Separating and buying new house query

[GreediestDog]

Humph. I am separating from husband and had my own mortgage approved, offer accepted on house, conveyancing underway.
Ex husband is moving to new employer so can’t supply 3 months payslips etc to take over our existing mortgage yet, to enable the transfer of equity.

Will I have no option but to purchase my own house as second property, pay more stamp duty, then claim it back?

otherwise I’m worried my own purchase might fall through as vendor keen to sell and there were a lot of offers.

Really can’t face the thought of another 3-4 months living in the same house and also possibly my purchase falling through 🙁

You really don’t want to have to purchase this property as a second home OP!!

@Surprisedavailable81 I know!!! 🫣 I know there’s no magic solution, just having a little crisis about it over on Mumsnet instead of in real life 😂

Conveyancing underway?

You have really jumped the gun here Op. big time

Is your property even on the market?

I’m assuming the ex is staying in the marital home and would take over the mortgage they have together, were in not for the fact that he doesn’t have the required proof to be the sole mortgagee.

I don’t see an alternative, if you aren’t able to wait until he has the proof he needs.

I feel sorry for the owners of the property you’ve had an offer accepted on

We are doing the same thing. Still married although have filed the divorce, we are buying a flat for exH to live in (it’s near DD’s college which will cut her commuting time by a lot if she stays with him on college days). The flat is going to be classed as a second property so will have to pay the extra stamp duty and claim it back once the divorce is done and we sell/I buy him out.

The reason we are doing it this way is I cannot decide whether I want to stay and buy him out of the family home or whether we should sell and split the difference. Our DCs are 18 and 16 and both at a time of change so I’d rather see how things are in a year before deciding. In the meantime we are quite happy to own both properties and make the decision on the family home when ready. We are amicable though and have equal pensions etc.

I think you need to let your new property go and wait until you are fully ready to purchase. In the meantime rent?

How far along in the divorce process are you? Your new home is going to be a joint marital asset. He could put a claim on 50% of both homes!

Are you on the mortgage at the marital home?
If so your new mortgage will require you to be off that mortgage or be able to prove that you can afford to pay ‘both’ mortgages as you will be liable. I just bought my ex out of ours and there was all sorts of proof required by the solicitors (copy of the financial order etc).
Dont you need your equity as a deposit? What if your ex doesn’t get a mortgage on the home (through choice or otherwise)?

I would delay or pull out of the purchase until you are in a position to buy or at least get some conveyancing advice before spending any more money.
And no way I would pay 2nd property stamp duty as you are on a time limit to claim back and it’s not cheap!

I don’t understand why people are saying that the OP needs to pull out. As long as she passes the affordability checks to afford both mortgages (this must have happened if her second mortgage is agreed) and she has a deposit saved whereby she doesn’t need the equity from the family home yet (again this will have been evidenced) then she can proceed with her purchase?

The main implication is the increased stamp duty due to the second home surcharge (her new property will be classed as a second home). This will then be refunded as long as the divorce happens within 3 years when the marital home is either sold or she is bought out.

Yes her STBXH will be entitled to 50% of all assets but then that’s the case anyway, he would be entitled to 50% of the deposit money she has whether it’s sat in the bank or as equity in a property. A fair split will need to be agreed regardless.

Renting is not always as easy as people think, many look at renting the same properties and if the landlord/agent thinks you’ll be looking to buy soon you won’t get a look in.

We successfully had extra stamp duty refunded it was actually an incredibly easy and quick process so don’t worry about it as long as you can afford it. If you have family who can lend you money it’s really not a long process to get it back so you’d be able to pay back the money within a few weeks of selling main house

Surely the current property isn't going on the market. The XH is buying her out.

I see you've edited the salient point I was responding to out of your post after I replied.

I'm not sure that's really in the spirit

Can your husband stay with the current mortgage supplier and transfer that mortgage to his name only? I know when I split my bank we’re happy in principle for me to take it over based on my current salary, they didn’t redo affordability checks because they could see my income, they said as long as I could produce paperwork to show I had done the necessary in terms of him receiving the equity needed and legal confirmation he was happy with the transfer they would simply extend my existing mortgage product. I the end we went a different way but it was certainly an option. Might be worth him checking with his current provider if he hasn’t already.

Sorry I see they’ve asked for 3 months pay slips, can he not provide them for his current job, or is he currently unemployed, in which case he and therefore you aren’t in a position to proceed.

If he hasn’t even started the new job, why doesn’t he put the Application in using his old wage slips they’re unlikely to check again. If you’re more cautious, someone do you like the Halifax will lend against you just having a contract of employment? You don’t even need to have started.

You say he is ‘moving’ rather than ‘moved’ to a new job?

Can he sort his share of mortgage really really fast?

You and he both talk to mortgage advisors v quickly.