done this and it is really easy providing you can prove you can pay the mortgage on the one you want to take over.

1. go to your mortgage provider and tell them that you want a transfer of equity. Mine was Nationwide and they sorted the forms out to be delivered the next day.

2. while you're waiting for the forms, go and see a solicitor who can do all the paperwork. Obviously you can do this yourself via the land registry but with the stress of splitting up and sorting everything else I found paying the £80 for someone who knew what they were doing was worth it. And it also meant the solicitor contacted my ex to get forms signed when I really couldn't stand to see him!

3. fill in your forms from the bank. You're basically re-applying for a new mortgage in your name only. I had a fee to pay as I had to pay a bit off the mortgage for it to be affordable on my income, but that depends on your mortgage and whether you are paying anything extra off it

4. wait for the confirmation in the post. All done!

I found this website really useful when I was going through all this! Lots of help for someone who doesn't have much of a clue about money/legal things!!