Having gone through all of this, not that long ago… 🙂 You don’t need to have a solicitor to work out what you want to give him for the house, if you have had a amicable split then you should be able to work it out. I would get the house valued and then you know what equity is in the house. (Don’t include anything in the house because if you sold that, you would get pennies for it)
You will also need to go and see the mortgage company and let them know that you are wanting to take over the mortgage , they will check to see if you are able to, they will also look to see if it needs to be higher to cover his buyout figure. (unless you have savings to do this)
Once you have reached an agreement and the mortgage company have said yes to the takeover. you will need to have a solicitor as they will need to do the title and deeds transfer, so that your ex doesn’t have a claim. they might advise that you need to have a financial court order drawn up and this will then mean that, if you ever want to sell the house in the future. your ex will have no hold over the house.
hope this all makes sense, happy to answer any questions about it as I am coming to the end of buying my ex out and it will hopefully be all done, within the next couple of weeks 🙂 🙂
Privacy & Cookies Policy
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.