Splitting up and sorting mortgages

Lori2288

Hello,

I am splitting with my partner - we have a house in joint names and a flat that is in my name. Both are due a remortgage. We have agreed to put the house mortgage in my name and I give him the flat equity with the small mortgage that remains on it. I have applied for a remortgage on house and that seems fine. My question is, with the flat, is it best to remortgage in my name as it is and then transfer equity or start a new mortgage in his name. If that is the case is it classed as a new buy as he doesn't have a deposit to put down other than the equity?

Thanks

MWT

The equity will be his deposit.

If the intention is that you should not be on the mortgage or the deeds for the flat after the split then I would not remortgage in your name first, it will just be a new mortgage for him.

Take care with the timing regarding the SDLT and take advice on any CGT liability.