Quick question; assuming my soon to be ex agrees, could our mortgage be transferred into my name so I complete the term. I can’t afford to buy him out now and I can’t afford a new mortgage. Would we have to agree on a trigger point for sale and then he takes his percentage?
Yes, doing this myself now. Your lender will need to check you can afford it on your own and then you’ll both need a solicitor to complete the “transfer of equity”. There’ll be a further step to agree how much his share should be on sale. I’d recommend getting your house valued now so you know what numbers you are working with.
Thanks for the response. Our children are young, 4 and 7. Did you have to agree on a trigger point for sale, such as your youngest turning 18? That’s a long way off for us so not sure he will agree to that. Our mortgage also only has 11 years remaining, not sure what happens in that circumstance?
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