Buying other half out.

kevcarling

Hi

My partner and i are separating after 31 years together and we have a 3 bed semi with £83k (inc £10k 2nd mortgage)  on the mortgage. The house has been valued (by Nationwide our lenders) at £176 previously and because we had a home improvement loan granted in January they are happy with that valuation. I don’t want to sell and my partner is happy to take her cut which will come to approx £46k. She is happy with that valuation too.

I have been granted a mortgage in principle to buy her out. How does this work? Am i right in thinking that Nationwide will pay my partner £46k and i will use my share on the £176, leaving £130 mortgage? I know i will have to have a solicitor, but does she have to have one? And can she have the same one? I know normally you can’t, but in this case its only a name change on the deeds as i understand it..

I would be grateful for anyone to explain the process, and what am i thinking in terms of cost for a solicitor and the expected time frame for completion. 

Though it is difficult, my (ex) partner are remaining to be adult and mature and she will be staying in the same house till this is resolved. 

Much obliged...

MovingForwards

Your ex should seek legal advice so she has everything explained to her, but some people don't bother when it's amicable. You can't share solicitor as it's a conflict of interest.

Your ex will have to sign the forms to transfer the propert from joint to your name only.

You will sign forms like you did when purchasing.

NW will send the money to your solicitor, your solicitor will send your ex's part to her.

Costs will vary, email 3 firms and ask them, also ask them to confirm they are on NW's panel of solicitors.

Your ex can email 3 different firms, ask them how much it would cost to deal with removing her name etc.

Timeframe will vary as it's still manic for solicitors, but also worth asking in your email.

kevcarling

Thanks for the reply..