Remortgaging from joint to single name

Laurs79

Hi

I've received an Agreement in Principle for a mortgage. My husband & I separated over 2 years ago & he's been living in the property. He's allowing me now to buy him out. The house is currently in joint names on the mortgage & Title Deeds. Once I've given him his 50% equity at the current valuation - how difficult will it be for me to get everything done smoothly?

Will it just be a case of him signing the title deeds form to be removed & me sending it to the new lender? Or will it be more complicated than that?

Cheers

holly_hobby

I assume that your AIP has been processed on your sole name & salary.

If that is the case the transfer of equity will be done by your Solicitor (once the prop has been valued and the offer released by the lender, showing the advance to be forwarded at completion).

Your husband will also be reqd to sign his consent to release form.

Your solicitor will prepare all legal docs in your name only, and following completion draft a chq for the required payment to your partner.

The mortgage and property title deeds will then be in your name only.

Hope this helps

Holly

kingstreet

If you're using the lender's free legals, you'll need to pay the difference of around £250 to get the transfer of equity done at the same time as the remortgage.