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ex taking over mortgage
mum2boys83
Posts: 76 Forumite
hello,
would just like some advice please.
im living in the house that me and ex brought, my name is coming of the mortgage.
when my name is off im moving out.
what are the stages / what can I expect to happen when ex takes over.
im am totally clue less lol
would just like some advice please.
im living in the house that me and ex brought, my name is coming of the mortgage.
when my name is off im moving out.
what are the stages / what can I expect to happen when ex takes over.
im am totally clue less lol
0
Comments
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I don't think a name can 'come off' a mortgage.
I believe that the present one is paid off and mortgage is taken out with just one name.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
Yes. Y & your ex will need to
a) transfer the property into his sole name and
b) he will have to apply for (and get!) a mortgage in his sole name
Once this is done, you will
a) have no rights to live there and
b) no obligations to maintain theproperty or pay the mortgage
Is this part of a divorce settlement? Has the property been valued independantly? Is there any equity in the property and if so are you sharing it when you give up the property?
Have you taken legal advice from a Family Law solicitor?0 -
I'm presuming your ex earns enough money to get a mortgage on his own?Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
He approaches the lender and requests a transfer of equity. If he qualifies for the mortgage in his sole name, the lender agrees and passes the matter to a solicitor.
The solicitor handles the legal work and you are formally removed from the mortgage, the charges & proprietorship registers at the Land Registry and you formally cease responsibility for the property.
The typical cost for a TofE is £400 to £600.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
my ex says he has paperwork to conform new mortgage, him and his partner can afford it.
the house is/was in negative equality by 30,000. so im walking free.
we divorced 5years ago, the financial issues were just left, a wait and see if the house market improves, still waiting.. lol0 -
Well it sounds like it's all sorted then.
What exactly is it you want to know?
I mean, I assume you realise that when you move out you will need somewhere else to go to..... you can't be that 'clue less'!0 -
Well it sounds like it's all sorted then.
What exactly is it you want to know?
I mean, I assume you realise that when you move out you will need somewhere else to go to..... you can't be that 'clue less'!
lol im moving back in with my parents.
its just that I have not had anything to sign, just wondered if id not agreed to it, as long as the persons got enough cash to take over it could all be done without my knowledge.0 -
No.
As he appears to be remortgaging into joint names, you'll hear nothing until his solicitor writes to you suggesting you obtain independent legal advice. Then you'll be expected to sign the transfer forms and the transfer of equity will be completed.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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