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Advice on buying ex husband out of the home

4 replies

171daystogo · 28/02/2021 21:38

Hey everyone
I wondered if anyone could give me some advice on how I would buy my ex out of the home.
Am I right in thinking I would need to remortgage (increasing the mortgage by the amount I need to pay him his share of the equity)
Also does anyone know if I would need to get solicitors involved etc to have his name removed from the mortgage?
Any advice or info would be amazing!
TIA

OP posts:
loveisagirlnameddaisy · 28/02/2021 21:48

You'll need to get market valuation and calculate total equity and then give him his share. You don't need to remortgage to do this but it's usually the only way to magic up the cash needed.

Then you'll need a conveyancer to sort out the paperwork and lodge this with land registry.

PerfectlyImperfectx · 28/02/2021 21:50

Yes you’d need a mortgage to buy your ex out. It’s called a transfer of equity and is fairly straightforward as long as you are able to borrow the amount you’d need

YolandiFuckinVisser · 28/02/2021 21:52

I did this about 10 years ago, I got valuations from 3 Estate agents, took the middle one and remortgaged in my name only for the cost of half the equity to pay him off.
We had to get a solicitor to do some paperwork (transfer of equity I think, can't remember now but it's just a document we both had to sign, not too expensive as far asI recall)
The only real issue I had was finding a lender that would give me a mortgage due to my low income, got it sorted in the end though.

171daystogo · 28/02/2021 21:55

Thankyou everyone sounds like what I expected.

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