How long does it take to leave a shared mortgage?

[HelpMeHaveAVoice]

I'm having a little panic and wonder if anyone can fill me in until I get official advice.

Divorce has not been finalised yet so I'm still on the mortgage with my ex partner. Ive seen a house I like and want to go for it rather than waiting until divorce is officially done. So if I make an offer now will I be able to come off the shared mortgage in time or should I have done that already?

I can't get a new mortgage until I'm out of the one with my ex. He is going to buy me out using some savings.

Thank you

What about your equity in the mortgage? I wouldn’t be taking my name off until that is sorted.

He's giving me the equity out of his savings...we have agreed on the finances. I'm happy with the split.

I take your point that that needs to be transferred over at the same time as me coming off the mortgage.

I just don't know how long all of that takes.

The timing really depends on how motivated your ex is to get this sorted and the efficiency of his solicitor and mortgage lender. I think the average is about 6-8 weeks.

He will need to instruct a solicitor and apply to his lender to do a change of borrower if he wants to keep the same mortgage or lender. Alternatively he might remortgage
, which might take a bit longer.

Essentially this needs your ex’s agreement and cooperation. Even if your are amicable it won’t be as big a priority in his life as it would be in yours. Basically whilst you might complete and review paperwork straightaway he might not. This will not be him trying to be awkward or difficult, it just won’t be an immediate priority for him.

You know him so you will know how organised he is and how he reacts to being pushed to do things. However it’s worth remembering you aren’t together anymore and you don’t have the influence you once had on him. The boundaries are different more akin to one you might have with a work colleague you want to do something.

Only once your ex partner has got the mortgage in his own name.
The first big question is whether he will be able to borrow the amount of the mortgage on his own - will the bank permit it?
This could be done concurrently with your new purchase but might delay it. Check that he can borrow the required amount before going any further.

@LemonTT thanks so much for saying that. It is good for me to remember that his priorities are different to mine...rather than me taking it personally.