In what order - house?

[freshstart2022]

Hi,

Myself and my husband have decided to separate but it is all very amicable. The plan is that I buy him out of the house. I am going to remortgage in just my name, and then we're going to do a transfer of deeds. I have just got the ball rolling with a new mortgage but is it ok to do it in this order? There is so much information online, but I can't quite seem to find the answer to my question. Or does it not matter?

Thanks

I don't know about what order you should do the remortage and transfer of deeds in, though I imagine the mortgage company would want the house to be in your name? But the important thing to remember is that is you are still married it's a marital asset and still belongs to both of you. So lets say you pay off £20k of equity over the next couple of years, half of that is potentially his. Are you planning to divorce? If so, I'd crack on while it's still amicable and get an agreement on how assets will be split.

Hi @freshstart2022 I'm in exactly the same position so keen he hear what other people advise or if they have had past experience.

The deeds will be transferred into your name as part of the re-mortgage.

I don't think they can take XH off the deeds if he is on the mortgage. I recall my XH signing a Declaration or Deed of Transfer etc, that was held until I got the remortgage sorted and then it was all put into my sole name.

I would get that document drawn up now so that it doesn't hold up your remortgage. Your divorce solicitor should be able to advise exactly what is needed.

Ex-husband bought me out. It was all done as part of the divorce and financial order.

We'll be starting the divorce process next month when the no fault divorce comes in. We're planning to keep things as simple as possible so won't be using a solicitor for the divorce. We have agreed to get 3 different valuations and go with the average. From that we'll work on the equity with how much the mortgage was when he moved out. I will then be buying him out with half that equity.

All he wants is half that equity, we are not touching each other's savings/pensions/etc. maintenance and contact has been agreed between ourselves and it all seems to be working well. Thank you

@skyeisthelimit

The deeds will be transferred into your name as part of the re-mortgage.

I don't think they can take XH off the deeds if he is on the mortgage. I recall my XH signing a Declaration or Deed of Transfer etc, that was held until I got the remortgage sorted and then it was all put into my sole name.

I would get that document drawn up now so that it doesn't hold up your remortgage. Your divorce solicitor should be able to advise exactly what is needed.

Thank you. Will look into this

The bank will probably tell you a bit about the steps.
They may want you to use a conveyancing solicitor in any case? (maybe theirs)

we did this last year, ExH took out a mortgage to buy me out. He had a coveyancing solicitor who arranged all the documentation for the transfer and sent it to me to sign. I didn't need a solicitor.
Once the mortgage went through to money goes to the solicitor who then paid me.
It cost him about £1000 in the solicitors fees.
Make sure you get your financial agreement turned into a Consent Order that gets signed off by the court before you apply for your Absolute.

The transfer of equity and remortgage get done on the same day. If you are remortgaging to remove him he will sign over the deeds etc first it all gets overseen by your solicitor who acts for you not him (it’s usual for other party to get own legal advice if they want to on a transfer of equity).

However you sort out the remortgage/transfer of equity, you MUST have a financial agreement when you finalise the divorce, otherwise both of you could come back and make a claim on the other.

At the very least get down in writing what you've both agreed now, then its just a case of rubber-stamping later.

Amicable divorces can go wrong and become very hostile, very quickly.

Are you sure you have a full idea of the whole financial situation - pension CETV can be VERY different to the figure you get on your annual statement. One of you may end up SIGNIFICANTLY better off than the other post-divorce if you do not take any legal advice at all, and it may not be approved at court.

We separated, then sold the house (completes next week) then we will file online for divorce then complete the consent order (need it to split the pension) I've found an online solicitor to certify the paperwork (basically I wrote the consent order they put it on the right paperwork). We have no under 18's and our spousal maintenance agreement is private

Thank you everyone. There's so much to sort! We're not even looking at each other's pensions. We have no interest in that. We will sort a consent order as is advised but all either of us intend to do is to make sure my stbxh has his share of the equity and then continue to co-parent and stick to being the good friends we are.

Are you sure about the pensions? Women often miss out on thousands because they don't look at pensions in favour of house equity, but if your pension pot didn't grow like his did while having kids etc then this can be a massive disparity when you retire. At the very least, ask him to request a CETV and you do the same and just look at it. We are looking at our pensions from when we met (we both started new jobs at the same time) so direct comparison for the period of time we were together.

Even though you say you have no interest in each others financial affairs it is still necessary to have a financial order via the court.

It is not just about now it is about the future and whether or not one of you will change your minds and feel you have a right to the other's money or assets.

It really is essential to have it in place before the absolute.

@Avidreader12

The transfer of equity and remortgage get done on the same day. If you are remortgaging to remove him he will sign over the deeds etc first it all gets overseen by your solicitor who acts for you not him (it’s usual for other party to get own legal advice if they want to on a transfer of equity).

I started a thread about this yesterday as I’m in a similar position.

I know the TR1 form and the remortgage must be processed on the same day.

My question is, once we have both signed the TR1 form, how much longer is the wait until completion? I can’t get hold of my solicitor, which is really annoying. Surely it can’t be much longer now? Has anyone else done this?

The completion date is when your new mortgage kicks in you set that and tell the solictor the date. They apply for the funds from your mortgage company etc so should be no delay if everything in place

@KimCheese

Are you sure about the pensions? Women often miss out on thousands because they don't look at pensions in favour of house equity, but if your pension pot didn't grow like his did while having kids etc then this can be a massive disparity when you retire. At the very least, ask him to request a CETV and you do the same and just look at it. We are looking at our pensions from when we met (we both started new jobs at the same time) so direct comparison for the period of time we were together.

If anything my pension is worth more than his. We've both got our own savings pots, etc and are happy to stick with what we have. I have no interest in his pension, he has none in mine. I do understand where people are coming from and I really appreciate the advice.

Well, as long as you're not just being overly polite about it!