Morning all, I have only just joined and am so grateful to be able to do this. I have been in a separation for three months and things are heading to divorce. My question is, if my partner agrees to me having sole ownership of our property what are the costs to have his name taken off our mortgage and do I remortgage or just keep the same rate etc as I am on at the moment.
Welcome to wikivorce. As you are in Scotland, the rules about division of finances on divorce are different so I do not know whether what you are proposing would be ok.
In terms of costs. You need to remove his name from the deeds. This in England needs a form Tr1 and costs around 400 if you use a conveyancer. The mortgage costs will depend on the lender. You may have to keep him on the mortgage if they won''t lend based on your income alone in which case the mortgage would stay as is. Leaving the current mortgage may mean you have penalties to pay. There may well be an arrangement fee for a new mortgage.
I suggest you go to see an independent financial advisor.
There are four steps which should be considered before making a decision about the financial arrangements. Please note that matrimonial property is that which is accrued between the date of marriage and the date of separation.
1. Establishing the date of separation on which the married couple cease to cohabit as man and wife.
2. Identifying all the assets owned jointly or individually by a couple at the separation date including the house, furnishings, a car, pensions, savings and investments and any outstanding liabilities (mortgage, car finance, personal loans, credit card debts etc) in existence on the date of separation.
3. Determining any non matrimonial property by looking at the individual assets and seeing the circumstances in which they were acquired. Assets owned by either party before the marriage or those gifted or inherited are not matrimonial property.
4. Valuing matrimonial assets as at the date of separation, for example, by providing statements for savings, asking insurance companies for surrender valuations of endowments and pension providers for the Cash Equivalent Transfer Value. Endowment policies and pensions started before marriage are apportioned for the years of the marriage. It''s best to have agreement before having the house valued by a Chartered Surveyor. The liabilities are deducted from the assets to provide the net value of matrimonial property.
Regarding costs for transferring the mortgage, that is something that a independent FA (as hadenoughnow has said) can advise you on, or the mortgage company themselves. One of the problems facing divorcing couples currently is that many mortgage companies won''t accept a transfer from joint names to a sole name - but this is a matter for you to discuss with your mortgage company.
is the law different in england regarding matrimonial property ie up to date of seperation? as i am 4 years later in the process and still not agreed a settlement i am unsure if assets are taken into account for now or from date of seperation as i have paid 5k of joint mortgage since seperating