Mortgage and divorce

Oldbeardie

Hi, like some advice from anyone who has already been through a similar experience or knows the legal aspects.
My wife and I are divorcing after over 30 years. The mortgage is only has about 3 years to run - just the repayment part - The endowment part paid out a few years ago
it has been decided she will buy me out of my share of the house - and as it is amicable -- we have already agreed a figure- without resorting to the legal system yet.

Could anyone please advise what or how we proceed ? The Building Society have said I must leave before anything can be done regarding removing my name from the property deeds/ mortgage - and she needs to have a solicitor appointed.

Any help greatly appreciated.

foxy-stoat

The lender is correct, she needs a solicitor...you should appoint one also to protect your interest, or at least take some legal advice.

TrickyDicky101

How much is outstanding on the mortgage, what is your ex's income, and how does she intend funding buying you out of the property (presumably a further mortgage)? Ages? I assume you are both in your 50s at least?

Oldbeardie

There is about £8,000 outstanding. My wife is 60 and has just retired and is buying me out with her pension lump sum she received. I'm 58 and she is 60. No need for additional mortgage - basically I have name deleted from property deeds , and she gives me settlement - and I go.