Anyone experience of buying spouse out of house

[27penny]

My H and I are separating, after much discussion of how we will split he has decided to try remortgage enough to buy me out. Loan to value is quite good, decent equity, does anyone have experience of how it works? Should I speak to solicitor first or do we approach banks... how straightforward or not can it be?

I'd be interested in this too. I'm not sure how practical it is.

It doesn’t matter much which way round you do it (bank/solicitor). This is a transfer of equity, and we do them at work all the time. Get a quote from a few solicitors and he can deal with the bank as he’s the one getting the mortgage.

It’s fairly straightforward, just let the solicitors do the work for you.

Generally speaking, we’d get a redemption statement from your current lender and then deal with all the requirements of the new lender before requesting the completion funds. There will be forms for you to sign, such as the transfer deed.

The existing lender would then be paid off, any funds given to you; and then the property registered in his name with the new mortgage.

Thanks so much for the replies. Would the solicitors work in the separation agreement with that or how does that work

You would need to speak to the mortgage provider first. They may be able to port the existing mortgage to him and then offer further funds. If you have an existing deal, it is worth starting here as then you can keep the favourable rate. Whereabouts are you with the divorce? It is worth getting the finances finalised first before doing this, in case the home needs to be sold. (Though he can still check with the mortgage provider how much they would lend so he knows if it is possible)

And it will most likely be a separate solicitor for sorting divorce and mortgage - different type of legal service. If you're amicable, you'll only need a divorce solicitor to write the consent order (which puts in legal speak how you are splitting the finances). There is a divorce board on MN, you will find loads of info on there and Advice Now guides on divorce are pinned to the top of that board.

We have not applied for divorce, not in uk so haven't been separated long enough to apply. Thanks for the information. Will contact banks first so the see if it is possible for him to get the funds i guess. Hopefully be more straightforward than trying to sell 🤞🏻