transfer of equity

lukese

hi all,


i have a flat with my ex that we left allmost three years ago, its been being rented out since, but theres still the tie with my ex which i do not want, the property is in quite a bit of negative equity ~30k, i want to take my ex of the property as she wants this also and keeps moaning about how its costing us £100 a month each bla bla bla, long story short, is it just a case of phoning A&L / santander and prooving i can afford the mortgage via pay slips and what not, then sort out the solicitors to sort the paperwork? for some reason i have it in my head that im gonna have to find the negative equity money before they let me take the mortgage on on my own. is this the case?


also how much can i expect to pay for the solicitors fee#s


Cheers in advance

Luke

costingbunny_2

Not sure what happens with the negative equity issue as you will need to borrow more than the flat it worth - maybe someone else can advise on that?

I split with my partner and wanted to keep the house. I had to phone them, run through some questions to establish if I could afford the mortgage (yes) and then they sent me a mortgage offer. My company (ING) didnt make me take out a new mortgage so I could stay on my super low rate although I didnt want to borrow any more money - if I did then that part would have been on a new mortgage product. I then had to instruct solicitors to carry out a transfer of equity on the house - cost around £600. Took a couple of weeks to do and just a matter of both parties signing the agreement and noting any agreement in respect of monies paid to each other already or to be paid following the transfer. Hope this helps.

TonyMMM

If you own the property 50/50 and there is £30k of negative equity .... your ex should be paying you £15k as part of the deal.

kingstreet

I don't know this for a fact, but I expect no lender will release a borrower from a mortgage contract while there is negative equity.

If it was you, would you reduce your chances of getting your money back by letting half your potential income stream leave?