Selling my share of jointly owned property..

Whatdoesitmean?

Hi everybody,

My ex and I divorced this time last year, we have a property under equal and joint ownership which at the moment is being rented out...everything is going OK in that regards.

She did ask me however if I would be interested in giving up my share in the property which has got me thinking....should I? and how can I? I'm not just going to sign it over.

My question to you guys is how should this be approached? There's probably around 10k positive equity depending on house valuations (yeah the house price has taken a kicking in the last few years).

Any help/advice appreciated and many thanks for taking the time to read this.

Yorkie1

If you have a mortgage on it, you will need the lender's consent to release one of you from the mortgage. The other person will need to satisfy the lender's current lending criteria in order to take on the mortgage alone. If the lender won't agree, there's nothing you can do.

Others will comment in more detail, but it may be that the lender would also require a certain % of equity before they permit the mortgage to be changed. How much do you think the house is worth, and what's the outstanding mortgage?

Whatdoesitmean?

Thanks Yorkie.

I didn't mean signing it over though. I was more thinking along the lines of selling my half.

Helen1971

You don't mean selling your half to a complete stranger, surely? The only person you could possibly expect to want to buy your bit is your ex-wife, in which case Yorkie's advice applies.

HappyMJ

Whatdoesitmean? wrote: »

Thanks Yorkie.

I didn't mean signing it over though. I was more thinking along the lines of selling my half.

Your half is only worth £1 if that...Nobody wants to purchase half a house with a complete stranger. The only person that can buy your half at anywhere near it's true value is the ex. You could agree to sell the whole house split the profit and move on.

MrMrsR

Hi, with only 10k equity in the house if you were to sell up you may not even break even after agents, solicitors, any mortgage redemption fee's and making it look nice enough to sell after tenants have left depending on agents fee's (i.e friends EA fee's were £7k alone) and the market in your area so you may find it actually cheaper to just hand it over if the mortgage company allows it. (with ex wife paying the admin fee).

Whatdoesitmean?

Thanks for the information and replies!

Of course not to a stranger, no chance at all. Yeah the 10k Is very worst case...I'm a pessimist.

I guess we can continue to rent out for a further 18 to 24 months and see were we are then.

poppysarah

Whatdoesitmean? wrote: »

Thanks for the information and replies!

Of course not to a stranger, no chance at all. Yeah the 10k Is very worst case...I'm a pessimist.

I guess we can continue to rent out for a further 18 to 24 months and see were we are then.

By which case it might be -10k

Whatdoesitmean?

Poppy..........true enough.

BitterAndTwisted

Cross your fingers that your mortgage-lender will continue to grant you consent to let for the next 18-24 months. If they insist you convert to a buy-to-let mortgage you don't have enough equity in the property at the moment to qualify.

In most cases, where a relationship has ended it's usually best to disentangle yourselves, take a hit if necessary and draw a line under it.