Buying someone out of our property
Posted on 4 December 2016 by Maria
I want to buy my ex husband out of our property. There is equity in the house. How is this done?
What you are looking to do is a 'Transfer of Equity'.
Transfer of Equity
This where your ex-husband is removed from the title deeds and the mortgage, and both then remain in your sole name. This can be done either with your existing lender or we can look to you remortgage you to a new provider if it should prove more beneficial.
The lender will need to know if you need to raise any additional borrowing to pay to your ex-husband and you will need to meet their standard lending criteria for them to proceed with the transaction. This is usually a fairly straightforward process.
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.