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Selling and Ending a Mortgage
REDHAWK_3
Posts: 4 Newbie
Put plainly, what is the process/fees of selling a house?
I and my ex are look to sell my house. I am not and (more importantly) not wanting to buying again and I'm sure she doesn't currently want to either.
The house was 112K when we bought 4 years ago and valued at £115-110k currently (probably towards the lesser) - Mortgage stands at £90k - and the original deposit was £20k (all the ex's)
What is the process from here step by step? and what fees and costs should I expect to pay e.g conveyance fees, agent fees, early mortgage cancellation fee? (We are near the end of 2 year fixed rate with Halifax) And what order will we have to deal with them?
Would my ex expect to see much of my original deposit afterwards? (because that's all she keeps banging on about ;-) ) Personally I'm sick to the teeth with it and want to get out even if I don't get a penny, I'm not bothered.
Sorry for all the questions.
It's just splitting up sucks :-(
I and my ex are look to sell my house. I am not and (more importantly) not wanting to buying again and I'm sure she doesn't currently want to either.
The house was 112K when we bought 4 years ago and valued at £115-110k currently (probably towards the lesser) - Mortgage stands at £90k - and the original deposit was £20k (all the ex's)
What is the process from here step by step? and what fees and costs should I expect to pay e.g conveyance fees, agent fees, early mortgage cancellation fee? (We are near the end of 2 year fixed rate with Halifax) And what order will we have to deal with them?
Would my ex expect to see much of my original deposit afterwards? (because that's all she keeps banging on about ;-) ) Personally I'm sick to the teeth with it and want to get out even if I don't get a penny, I'm not bothered.
Sorry for all the questions.
It's just splitting up sucks :-(
0
Comments
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Might not get a lot of change out of it. Let's say it sells at £110k.
Settle the mortgage of £90k = £20k
EA fees at 1% are £1,100 = £19k
Solicitor fees at £1,000 = £18k
No idea how much your early redemption will cost you
The bottom line is that all costs will come out of that £20k. And if it sells at £105k then it's only £15k
Ultimately, in a perfect world, whatever the shortfall you should "owe" her half. So if there's £10k in the end, then you should stump up £5k to the ex, so you're both sharing the losses.0 -
Early Redemption Charges are often in the region of 3% of the outstanding loan although some reduce over time - possibly starting above 3% and getting lower as you get nearer the end of the deal. Halifax will be able to tell you what it is. If you are really near the end of the deal, you might not have to pay ERC by the time it sells - properties aren't flying off the shelves like they used to.
Some mortgage lenders also charge exit fees on top of ERC - from what I've seen something in the order of a couple of hundred pounds.0
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