Removing myself from property deeds and other questions

MeganW

Help please!
Just split up with my boyfriend of nearly 10 years whom I bought a house with. I am moving away from the area and either want him to buy me out or sell the house.
I am hoping to come to an arrangement where he buys me out (however I am being offered a lot less than I think I am entitled to so negotiations are continuing!), however not sure once this happens what I would need to do legally. I presume that I will just have to get a solicitor to remove me from the house deeds - does anyone have any idea a rough figure that solicitors would charge for this? Or has anyone done this before and was there anything else that had to be sorted out legally?

terryw

First question :

Is there a mortgage?

MeganW

Sorry, should have said! Yes, we currently have a joint mortgage. My ex has been to the bank to see the mortgage advisor to see about having the mortgage for himself.
Obviously I will not sign any paperwork to do with the mortgage or deeds until I have a cleared cheque to buy me out.

terryw

MeganW wrote: »

Sorry, should have said! Yes, we currently have a joint mortgage. My ex has been to the bank to see the mortgage advisor to see about having the mortgage for himself.
Obviously I will not sign any paperwork to do with the mortgage or deeds until I have a cleared cheque to buy me out.

Unless your partner has the cash to available to give you a cleared cheque
then it is not likely that this will happen as he will be using the mortgage funds to pay you your share.

He is going to have to go through a whole mortgage application with credit checks, valuations, searches etc . The mortgage company will no doubt want to know with absolute certainty that you will be leaving.

You are probably well advised to have your own solicitor here. Ring round for some quotes and even take advantage of the 30 minutes free that some solicitors give.

Having said all of this, if you are determined to separate, then try to do it as amicably as possible. Don't argue over trivia or custody of the Xmas decorations - solicitors' costs rise exponentially!

bw

MeganW

His parents will hopefully be providing the money to buy me out so it won't be going onto the mortgage.

And damn, I forgot about the christmas decorations!!!!

Debt_Free_Chick

MeganW wrote: »

I presume that I will just have to get a solicitor to remove me from the house deeds

He will need to get a mortgage and effectively buy the house from you (or at least, buy your share from you).

The process of buying and "conveyancing" the property to his name only will automatically remove you as an owner (from the deeds) and as a mortagee (from the current mortgage).

In theory, it will be part of his new mortgage costs, but you may want to think about contributing to this, especially as you will have no costs at all for this bit of legal work ... which is actually very valuable to you (especially your credit file).

HTH

cabbage

Its called a transfer of equity. Technically it can be done by your ex's solicitor when he completes the legals for the remortgage. The solicitor will send you a form to sign to take your name off the deeds and will suggest that you take independent legal advice before signing. Its up to you whether or not you do this. If you are happy with the amount you're getting then thats ok and you can sign it.

The solicitor will organise for you to get a cheque or bank transfer when the transaction completes and you sign the form in advance to say for £xxxxxx consideration i will be released from my obligations under the mortgage and released from your obligations under the title deeds" or something similar. This should cover you getting the money after the transaction has gone through. Its a chicken and egg situation as you don't want to sign until the money comes through but for the money to come through you need to sign.