Family home - buying out spouse due to separation/divorce

Pieface

Registered User
Messages
67
Hi,
I am going to buy my husband out of the family home due to a separation. I will take on the mortgage on my own and the bank (mortgage lender) has agreed to increase the mortgage amount to include the buy out amount. When contacting a solicitor, do I call this a remortgage or am I buying a second hand property? I am not switching mortgage lenders and therefore I am not sure if this is a remortgage.

Is there any stamp duty or CGT or any other taxes that I would be liable for?

Thanks.
 

RedOnion

Frequent Poster
Messages
6,194
When contacting a solicitor, do I call this a remortgage or am I buying a second hand property?
Best to explain exactly what is it, and the solicitor will tell you what's involved.

Is there any stamp duty or CGT or any other taxes that I would be liable for?
Depends on the exact stage you're at.
If you're separated, but still legally married, there's not CAT or stamp duty.
 

Northie

Registered User
Messages
103
When contacting a solicitor, do I call this a remortgage or am I buying a second hand property?

As RedOnion says tell the solicitor you're looking for conveyancing following a separation. Very straight forward assuming the separation is complete.

Solicitor will guide you. But for me it was a initial meeting to give copies of relevant documents, including separation agreement and then final meeting to sign mortgage docs.
 

dubdub123

Registered User
Messages
431
Its referred to as a Transfer of Equity. Do you have a solicitor already that dealt with the separation? Might be more straightforward to use same practice
 

Thirsty

Registered User
Messages
3,769
The family home is only one aspect that needs to be dealt with, please make sure you get full legal advice.
 
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