Selling fully owned house due to marriage split

L

Little Sparrow

Registered User
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Hi All,

I am knew to Askaboutmoney and cannot find anything related.

I am currently splitting with my wife and we own our house outright. We are trying to get the bank to mortgage the house so that I get 50% as we built it together with all our savings over the years.
Do we need external valuations apart from the bank?
Do I need legal representation or can this be done by ourselves saving costs?

Any help and advice would be much apprecitate.
Little Sparrow
 
> Do we need external valuations apart from the bank?

Presumably you both just need to agree on a fair market valuation?
You might be able to do this by looking at asking/selling prices in the area for similar properties.
The Property Price Register is where to go for these.
Otherwise you might want/need one or more estate agents/valuers to value the property and then agree on a value.

> Do I need legal representation

I would imagine so.
I presume the idea is to release 50% of the property value via a mortgage, that money will go to one of you and the other will retain the house in their sole name and service the mortgage alone?
You will probably need a solicitor for at least the conveyancing of the property from joint names to one sole name.
And to be honest you (separately) probably need some sort of legal advice on structuring the overall separation (and probably ultimately divorce).
 
Can you re-write the question? To explain it better?

Like this.

I'm separating, I own a house jointly, mortgage free, with my wife.

(this is what I think you're saying). She wants to buy me out and give me 50% of the value. She needs to get a mortgage from the bank to do this. She can/cannot afford the mortgage on her own

If that is what you're asking then you really do need to be talking to solicitors. Are there any children? Are there other assets? Where are you going to live?

At the very least, you both need solicitors for the conveyancing.

mf
 
Hi Clubman and MF,

Sorry for my vague post. I will have to see a solicitor so. As MF said:


I'm separating, I own a house jointly, mortgage free, with my wife.

She wants to buy me out and give me 50% of the value. She needs to get a mortgage from the bank to do this. She can afford the mortgage on her own. We have two children and there are furniture assets worth about 30k but I am not sure whether to pursue that as things are very amicable so I want to keep it that way.
I am renting at the moment but when this is finalised I intend to buy a house close by so that I can have the kids for a few days each week.

LS
 
Unless you have valuable antiques, I doubt your household furniture would fetch 30k ok the 2nd hand market. It may be insured for that amount, doesn't mean you can value it at that.

I'm guessing your children are grown up?

Money paid as part a divorce settlement is not taxable.
 
Little Sparrow said:
We are trying to get the bank to mortgage the house
Click to expand...

Why are you saying "the bank"? It should be "a bank". If you have a good relationship with a bank, by all means contact them first. But check to see if other banks will help you.

I think that your first step is to get loan approval. When you have that you can talk to your solicitors.

I have an idea that lenders are not remortgaging at the moment, but I may be wrong.

If the bank is not remortgaging, they may lend you jointly to buy another house for you to live in. This is a bit messy but it would be an ok solution if your wife can't remortgage.

Brendan
 
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