Which professional(s) do I need?

[MortgageConundrum]

I’ve posted this on Legal as well, as my query is part legal, part financial.

I’m not sure if I need a solicitor, a mortgage advisor or a financial advisor, or all three! Or someone else entirely!

My DP has been separated for some years and is in the process of divorcing. The amount of the divorce settlement has been agreed and the majority of this amount is his STBXW’s half of the equity in the house.

The plan is for me to sell my house and use the equity to buy STBXW’s half of the house. DP will then pay the difference between that and the agreed settlement to his STBXW.

DP & STBXW have a joint mortgage on the house (variable rate, no penalty). When I buy the STBXW’s share of the house, DP and I will need a joint mortgage in our names.

DP’s solicitor is a family law solicitor but the firm they work for also do conveyancing. Ought I use that firm of solicitors for the conveyancing when I buy STBXW’s half of the house? I’m thinking it might be easiest to use the same firm that are handling the divorce so they can coordinate my purchase of the house with the divorce settlement, so that the purchase money officially/legally gets counted as part of the settlement.

(I am using an online conveyancer to handle the sale of my house, but I think as this situation isn’t straightforward, I might be best with a “real life” conveyancer. The sale of my house is likely to complete before my purchase of STBXW’s half of the house, so the two transactions do not need to be coordinated)

In terms of changing the current mortgage from DP & STBXW’s names into DP & my names or closing the current mortgage and taking out a new one, do we need a mortgage advisor or a financial advisor?

Or could the solicitor or conveyancer deal with changing names on the mortgage so we keep the current mortgage and at a later date choose a fixed rate?

I’d be grateful for any suggestions as to which professional(s) to use to make it the least complicated.

You need your own independent solicitor as your interests may not be the same as DPs. Personally I would go with a different firm of solicitors.

For the sale of your house I see no reason why you can’t continue with your conveyancer. Given the funds from the sale will be needed shortly I would just put the money in a high rate savings acct. If over £85k look at NS&I as they guarantee more. No financial advisor needed.

For the purchase of a % of DPs house I would suggest a conveyancing solicitor from a different firm. This is because you need to be clear are you owning the house as joint tenants or tenants in common. For the latter a deed of trust is needed if % are different to 50:50. You also need to consider a will. Your solicitor will advise you what is best for you, pros and cons etc.

For the joint mortgage your DP and Ex should start by talking to the current lender. They will advise what you can and cannot do with the current mortgage - including whether you can take over from ex (I doubt it). Your DHs solicitor should be sufficient to deal with legal aspects.

You and DH then need to talk to current lender/mortgage advisor to secure a joint mortgage. Start with the current lender first as this may be cost effective.

I would only see you needing a financial advisor for medium/long term savings/investment advice.

Thank you @Premiumbondbaby I had been wondering where to put the money from my house for the short period before I buy STBXW out, due to the limit for compensation if the banks collapse. I’ve never had savings so I’ve never needed to think about splitting money across different banks!

I will find a different conveyancer for the purchase, not the same firm that are handling the divorce.

I already have a will but I know DP doesn’t, despite my nagging, so need to nag harder. His death in service benefit for his pension is already set up to be paid to be, but we’ll need life insurance when we get the joint mortgage.

we won’t be needing a financial advisor for long term investment advice!

You get a higher temporary balance protection for 6 months for the sale of a house (or other life events) so no need to spread the money around if you are buying within that timeframe.

Ask the current lender if they accept a transfer of equity removing ex and replacing with you. It will need to be fully assessed but you should be able to continue the current deal.

www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/