Buying out a partner

Posted on 14 March 2011 by Lori ashbridge

My husband and I are separating. Our house is in his name only. He wants to sell me the house for what is owed on the mortgage. How do we go about doing this?


There are two ways of achieving this. One is to ask his existing Lender to transfer the mortgage to you and the other is to approach a different Lender and arrange a new mortgage in your name.

In both scenarios you will need to pass the Lenders underwriting criteria and be able to show you can afford the mortgage payments. You will also need to instruct a Solicitor to act on your behalf and dependent on the size of the existing mortgage there may be a Capital Gains Tax consideration. They will be able to advise you on this.

I recommend that your husband speaks to his Bank and finds out whether they will consider a transfer of mortgage. There is normally an application form to fill in and an administration fee to pay. Ask him to give you the details of the current mortgage, interest rate and duration, mortgage term, repayment type and the amount required to redeem it based on the last day of the month. This will give you a good idea as to whether you keep the existing mortgage or look at arranging a new one.

Once you have this information I believe you would benefit from speaking to one of our independent mortgage advisers. Please call on 0344 346 3672 and tell the consultant the date and title of your question. They will be able to look at your situation and advise you accordingly.


Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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