Advice needed how to proceed with matrimonial house.

ZmijGorinich

Hi everyone.

I hope that someone can help me with an advice OR at least guide me towards the right person...

So, unfortunately, I and my partner have started the divorce process and already at the Decree Absolute announcement in 2weeks time. The separation is problem-free. But to protect one each other we have arranged the consent order made and the property value legally divided in half. It is a mortgage-free house. We have also agreed that she will keep the house but will arrange her own mortgage buy my half out. The property is in the joint name on the deeds.
As far as I am aware, the consent order will be announced in next week or two....now the main question is who do we need to speak to change the house deeds to her name as I understand that would have to be done before she takes out the mortgage.
Or does she have to take the mortgage out first before we change the deed? but as far as I understand, she won't be able to remortgage the house as it won't be in her name solely...
just a bit stuck as to what next step to take....

Oh and just to add. The company that is sorting the divorce papers is an online one and therefore would not help with the further process or advise.

Really appreciate for all your input

Browntoa

Transfer on completion of mortgage and funds with your solicitor

ZmijGorinich

Thank you for your input Browntoa.

The matter that makes a situation slightly complicated that neither of us has a solicitor. As we are separating on good grounds and agree on the split of the finances, we did not feel to involve a solicitor at any stage.

...and surely no bank will remortgage the property for her to have a mortgage if it is in a joint name....

Caz3121

ZmijGorinich wrote: »

...and surely no bank will remortgage the property for her to have a mortgage if it is in a joint name....

a bit like if you were buying a property from Mr & Mrs Smith...when you arrange the mortgage the property is registered in their name , as part of the sale the deeds would be changed.
She is taking a mortgage to buy you out, all quite normal

ZmijGorinich

But I thought the way she will take the mortgage is by remortgaging the house ...but for that to happen it should be in her name.... correct me if I am wrong...
If it is the way you suggest, then my thinkning is that she speaks to financial advisor to get a mortgage and then we arrange an appointment with the conveyancing solicitor to change the property in her name? Am I right?

Thank you everyone

gettingtheresometime

ZmijGorinich wrote: »

But I thought the way she will take the mortgage is by remortgaging the house ...but for that to happen it should be in her name.... correct me if I am wrong...
If it is the way you suggest, then my thinkning is that she speaks to financial advisor to get a mortgage and then we arrange an appointment with the conveyancing solicitor to change the property in her name? Am I right?

Thank you everyone

If you think of it in terms of her buying a completely different property then she has to jump through the same hoops because she's buying you out with a mortgage. The mortgage company still has to go through due diligence.


If it was a simple case of her already having the funds to buy you out then yes it would just be a simple case of changing the names on the land registry.

TBagpuss

She will need a solicitor to deal with the remortgage, and they will be able to do the transfer from joint names into her sole name at the same time.

You may need a solicitor as well to deal with your end of the conveynacing transfer.

Her solicitor will then be able to register the trnasfer with the land registry at the same time as they register the new mortgage.

Normally they would also arrange forthe moneyto be paid to you for your share of the proeprty, at the same time.

It all works in the same way as if you-as-a-couple were selling the house to a third party. Effectively you-as-a-couple are selling the house to your wife as a single indiviual.