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Changing names on properties due to separation
Robbo120909
Posts: 11 Forumite
My husband and i are separating, we currently own a house that we live in and a buy to let property. My husband plans to move into the buy to let and myself and our 2 children will be staying in our current home.
The current home is on a joint mortgage and the buy to let is on my name (interest only BTL mortgage). Our ideal situation would be to change the name on the Buy to let to his name (we are still married at the moment which may help??) but would also need it to change to a normal repayment mortgage too as he will be living there. Then remove his name from the joint mortgage - I only work part time so not sure how likely this will be, but we'll try first before thinking of other routes, I will likely be receiving working tax credits by then which may count toward it.
Just wondered if there is any advice out there on if these options are even possible and how easy it would be?? Or if anyone has gone through anything similar and the outcome of that?
Things are amicable between us, so trying to hold off involving Solicitors if we can.
The current home is on a joint mortgage and the buy to let is on my name (interest only BTL mortgage). Our ideal situation would be to change the name on the Buy to let to his name (we are still married at the moment which may help??) but would also need it to change to a normal repayment mortgage too as he will be living there. Then remove his name from the joint mortgage - I only work part time so not sure how likely this will be, but we'll try first before thinking of other routes, I will likely be receiving working tax credits by then which may count toward it.
Just wondered if there is any advice out there on if these options are even possible and how easy it would be?? Or if anyone has gone through anything similar and the outcome of that?
Things are amicable between us, so trying to hold off involving Solicitors if we can.
0
Comments
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Your earnings (wages and benefits, broken down)
How many children, ages, nursery costs.
Value of the house
How much mortgage is outstanding.
Your (ex) husband's wages
Value of the BTL
How much mortgage is outstanding.
Any debts for either of you?
List them.
Will you be paying your (ex) husband anything for the house?
You will need a mortgage in your own name to buy the house (pay the existing mortgage, and mortgage it into sole name).
Your (ex) husband will need a mortgage in his own name to buy the BTL as a regular home.
Solicitors will be required to deal with the (re)mortgage of properties, as it will be a lenders requirement.
If you can give the above information, the brokers can say what your chances are.Mortgage started 2020, aiming to clear 31/12/2029.0 -
Thanks, I understand about the financial side of mortgages and the above needing to be taken into consideration. We don't have any debts and both have well paid jobs, plus savings. Plus we also have another property abroad in his name which he will be keeping so I won't be paying any extra for our current house.
So I don't believe any of this will be an issue (certainly for him) but more wondering if it's likely, as we are still married (not planning to divorce for some time) to be possible to add his name to the BTL initially then maybe move mine from it and then he can change it to repayment??
Or is there a simpler route?
I realise that we will need to have solicitors for any remortgage parts but just trying to avoid them for advice, until we need to, if possible.0
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