buying out spouse...best option?

[noanoa]

Hello
My husband and I separated several years ago. We have reached a settlement, through a solicitor, about our house and a divorce.
Since we separated, I have been living in the house and paying the mortgage; I am now offering him a lump sum to sign the house over to me.
Should I use my savings to buy him out; (I would need to borrow some money to make up the agreed lump sum), would this have any tax/mortgage implications?
Would I be better off borrowing the shortfall as a personal loan or re-mortgaging the house?
Or because my current outstanding loan on the mortgage is small, if he was agreeable, could I pay off the mortgage in its entirety and then re-mortgage the house for all or some of the agreed lump sum amount?
Any advice would be useful.
Thanks

 

[mf1]

"Or because my current outstanding loan on the mortgage is small, if he was agreeable, could I pay off the mortgage in its entirety and then re-mortgage the house for all or some of the agreed lump sum amount?"


As part of an overall deal, you could arrange a new mortgage on the house in your name only at the same time as the property is being transferred into your name only. As the house will be yours, you do not need his consent.

The only issue at the moment is that getting (a) loan approval and (b) the actual funds from a bank is a nightmare from start to finish and it could take some time.

mf