Transfer of Equity upon Seperation/Divorce

Stevos

I wondered if anyone can help explain this process to me in English as I have had solicitors try and it appears to be contradictory advice.
My wife and I are spitting up and have come to a very amicable agreement on how everything is to be divided. The house is to become hers and she has agreement from the current mortgage lender to do a transfer of equity with further lending( to buy me out ) in principle. She has just filled the forms to do the high level affordability check.

My problem arises from the different advice I've had into what is actually needed to progress this. The mortgage company are saying no legal document is needed other than the agreement from both parties. I've also been advised a separation agreement is required and also advised a full complete divorce is required.

Anyone know the truth???

Thanks

Thrugelmir

You should obtain a financial consent order as part of the divorce proceedings. This a legal agreement which clearly specifies the division of assets and contains undertakings by both parties not to pursue any further action against each other. Sometimes matters state amicably but then turn for the worse at a later date. Making matters official means a totally clean break.