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Separation and Deeds
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GlossyMatt
Posts: 7 Forumite
Hi all, hope you're all doing well. Here's my situation and I hope you can help!. I've been separated from my wife for 6 months and I want to keep the house we are both on the deeds of and have a joint mortgage. Since I still live there I have been paying the mortgage alone (which is currently fixed at 5.63%...I know I know but it was good at the time !) and want to buy her out. I know I'll have to pay her half the equity which I'm happy to do. However, I've seen on some American sites that to have the Deeds in my name, I'll have to re-mortgage with my lender to have the mortgage in my name alone. Does anyone know if this is the case here in the UK? or can I simply pay for a Transfer of Deeds? Obviously I don't want to re-mortgage in the current climate. Thanks...!!
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It doesn't need to be a full blown re-mortgage, but you will need an individual income that supports the size of mortgage. Speak to your Lender.Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0 -
It was the case for me even though I had a transfer of equity done years ago by a solicitor without getting my lender involved my lender said to alter the deeds to my name alone I had to use a solicitor and do it all again through them - they said it would cost £350. I applied for a mortgage in my name alone and they messed me about for months and months and in the end I gave up, only have a year to go anyway and then I won't need their permission. :T0
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American law is different to English Law so don't go looking at US websites. Speak to your lender and whether they would agree to your wife coming off the mortgage. it is possible for the property to be transferred to your name but for the mortgage to be in joint names though that isn't particularly fair on your wife.
You really need to get some legal advice from a solicitor. If you can't afford one go to a local law centre (if there are any left after Labours attempts to get rid of legal aid)0 -
thanks for your input that certainly helps me a bit... sorry mrstrw should have clarified that I pay the mortgage solely now and yes I want it in my name alone...0
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GlossyMatt wrote: »thanks for your input that certainly helps me a bit... sorry mrstrw should have clarified that I pay the mortgage solely now and yes I want it in my name alone...
Speak to the lender and see what they say. You would need their consent for the transfer in any case0
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