Transfer of home ownership... where to start?

St5

Hi everyone,

I'm currently in a situation whereby my parents have been separated for nearly six years and now the time has come to officialise a divorce and house agreement.

My question is based around the best way of handling the house situation. Both have agreed to transfer the home from joint ownership to sole which means my father will be the sole owner. The mortgage was paid off around 9 years ago but after researching I don't think there will be a simple form of transferring equity as money will be exchanged. Both parties have agreed that this change in deeds will happen upon a 50k transfer from my father to mother to essentially buy her out. Although this isn't half the value of the house, it is the agreed amount due to the circumstances of separation.

This is where the problem arises as my father does not have 50k lying around and I wondered which way would be best to approach the situation. From what I have researched it seems to be a transfer of equity to change the deeds then he must remortgage that amount under his own name? Im sure there must be a more logical way?

I'd really appreciate some form of guidance as to what the next step should be and how to do this efficiently/correctly. Anything will be a great help as I'm completely stuck - Thank you!!

Pixie5740

You're over complicating things. Your father just needs to apply for a mortgage in his sole name. The transfer of equity will then be take care of by the lender's solicitor who will probably also be acting on your father's behalf.

G_M

St5 wrote: »

..... Both have agreed to transfer the home ...which means my father will be the sole owner.

....Both parties have agreed that this change in deeds will happen upon a 50k transfer from my father to mother

.....my father does not have 50k lying around

So your father needs to find £50K somewhere. He could
* run up a huge credit card debt
* rob a bank
* become a male escort
* or (perhaps the best option) take out a mortgage in his sole name

Assuming his income is sufficient to qualify him for a £50K mortgage, the lender will appoint a solicitor who could also act for dad in the Title transfer at the same time. Sorted.

Of course, if he does not qualify for the mortgage, then tell him to give me a call and we'll come to some arrangement........