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Divorce/separation

Here you'll find divorce help and support from other Mners. For legal advice, you may find Advice Now guides useful.

Original poster

Separation and taking over mortgage

8 replies

cleanbreak2022 · 28/12/2021 19:50

Hi there,

First time posting so go easy!

I'm in the process of separating from my partner of 15yrs. His decision, not mine.

We have a house and 2 young DC. We're not married and the house is in both our names.

He wants to walk away with a payoff amounting to 12 months rent of a 1 bed flat. We have around £260k equity

I am the higher earner and have had it agreed with my mortgage lender that I can remove him from the deeds and take over the mortgage.

As we are not married, is this all I need to do? The mortgage lender has said he will have no legal recourse to the property once he is removed from the deeds.

He has said he is willing to walk away so the children can continue living with me in their home and stay at the same school (older one is 7 and youngest 15mos)

I've read various posts and I'm not sure this is completely doable. The solicitor I spoke to suggests some orders being drafted but is this necessary?

OP posts:
Tippexy · 28/12/2021 19:53

You will need to secure a mortgage in your own name, file a transfer of equity form with a solicitor, and agree at that point how you will split any equity that has accrued since you bought it. First step would be speaking to a solicitor and getting valuations from estate agents to work out the approx. equity.

Original poster
cleanbreak2022 · 28/12/2021 19:54

@Tippexy

You will need to secure a mortgage in your own name, file a transfer of equity form with a solicitor, and agree at that point how you will split any equity that has accrued since you bought it. First step would be speaking to a solicitor and getting valuations from estate agents to work out the approx. equity.
I've done all of that, we know and agree on the equity and I have the mortgage in principle.
OP posts:
Tippexy · 28/12/2021 19:58

In that case you are all set. Once it’s all gone through and he has received the agreed equity, he won’t have any further claim on your asset Smile

Original poster
cleanbreak2022 · 28/12/2021 20:01

@Tippexy

In that case you are all set. Once it’s all gone through and he has received the agreed equity, he won’t have any further claim on your asset Smile
Amazing thank you.

I was told that I needed a family solicitor too, to agree the settlement. I was hoping it was as simple as I thought, but there's always something that comes crashing down!

Smile
OP posts:
Soontobe60 · 28/12/2021 20:05

Blimey, you’ve got £260k in equity and you’re giving him what, £12k? Why so little? He will need to provide a home for his children to stay won’t he? So he’d need at least 2 bedrooms.

Tippexy · 28/12/2021 20:07

Great Smile Out of interest why is he happy to receive an unequal percentage?

Original poster
cleanbreak2022 · 28/12/2021 20:08

@Soontobe60

Blimey, you’ve got £260k in equity and you’re giving him what, £12k? Why so little? He will need to provide a home for his children to stay won’t he? So he’d need at least 2 bedrooms.
That's what he's asked for. Don't ask me why! He's willing to walk away for that. I'm not going to offer him more.

I asked him to name his figure and that's what he came to me with

OP posts:
Original poster
cleanbreak2022 · 28/12/2021 20:09

@Tippexy

Great Smile Out of interest why is he happy to receive an unequal percentage?
I can't borrow the full amount required to buy him out and he wants to children to stay in their home and the local school. Prices have surged near me and he agreed that they need to stay in their home and have that stability
OP posts:
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