We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Seperation

Options
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.

Comments

  • 19lottie82
    19lottie82 Posts: 6,029 Forumite
    Part of the Furniture Combo Breaker
    edited 26 November 2013 at 10:40PM
    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
    mgdavid Posts: 6,710 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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.
    The questions that get the best answers are the questions that give most detail....
  • fluffnutter
    fluffnutter Posts: 23,179 Forumite
    edited 27 November 2013 at 8:17AM
    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.
    "Growth for growth's sake is the ideology of the cancer cell" - Edward Abbey.
  • Jerky
    Jerky Posts: 6 Forumite
    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
    Jerky Posts: 6 Forumite
    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
    Pee Posts: 3,826 Forumite
    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
    rpc Posts: 2,353 Forumite
    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
    19lottie82 Posts: 6,029 Forumite
    Part of the Furniture Combo Breaker
    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?
  • £70000 left on the mortgage, property value £165000. I have no other debts. I am 48 year old and have a reasonable job.
  • 19lottie82
    19lottie82 Posts: 6,029 Forumite
    Part of the Furniture Combo Breaker
    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
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.8K Work, Benefits & Business
  • 598.6K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.