Removing one person from Help To Buy HTB mortgage and property

HelloImNewHere

Hello MSE Forum,

I hope to be able to find some guidance here as it seems to be a tricky subject.

My now estranged husband and I purchased a flat using a HTB mortgage. We've agreed he shall be removed as owner from the property and be removed from the mortgage, too, because all the capital for the downpayment was my own money, I've been paying the mortgage solo, and he's moved back to our home country since we separated.
I'm really struggling to find guidance on how to update the mortgage. I don't want to remortgage as there are still 2.5 years remaining without interest due on the equity portion and my mortgage rate is also better than anything on the market right now.
Has someone successfully completed this process? Are there any resources I might have missed during my research?

Thanks in advance for any help!

MWT

As far as you know, would you meet the lenders affordability criteria on just your own income?

If you needed his income to get the mortgage then they are not likely to agree to remove him from it. 

HelloImNewHere

MWT said:

As far as you know, would you meet the lenders affordability criteria on just your own income?

If you needed his income to get the mortgage then they are not likely to agree to remove him from it. 

Thank you for your response.
Yes, I meet the affordability on my own.

MWT

HelloImNewHere said:

MWT said:

As far as you know, would you meet the lenders affordability criteria on just your own income?

If you needed his income to get the mortgage then they are not likely to agree to remove him from it. 

Thank you for your response.
Yes, I meet the affordability on my own.

There is a good description of the process here: https://www.gov.uk/guidance/how-to-change-ownership-of-your-help-to-buy-home

I would be inclined to talk to your lender though and see if they will permit a transfer of equity without having to remortgage as you want to avoid losing your current rate. if you got your mortgage through a broker, the broker may be able to help with this as well...

You mentioned 'husband' and 'separated' but you didn't mention 'divorced'....

If there is no divorce and an associated financial settlement there is a risk that he may return later and try to claim some part of the house  value, this is something you need to talk to your solicitor about when drawing up the transfer of equity document. 

Others may have more direct experience that they can share....

Hoenir

As part of the process you need to formalise the divorce and have a financial consent order drafted. A verbal agreement as to the share of assets has no standing in law. Likewise your ex will need to sign papers to effect the transfer. Not something that can be done one sided. 

HelloImNewHere

@MWTI tried speaking to the mortgage broker first but they've been unresponsive and the gentleman who was our initial point of contact has since left the company. I'd hoped they would be able to help!

@Hoenir Thank you for your input! Our respective legal representatives have advised us to transfer ownership to me first before proceeding with the divorce. In our home country, the court charges a percentage of all assets that are part of the divorce proceedings. If you want to reduce the court fee, you legally separate your assets first, which is what I'm trying to do by removing him from the property&mortgage.

RAS

In this country, separating your assets before divorce leaves YOU liable to your ex claiming one half of the assets in this country including the house equity and your pension. Do you need to divorce in both countries?