My partner has a property with his ex. She now has a new partner and he is willing and happy to have the house signed over to him as my partner wants to get rid of it... hes not asking for any money or to be brought out from it we just want a clean break... i spoke to a mortgage adviser and asked him if it was possible to sign the property over to him... he said this is possible what you need to do is go to the lender(RBS) and ask for a 'Transfer of Equity Application' It will cost about £150 for the bank to process this application then a possible £300 in solicitors fees. Is it this simple and is there any other hidden cost? Also what steps do we take, do we get a solicitor first and then go to the bank or will the bank advise him on when to get the solicitors involved? The mortgage is for 115.000 this other guy has a full time job and can afford it. what are the reason to why it wouldn't be possible? Please help if u have been in this situation!!
Answer by Rebecca
Get the Atty/ Solicitor and make sure this is done right. IF it is NOT it will come back to haunt you. In the mean time sign nothing that gives away the house BEFORE his obligation on the loan is released.
Answer by Jabberwocky
Hi Sophie,
If your partner is absolutely sure he just wants to sign over without being paid anything for his share of the equity in the house (assuming there is any) then it is as simple as you say.
You need to find a solicitor first. You instruct them to act on your partner's behalf in the Transfer of Equity. They will ask you to provide them with the mortgage details - ie Company, account no. etc. They will then do everything for you.
It's pretty straightforward really. They will handle it all and then, when they get all the relevant paperwork sorted for you they will ask both your partner and his ex to sign it to agree the transfer and then it's done.
I did it myself last year although in my case there was quite a large amount of money involved as I was buying my ex out so that had to be taken into consideration but in your case, as no money is changing hands, it should be fairly quick and painless.
Answer by sophieb
Here in the US we so a simple Quit Claim Deed. The problem with that is that it means signing it over to the other person without any remuneration. The female in this situation needs to get an attorney to do the Quit Claim Deed for her (cost is minimal) and then if she wants some money from it's sale there needs to be an addendum upon sale. She probably put some work into the home which she should be paid for. It's only right.
Give your answer to this question below!
Orignal From: Mortgage Advice... PLEASE HELP!?
Post a Comment