Remortgaging fully owned house to buy out spouse

JMB2024

Dear all,

First time posting, so hello and thank you in advance.

It might be that this has been addressed but I want to make sure I describe my exact circumstances as it is an important step.

Sadly, my wife and I are divorcing. For complicated reasons, I will mostly look after our son.  This means that I will stay in our present home that we own outright.  She has agreed for me to buy her out, which will require a mortgage of around £170k based on the valuation of our house.  What steps do I need to take and in what order? 

I know that I need a formal evaluation (have this), a mortgage agreement (I don't have but should get it - 42 yrs old and earn around 70k/yr) and to officially get the titles changed to my name only.  Is there anything else I will need in order to press ahead? Anything I need to look out for? I assume the mechanism is for the mortgage money to go straight to my ex-wife either via me or the bank?

Sorry if this is obvious but it isn't something you ever hope to have to do at all.

RAS

A lawyer to ensure the transaction is registered properly. Pretty much essential if you want a mortgage. Your mortgage provider will decide what sort of survey they need and what value they will cover.

Have you got a watertight financial order as part of the divorce? If not, there is nothing to stop your ex frittering £170k and then coming after you for half the remaining equity, your pension and any other assets.

JMB2024

Dear RAS,

Thanks for this.  When you say register the transaction, do you mean this as a mechanism of future proofing (i.e. to prevent her saying it never happened in the future)?  We are in the process of completing the financial order.  However, it is amicable and my wife and her family are far richer than me (multi-millionaire's vs. me - not so much!) so she is unlikely to need anything from me in the future.

Hoenir

Have a financial consent order drafted as part of the divorce proceedings. Cover your back.