Buying out half a mortgage in a co-ownership agreement

[sunnysj]

I currently own a house with another party, 50:50 split. The other party wants to sell their half, but I want to stay, and we have another person willing to buy their half. Any ideas on what we need to do to switch the mortgage from one name to another.

 

[Vanilla]

You have to take out a new mortgage and pay off the old one, and transfer the ownership through your solicitor.