Remortgage or transfer?

furrysnout

I bought my house with an ex partner 7 years ago. All the equity is mine as I sold my house to buy my current home. The deeds are "unequal shares". My ex partner doesnt want any money from the house, they just want their name off the mortgage. I am now remarried and my husband is willing to take on the mortgage.
What is the best way to go about changing over the names on the mortgage?

sammyjammy

This comes up quite a lot here. Whether you remortgage or not you'll need to engage a solicitor to transfer the names off/on as required, I think opinion seems to be to expect a cost of £300-£400. Your ex partner should consider engaging thier own solicitor to advise them.

furrysnout

Im not worried about the costs but i need to know what the best course of action is. Would i need to remortgage with the bank or can i just ask a solicitor to take their name off?

kingstreet

You need to approach your current lender if you wish to change the parties on your current mortgage or you need to apply for a new joint mortgage with your new partner.

Once the mortgage is offered, a solicitor will be needed to carry out the transfer of equity and your former partner will need to sign the transfer documentation, being advised to take independent legal advice in the process.