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Divorce and buying him out of the home.

(5 Posts)
FV45 Mon 06-Jun-16 12:30:14

I am buying stbx out of the family home.

On talking to mortgage people it's clear that they can't give me a mortgage for the house until the Deeds are in my sole name.

It is unlikely stbx will sign the house over to me until he's sure he's going to get money (fair enough).

How does this work then? Does it have to happen at the exact same time? Who would know about this? My solicitor (££££), the mortgage people (so far they seem a bit vague), or a different solicitor experienced in house sales?

Why do I feel like I'm the first person to have done this.....sigh.

Ta.

Lonecatwithkitten Mon 06-Jun-16 13:31:14

You get all the paperwork in place so that your ex gets the money released by the larger mortgage, the deeds get transferred and the mortgage draws down on the same day. Similar to a house purchase. A good conveyancing solicitor will have done this before, but you may want to tie it into to the financial consent order of the do rice.

MarlowWills1 Mon 06-Jun-16 14:40:12

As LoneCat says, you need a conveyancer. When I was a divorce lawyer I'd just hand my client over to our conveyancing department and we'd dovetail it so that completion took place within the time period stated in the consent order (usually 42 days from the date of sealing of the order). Therefore you need to get agreement in principle from the lender before you commit to the consent order.

FV45 Mon 06-Jun-16 15:46:36

Thank you both very much, that's exactly what I needed to know (and you saved me some money....huzzah!).

MarlowWills1 Mon 06-Jun-16 16:28:45

smile

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