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Me and the ex split 6 months ago after I found out she was cheating,my son of 13 stayed with me in the house. Is there anyway to take her name off the house deeds without having to take out another mortgage?she has agreed to remove her name if I don't claim for maintenance for our son. Anyone know a way to do this?
Talk to your mortgage company and tell them.
They will more than likely need some sort of legal confirmation from her.
You need to do a Transfer Of Equity. All depends on what the LTV is and whether the bank will take the risk of it going into a single name.
Call bank and discuss.
you'll need to prove to the lender that you can support the mortgage on your income, as a rough idea take your gross basic + half of any bonus/overtime/car allowance & timws that figure by 4.3, if that figure is less than your mortgage they may not let your wife come off the mortgage, each lender has their own criteria so give em a ring. Legal work will also be involved which will cost less than £150 generally.
[i]she has agreed to remove her name if I don't claim for maintenance for our son[/i]
not sure she can do this?
"if I don't claim for maintenance for our son"
You can agree to this but will mean nothing, you can change your mind at any time and go to the csa.
transfer of equity as previously mentioned.
Get your solicitor to talk to her solicitor and let them sort it out.
Its a fun process.....
Do you have to pay stamp duty again for the transfer ?
transfer of equity as previously mentioned.
Get your solicitor to talk to her solicitor and let them sort it out.Its a fun process.....
Years ago, I did that, agreeing to pay her half the equity of any profit, worked out as the average of 3 independant evaluations.
Pretty simple.
A few years later after the house price had more than doubled she re-appeared with her boyfriend to claim half the "new" equity. Of course I said no, boyf threatend to beat me up, they went away. It cost me £250 in solicitors bills and 3 years on the brealine paying a mortgage by myself.
5 years later I sold it and gained a 5 figure equity sum 🙂
yes she can gift it to you[ i firget the exact legal term] and even sign away her rights even if the mortgage company wont let you take it on yourself - thatis tehnically you do not need a new mortgage which works out cheaper - makes it mharder for her to get a mortgage if named on another one though and iir she is still liable to the mortgage company.
If she goes bankrupt within 5 years they can come after the house
As noted you could go to the CSA anytime after she has signed but it is probably not wise or all that kind.
jambalaya - Member
Do you have to pay stamp duty again for the transfer ?
No. not for taking someone off.
If she goes bankrupt within 5 years they can come after the house
I got a trust deed(scottish debt thing, not as bad as bankruptcy) a couple of years after I signed my house away and they showed no interest in my old house.