Transfer Subject to Mortgage

Posted on 27 September 2011 by Geoff

My wife wants me to buy her out if I still want to keep the house.  We owe £208,000 and the house is worth £340,000. Can you give me any advice as to a remortgage and any legal points.  I really do want to keep the house.  Thank you.


Based on the figures you have given, there is £132,000 equity in the property and I presume that your wife wants her share of this?  The whole scenario really depends on whether or not you can afford a mortgage of around £280,000?

If you can and a lender agrees with you there will be two ways of doing this, either you can approach your existing lender, ask them for additional funds to buy out your wife and at the same time ask them to transfer the property into your sole name or you can approach a completely new lender for a mortgage to repay the existing one and pay off your wife.  It is normally cheaper to approach your existing lender who will charge you a reasonable administration fee plus any new product fees for the further advance, but you may be able to secure a better rate by remortgaging elsewhere.

However you decide to proceed you will need to take independent legal advice and instruct solicitors to execute the change of property title for you.  I have therefore forwarded your request on to our in house solicitors, Rollingsons, who will be in contact with you.

I believe we can help you decide which of the mortgage options is best for you and that you would benefit from speaking to one of our independent mortgage advisers.  Please call 0344 346 3672 and tell the consultant the date and title of your question, they will then be able to guide you further.


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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