Mortgage buy out after relationship breakdown.

cjr8787

So me and my partner have broken up and have a mortgage together. We were originally going to sell the house and go our separate ways, as we both didn't have the money to buy each other out. We had the estate agents in and our house was valued 30k more than we paid for it 2 years ago.

My partner then spoke to a family member and they said they can lend my partner money to buy me out so they can stay in the house. We have come to an agreement on a number. Now we are not to sure what happens next will I need a solicitor to remove me from the deed/mortgage and transfer the money? Can a amount of around 15k be transfered from my partner to myself?

Thanks,

C

Number75

It's not up to a solicitor to take someone off a mortgage - that's not how it works.
The bank has to remove you by lending solely to your partner. Good news he has the £15K to buy you out, but will he be approved for the full mortgage on his own?

Number75

(sorry - ex partner)

cjr8787

Yeah my partner spoke to the mortgage company about doing this. They said they would be able to take my name off the mortgage for £90 fee. Would my name still be on the deeds?

kingstreet

This is a transfer of equity.

The lender will do its part in preparing a sole-name mortgage, then hand the matter to a solicitor for the legal work to remove you from the ownership.

Total cost £450 - £600.

You may be required to get independent legal advice as well - at additional cost.