Taking over house/mortgage through divorce

dangerpowers

Hi all,

I am currently going through a divorce and have finally come to agreement with my wife that I will buy her out of our jointly owned house and take it all in my name. (This is our only issue in divorce)

The numbers stack up and my financial adviser is arranging a mortgage for me.

Before I go to my solicitor can anyone give me a heads up as to what the steps are and in what order for the process to take place correctly.

1. I will be paying a lump sum to my wife
2. She needs to sign over the house to me ending our joint mortgage.
3. I need to obtain my new mortgage.
4. We need to finalise divorce.

I know my solicitor will talk me through this but I just wanted a second opinion before my meeting and i'm wary of other cases where money has been paid to spouses only for it to disappear into thin air.

Many thanks!

E30M3

Are you still in your fixed term period for your mortgage?
This can be part of your negotiations, unless it's too late to decide the value!
Mine was going to cost £5k early exit fees, £4k estate agents fees (that she wanted to use) plus solicitors fees. so around about £10k, £5k each... so how about we knock £4k off the bill and we both benefit?
I could do this as I had spoken to my lender (Halifax) who were able to make the mortgage solely into my name without changing the product and saving the early exit fees!

Thrugelmir

As part of the divorce, the solicitors involved will draft up a Financial Consent Order. This will formalise the agreed distribution of assets between the parties.