Free Legal Documents For Separation Equity Split

Garethw

Hi, my partner and I are separating, I am buying her out of the house, and looking for a document (free/paid) that would cover the equity split - an agreement that I give her X amount for full ownership of the house. Any help will be much appreciated as I nearly had a coronary when I found out how much solicitors charge for the service. Thanks Gareth.

NewKittenHelp

Cheaper to pay a solicitor rather than take the risk IMO.

Fire_Fox

Welcome! You need legal advice and to get the mortgage company's written agreement because at present they have access to all the equity and two people to chase if you stop paying. You may well need to pay for a valuation as well as legal fees. A conveyancer may be cheaper than a solicitor.

themull1

would it not be cheaper just to get a divorce?

lika_86

I think you're going to have to remortgage if you want her name off the deeds (assuming there is a mortgage obviously). In which case you will need a solicitor (and a new mortgage offer).

Also, as a side note, I love that people complain about legal fees but are the first to whinge when X years down the line their homemade will/agreement/whatever doesn't do what they thought it would. Surely it's better to pay and get something done properly than do something yourself (possibly poorly).

rpc

You are entering into a transaction worth hundreds of thousands of pounds (it is the debt as well as the equity you will be taking on) and you want to do it using a free document off the web? A solicitor is cheap compared to getting it wrong. What happens when you sell and she comes back to claim her half and it turns out that the agreement you have is only useful as toilet paper?

In all likelyhood, the mortgage company will not permit the transfer to take place without a solicitor acting for them, so they may as well act for you too.

themull1

lika_86 wrote: »

I think you're going to have to remortgage if you want her name off the deeds (assuming there is a mortgage obviously). In which case you will need a solicitor (and a new mortgage offer).

Also, as a side note, I love that people complain about legal fees but are the first to whinge when X years down the line their homemade will/agreement/whatever doesn't do what they thought it would. Surely it's better to pay and get something done properly than do something yourself (possibly poorly).

you do a transfer of equity, not a remortgage, it will cost around £600 from a solicitor.

lika_86

If it's subject to a mortgage then it's unlikely that a mortgage company will just allow a tranfer of equity. The owners woul need to make a joint transfer of equity application and then the mortgage company might allow it (the only circumstance I can envisage this happening in is where the person to be bought out did not have any salary of their own taken into account when the mortgage application was initially made) otherwise, the mortgage company is likely to want a new mortgage if circumstances have changed.

rpc

You could move the house to tenants in common with a new equity split, remain both on the deeds and both joint and severally liable for the mortgage.

If you want the partner off the deeds, you will have to get them off the mortgage. That will require a solicitor and a remortgage.