Relationship ended - advice from people who have been bought out of a property

[Lilacsandbluebells]

Hi. My partner and I have decided to end our relationship, amicably enough. We own our house together. We have only been in it six months however were in our flat which we also owned for about three years before this. We got about £18k for the sale of the flat which we put towards this new house. Luckily partner has quite a big inheritance from a relative so he is in a position to give me my half of that money and take my name off the mortgage (he paid the initial deposit for the flat so won’t get any of that). Can I have some advice please for anyone who has also gone through this? I think it’s likely the bank will agree to remove my name from the mortgage as he could afford to pay it on his own. Will the bank sort out taking my name off the mortgage and also the deeds to the house or do the deeds need to be done separately? How much does this cost roughly? I’d rather it all be done through the bank as cheaply as possible but not sure if this is feasible.

[PositiveLife]

Slightly different as we were married but I think ours were done separately. There was a few to change the name on the mortgage and then the deeds were done by Ex-husband's solicitor I think. I'm not sure if that was just because we already had solicitors involved.

[chockaholic72]

Slightly different here as well - my brother and I inherited a house (no mortgage) that I got a mortgage for and bought him out. I saw the solicitor first and he had to sort things like the deeds and land registry out.

[TripleTroubleTime]

Solicitors sort out this type of thing.
He needs to engage a solicitor as he will need to re-mortgage to take you off the mortgage and have the deeds amended accordingly.

Costs, depending on whether you go with a web based company (who dont use qualified solicitors for 95% of the transaction) or a proper qualified solicitor will be between £400 - £1200 probably.
It could be less if he stays with the same mortgage provider and just takes a new product with them.

You cant simply call the bank and take your name off the mortgage.

[Toomanycats99]

You will need finances formalised and then it will need to be a remortgage I think.

[suggestionsplease1]

He will first have to prove affordability for the mortgage on his own, so he needs to speak to the mtg provider about that. I had to provide all details of incomes again and they discussed whether I wanted to increase term etc. If they formally agree that he can afford it on his own then he should be able to remove you from the mortgage with minimal fees (for me I think it was about £100 with Santander) rather than having to remortgage altogether (which would have meant early redemption charges if you are on fixed rate - mine would have been £4500).

When bank is happy that he satisfies the affordability then is time to get serious with the solicitor and properly engage one to take things forward with title deeds. My solicitor coordinated with Santander and my ex. So they checked bank was happy and then arranged for my ex's name to be removed from title deeds and received the payment from me due to my ex to buy them out (we had agreed this figure between ourselves). They transferred this figure to my ex's account when the process went through. We both went in separately to sign the necessary paperwork. My ex was told they could seek legal advice themselves as the solicitor was essentially representing me, but they chose not to bother with this and it isn't strictly necessary, although maybe advisable. The solicitor's fees for this process were about £800. So roughly £900 all in for the mortgage removal of name and solicitors fees - in Glasgow.

[Greenkit]

Married
We had the house valued x 3
Went for middle ground
STBExH remorgaged
I paid £50 to get something stamped to say I was off the deeds

Done

[WeekendW0rk1n]

You both need a solicitor ( not same solicitor)