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Separation - removing ex from mortgage
Birdy54
Posts: 16 Forumite
Hi all,
I am going to try to keep this brief and emotion-free. I am in the process of separating from my partner of 14 years (his decision). We bought a shared ownership property together back in 2020 but we are now separating. We have 2 children and he suggested that I stay in the house as the children are settled here and it is very close to school so would be disruptive to move. He doesn't want any equity out of the house and is hoping to buy his own shared ownership property. If we sold the house and split the equity, I wouldn't be able to buy anywhere, i'd have to private rent which would cost more than my mortgage+rent here. He has enough savings + assets to be able to buy somewhere else as i've pretty much paid everything for years so that he could save.
The questions I have before approaching a solicitor/bank/housing association is what is the correct order to do this? I'm confident that I will be able to take on the mortgage on my own income and afford to live here alone (though life will be a struggle, though it is for most these days) but what order do I do things? He will need removing from the mortgage and tenancy part of the shared ownership - will I also need to go through a new mortgage application in which case I will need to pay solicitor fees etc?
Thank you in advance.
I am going to try to keep this brief and emotion-free. I am in the process of separating from my partner of 14 years (his decision). We bought a shared ownership property together back in 2020 but we are now separating. We have 2 children and he suggested that I stay in the house as the children are settled here and it is very close to school so would be disruptive to move. He doesn't want any equity out of the house and is hoping to buy his own shared ownership property. If we sold the house and split the equity, I wouldn't be able to buy anywhere, i'd have to private rent which would cost more than my mortgage+rent here. He has enough savings + assets to be able to buy somewhere else as i've pretty much paid everything for years so that he could save.
The questions I have before approaching a solicitor/bank/housing association is what is the correct order to do this? I'm confident that I will be able to take on the mortgage on my own income and afford to live here alone (though life will be a struggle, though it is for most these days) but what order do I do things? He will need removing from the mortgage and tenancy part of the shared ownership - will I also need to go through a new mortgage application in which case I will need to pay solicitor fees etc?
Thank you in advance.
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Comments
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The 'transfer of equity,' the process to remove him from mortgage and ownership will involve solicitors with most lenders insisting on one for each of you. Before you kick off the legal work ask your lender about its transfer if equity procedure as they differ from one to another.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.2
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First step is to see if your current mortgage lender will accept you as sole borrower.
You'll also need (I imagine - no experience) consent from the joint owner (shared ownership).
If yes, they will likely require a solicitor to be involved. Possibly one each.
f no, you'll need to find a different lender willing to take you on, take out a new mortgage and pay off the existng one. gain, you'll need at least one solicitor/1
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