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Advice needed: ex-husband wants to keep house

My husband and I have recently seperated and he wants to keep the house. I have agreed to a settlement for my equity on the property, however, the house was originally bought in just my name (I was a 1st time buyer so it avoided stamp duty) with the mortgage just in my name too, although it was our joint family home.
I have had an offer accepted on a new house, and will require the equity on our married home as a deposit. My mortgage has been approved.
Can anyone advise me on the best (cheapest/simplest/quickest) way to transfer the house to him please? Can we simply change the name on the deeds and mortgage, then he can transfer the equity by increasing his mortgage? So far, he has tried to set up a new mortgage with a different company but has been told that since he already owns another property (which he rents out), he cannot use my equity as his deposit, then repay me after completion.

Any advice would be very gratefully received... Thanks!

Comments

  • kingstreet
    kingstreet Posts: 39,351 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    He is buying the property from you, so it's full legals, stamp duty (if over £125k etc).

    Is he buying it from you at some kind of discount?

    Is this other property a BTL? Is it self-financing?

    From whom has he sought advice on how to approach this?
    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.
  • Caz3121
    Caz3121 Posts: 15,878 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    will your husband be able to get a sufficient mortgage to buy the property? how far down the process is this?
    have you declared to your mortgage lender that you already have a residential mortgage in your name?
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