Transfer of Equity

[RunningWithSharpScissors]

We have some buy-to-let properties (mortgaged), which we are considering splitting, i.e. transferring from joint to sole names, as part of our divorce. Has anyone used this online conveyancing service conveyancingbrokers.co.uk ?

[cjel]

I didn't but the mortgage companies wanted to change the amount of equity to have my name removed which meant that my ex couldn't afford to do it so we had to sell the properties.

[RunningWithSharpScissors]

Thanks cjel I've phoned the mortgage brokers today to ask about this sort of thing. They said that they couldn't give me a specific answer, they needed financial details first, but that usually they either asked for a reduction in the mortgage term, e.g. 5 years on a mortgage that's finishing in 2020 anyway, or a partial repayment as part of the 'deal' as well as an £800 fee

[cjel]

Yes that's what happened to us and they wanted him to put in an extra £20,000 which he wasn't prepared to do , he suggested leaving things as they were, with me having signed over house on settlement agreement but still legally liable for 180,000 mortgage!! I suggested he sell!!!