Buying ex-partner out of our joint mortgage

lukekelly19

My partner and me are separating. She is going to buy somewhere else, and I have agreed to buy her out of our shared house. We are both on the mortgage. We can agree an amount between us.

I'm just wondering about the process. Do we need a solicitor? Or can we just go to the mortgage lender? Presumably they will reassess the mortgage and my suitability as an individual mortgage holder? 

dimbo61

Yes you will need to go through affordability checks.
Can you use your lenders website and see how much  they will lend you on your own ?
I would use a solicitor so once you have paid your EX her share that she has no financial  association  with you !
You need to look at the figures and how your going to get the funds to pay your EX and remove  her name from the mortgage and deeds 

Brie

I would think that both you and your ex need solicitors to ensure that the split is fair.  It may be that you have agreed things and that they will just rubber stamp it but they may also ask pertinent questions about pension splitting, savings accounts, names on bills etc.

lukekelly19

Sorry, I should have been clearer. I am asking about the process. The house is currently owned by both of us and we are both liable for the mortgage. In buying her out, we would need the deeds/ownership documents changed to me owning 100%, and the mortgage changed to me being 100% liable. For the mortgage we would have to go to the bank, but would we need a solicitor to change the deeds/ownership documents?

Emmia

Brie said:

I would think that both you and your ex need solicitors to ensure that the split is fair.  It may be that you have agreed things and that they will just rubber stamp it but they may also ask pertinent questions about pension splitting, savings accounts, names on bills etc.

I presume when the OP said "partner" they're not married, no kids are involved, and they're not formally divorcing...

I'd definitely have solicitors involved for the separation of the property as the major asset (and I'd make a new will if the partner would inherit), but I don't think pension sharing would be a "thing" and hopefully you've already agreed on any savings accounts if you broadly agree on the property.

getmore4less

Just think of it as a sell(by both) and purchase(by one)

Pretty much the same process, buying mortgage company will require their or other solicitor to deal with the land registry.

user1977

lukekelly19 said:

Sorry, I should have been clearer. I am asking about the process. The house is currently owned by both of us and we are both liable for the mortgage. In buying her out, we would need the deeds/ownership documents changed to me owning 100%, and the mortgage changed to me being 100% liable. For the mortgage we would have to go to the bank, but would we need a solicitor to change the deeds/ownership documents?

Yes, or to be more exact the lender will need solicitors to act for them - who would normally also act for (and be paid by) the "buyer", like in a normal purchase. Whether the outgoing partner has a solicitor is up to them, it's not usually compulsory.