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Advice on transfer of equity/property ownership
masterp_2
Posts: 5 Forumite
Hi all,
I hope someone can give me some advice. Essentially my ex-partner and I are splitting up. She has moved out and I have taken on the mortgage. It had been amicable with the plan being for me to buy our her equity and take on a larger mortgage with the balance being paid to her.
She asked for three valuations which I did and we agreed on the average price and she asked me to progress to getting a remortgage on the property. I went through the remortgage in my name only with a broker and it has been approved by Nationwide. I will pay her a lump sum and some extra cash. However at this late stage she says she no longer agrees with the property prices and wants further valuations.
The immediate question I have is that the remortgage with nationwide is in my name only and the property is is in joint names. The original plan was a transfer of equity at the point of completion but given she has now gone back on the agreement I am unclear whether I can take on the mortgage in my name only when both are in the deeds.
The ultimate outcome will be a divorce and so as part of that her name will come off the title deeds and I will pay her funds to buy her share of the house. However that will take time and my current deal runs out at the end of September when I transition to the SVR.
Nothing in the offer letter from nationwide suggests that I can't have a sole mortgage on a (currently) jointly owned property.
I will speak to my solicitor on Monday but can anyone advise?
Thanks.
I hope someone can give me some advice. Essentially my ex-partner and I are splitting up. She has moved out and I have taken on the mortgage. It had been amicable with the plan being for me to buy our her equity and take on a larger mortgage with the balance being paid to her.
She asked for three valuations which I did and we agreed on the average price and she asked me to progress to getting a remortgage on the property. I went through the remortgage in my name only with a broker and it has been approved by Nationwide. I will pay her a lump sum and some extra cash. However at this late stage she says she no longer agrees with the property prices and wants further valuations.
The immediate question I have is that the remortgage with nationwide is in my name only and the property is is in joint names. The original plan was a transfer of equity at the point of completion but given she has now gone back on the agreement I am unclear whether I can take on the mortgage in my name only when both are in the deeds.
The ultimate outcome will be a divorce and so as part of that her name will come off the title deeds and I will pay her funds to buy her share of the house. However that will take time and my current deal runs out at the end of September when I transition to the SVR.
Nothing in the offer letter from nationwide suggests that I can't have a sole mortgage on a (currently) jointly owned property.
I will speak to my solicitor on Monday but can anyone advise?
Thanks.
0
Comments
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If you're married you will need a separation agreement and clean break clause etc, not just the transfer of equity. What did your solicitor say?0
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