Remortgaging and removing a name

Stasey

Hi, I was hoping for some advice if any one can help. I'm currently looking into remortgaging due to being separated for over 3 years I'd like to take a name of the mortgage. I've looked in to all the mortgages available and currently finding the best deal. I was hoping for advice on the charges for removing a name and to understand the process as I've read lots and got a little confused of what is the right way it should happen.
Thank you

glosoli

Is the person you are looking to remove from the mortgage going to play ball or are they going to be difficult? Are you having to buy them out or are they happy just to be taken off?

The first thing you will need to do would be to obtain credit approval for the mortgage borrowing based on your income and expenditure. A valuation of your property would normally be carried out. Assuming this comes back ok, the solicitor will get involved and organise for the paperwork to be signed by yourself and your ex.

Generally, when remortgaging to another provider, you will be able to benefit from a switching package, which normally covers legal fees, although in my experience a transfer of title has extra legal costs (few hundred pounds?). If you are looking to remain with your existing provider you will probably have to organise your own solicitor, which can range from a few hundred pounds to 1000ish depending on the solicitor.

The other fees, such as arrangement fees and valuation fees will vary depending on that particular lenders mortgage tarrif, what incentives they offer for remortgaging, and the product the advisor determines to be most cost effective (higher rate and no fee vs lower rate and fees to pay).

Stasey

It's all in agreement with my ex and he's happy to walk away under the circumstances. I have I've already been to discuss mortgage offers available for me. I just wasn't sure where I stand with the extra fees and solicitor. I'm currently in the process of finding a solicitor to put the agreement in writing. So it looks like I'm on the right path I just wanted to make sure. Thanks you for the response

Rileybaby

You will need to get him to sign a transfer of equity form so the bank are aware that he knows (if that makes sense).

You will need to instruct a solicitor (possibly one on your lenders panel) who will deal with the transfer. They will need to re register the title deeds with the land registry and possibly carry out searches. There may also be stamp duty to pay.

You solicitors bill is likely to be between £500 -£1000 so not that bad really.

Good luck with it all xx