Removing someone off a joint mortgage

sarah34

Hi I was wondering if someone could give me some advice? Without going in to details, my ex partner has left our home which we have a mortgage, I am currently getting one by myself.
My question is when I come to giving him is half of money, my understanding is that he will have costs aswell to come off the mortgage? Or do I incur all those fees?
Thank you for your help in advance
Sarah

Senior_Paper_Monitor

No rules exist as such - but fairness would suggest that he should meet those costs, but may end up 50/50 if he !!!!!es. There are costs in thw equity transfer if you stay with same lender/mortgage - greater costs (application fees, valuations etc) if you terminate mortgage and replace with new one, which presumably you are doing to release his share of equity.

sarah34

Thank you so much. Yes it going to be completely fair and down the middle.
I was more so wondering what fees would apply. He is under the assumption that he will have to sign a transfer paper and then he gets his money and thats it. But I am sure that there are extra costs that he will have to be responsible for, I mean we had to pay to sign in to the mortgage, wont he have to pay to get out of it?

Many Thanks
Sarah

hellokitty08

If I can remeber when I did it, the person taking the mortgage paid for that and I paid to get the legal work done, i.e change the deeds, sort the " I will not be going bankrupt" paper work etc. I think it cost me £200 in total.

costingbunny_2

hellokitty08 wrote: »

If I can remeber when I did it, the person taking the mortgage paid for that and I paid to get the legal work done, i.e change the deeds, sort the " I will not be going bankrupt" paper work etc. I think it cost me £200 in total.

I am goign thru this at the moment. I am staying the house and have instructed solicitors to get a transfer of equity to get him off the deeds. He is not asking for any money although I am giving him something. You need to split any legal costs. If he is happy with the financial arrangments the tranfser apparently takes about 3 weeks and is costing me £345 + VAT. Good luck

Chrissy1981

I went through this a couple of years ago. I had to pay £150 to Nationwide for taking his name off the mortgage but paid the solicitor separately to sort out the transfer of deeds. Good luck.

themull1

£435 for transfer of deeds with my solicitor, £150 to take name off mortgage with Nationwide.