Transfer of deeds

kaya

So, girlfriend wants to buy me out ,we have agreed terms , what's the usual procedure for this as she is giving me the runaround. She wants to remove my name from the mortgage (I would be on the deed still at this point ) so she can get another mortgage offer(would the mortgage company allow this?) , then wait for exchange of contracts to pay me 10% then the balance on completion, she seems to have a cheap online conveyancer and a completion date of early August when she demands I vacate the property (she has moved back with her ex, sold his house to finance buying me out , and all in a few weeks of us splitting up! I'm guessing there are lots of things that can go wrong here and I don't want to sign anything agreeing to move out on a certain date when I dont even have a date to get my deposit, help????

propertyrental

kaya said:

So, girlfriend wants to buy me out ,we have agreed terms ,
sounds like you have not agreed terms!
 what's the usual procedure for this as she is giving me the runaround.
you appoint a solicitor. The current mortgage is paid off using her/your money - whatever is agreed. Simultaneously she takes out a new mortage in sole name (usig that topayoff the existing mortgage?
She wants to remove my name from the mortgage (I would be on the deed still at this point )
Unlikely. Current mortgage lender won't want you on the Land Registry registration if you are not party to the mortgage. How could they evict you if she ran up mortgage arrears?
 so she can get another mortgage offer(would the mortgage company allow this?) ,
Neither lender will want you as a registered owner unless you are on the mortgage too.
then wait for exchange of contracts to pay me 10% then the balance on completion,
It all needs to happen simultaneously - existing mortgage paid off, new mortgage taken out, and transfer Completed into her name.
 she seems to have a cheap online conveyancer and a completion date of early August when she demands I vacate the property
well yes, once all the above happens and the transfer completes, you will have to vacate. It will no longer be your property. Whether that can happen early August depends on getting all ducks in a row.
 (she has moved back with her ex, sold his house to finance buying me out , and all in a few weeks of us splitting up! I'm guessing there are lots of things that can go wrong here and I don't want to sign anything agreeing to move out on a certain date when I dont even have a date to get my deposit, help????

Get yourself a decent solicitor.

kaya

Thanks for taking the time, pretty much sums up what I thought anyway but confirmation is always welcome, I couldn't see how any mortgage company would have me removed from the mortgage and not the deeds either, mind you she had been talking rubbish for a while so I guess this is just a continuation