Seperation

Jerky

My partner and I are splitting up and she is leaving the house to me. The house - mortgage is in joint names, roughly what would the legal costs be to have the property put solely in my name. Also would she be able to come after the property is years to come should her circumstances change.

19lottie82

OK, the first question is, do you earn enough, and have a good enough credit history, to take on the property on your own? If not, you're on to plums.

mgdavid

and the second bit is: no as long as you negotiate a legal 'clean break' financial order. Yes, if you don't.
ETA I answered as if you are married, it may be different if unmarried.

fluffnutter

Here's some guidance on transferring ownership of a property. It's difficult to advise on costs without knowing the value of your home but maybe a couple of hundred quid. It would help to know whether you're married or not, then we can fully answer your last question.

https://www.gov.uk/registering-land-or-property-with-land-registry/transfer-ownership-of-your-property

NB. This guidance is solely about changing the name on the deeds. You will also need to discuss with your mortgage lender removing your ex from the mortgage. This might incur an admin fee and you will need to fulfil their criteria for lending before they agree, i.e. be able to take on the whole loan yourself.

Jerky

19lottie82 wrote: »

OK, the first question is, do you earn enough, and have a good enough credit history, to take on the property on your own? If not, you're on to plums.

After paying all the bills i will be left with £600 / month, my credit score is very good, we arent married (should heve put that in)

Jerky

mgdavid wrote: »

and the second bit is: no as long as you negotiate a legal 'clean break' financial order. Yes, if you don't.
ETA I answered as if you are married, it may be different if unmarried.

sorry should heve mentioned we arent married

Pee

First question is to check with the mortgage company that they will let you. It sounds promising. Your ex should never agree to transferring the property if they won't.

rpc

Bear in mind that, even if the mortgage co do let you, you could be liable for SDLT on the transfer. You are transferring debt which counts as consideration as far as SDLT goes.

19lottie82

Jerky wrote: »

After paying all the bills i will be left with £600 / month

that's not how the mortgage provider will work it out.

how much do you earn?
what is the value of the property?
how much equity is in the property at the moment?

also do you have any outstanding debts?

Jerky

£70000 left on the mortgage, property value £165000. I have no other debts. I am 48 year old and have a reasonable job.

19lottie82

sounds ok then.......

can i just ask, did you and your ex partner buy the house together? if so, why is she willing to walk away from half the equity?

it's a lot of money, do you not think she may change her mind further down the line?

id see a solicitor asap to get it all ironed out if i were you...... good luck