Transfer of names on Deeds - Separation/Divorce

[brokendown]

Wife and myself are going through a separation/divorce. - Im buying out the ex's interest in the property. To do this I need to borrow - however the deeds are currently in joint names - so the loan would have to be signed by us both, which poses a problem. Its basically a matter of timing, if not a catch 22. (she wont sign over deeds til she gets her money) Anybody been through this or could shed some light on a way through this?

 

[PM1234]

The easiest way of doing this is by taking a new mortgage over the property in your sole name. Your lender will make it a condition of the offer that title is to be transferred into your sole name and that your spouse will have no further beneficial interest in the property.

Your solicitor will provide an undertaking to the lender that this work will be completed and once all the loan conditions and solicitors documentation has been received, you will be able to drawdown the new mortgage. You will then be able to pay your spouse her share of the property.

This is dependent on your mortgage eligibility and value/equity in the property.