Transfer of equity, step by step?

Huxley71

Could anyone possibly explain the transfer of equity process for me?

ExH and I have been divorced for 5 years. Our consent order stated that his name should remain on the mortgage for 5 years, after which I must release him from it, or sell the house.

To bring the mortgage down to a level which my mortgage company deem to be "affordable" (I've been paying it for the last five years!) for me, I need to pay off a lump sum.

I'm concerned that in order to transfer the mortgage to my sole name I'll have to pay off the lump sum whilst Exh is still on it and am paranoid there's some kind of loophole enabling him to benefit from this before the transfer's completed!

If anyone can outline the process in layman's terms I'd really appreciate it.

kingstreet

You do the mortgage planning with your lender and do the legal planning with your solicitor. Your solicitor can pay the amount in question to the lender at the correct time in conjunction with your former spouse's solicitor. This ensures no confusion with what is happening.

Huxley71

Thanks @kingstreet, that's really helpful - it hadn't really occurred to me that the two things could be done simultaneously! 

Huxley71

I've had a quote from a solicitor today for £1200. To be fair I'm not especially au fait with conveyancing fees, but this seems pretty steep! 

Can I lower the cost by sorting out the mortgage element myself (ie pay off a chunk and get an OIP) before I involve a solicitor? I'm slightly wary of reducing the balance while my ex is still named on the mortgage. 

kingstreet

No. The legal work is the same and that's what you're being charged for. Shop around.