Rough estimate on price of removing my name from mortgage

Hopefully this is in correct section, mods please move if needed, thanks.

So, long story short, I had a mortgage with my ex girlfriend, but we split. She is now trying to get my name off mortgage, which is fine with me. She wants me to pay the cost of having my name removed, which is also fine with me. Does anyone have any idea how much this part alone should cost, or will the solicitor just charge everything in one go. Obviously, I don't want to pay all the costs of switching mortgages for her and her partner, so just want to know what I will be liable for. Thanks in advance.

Few threads on this on the forum.
Usually it is the banks that say no about removing people from the mortgage as you are removing a guarantor from the loan.

Could you clarify?

She and her new partner will take over your obligations on the old mortgage deed? Or they are getting a new mortgage to discharge the current mortgage? The second option is far more attractive for you.


The nett effect of a new mortgage will be that the old mortgage is paid off. So your name is no longer on the mortgage.

If it is the case that the Bank won't agree to that, why would they allow the same people take over the old mortgage?

You could ask for the solicitor to give you an estimate for fees and a breakdown of what portion relates to you but it should not be a lot.

mf

mf1 said:

Could you clarify?

She and her new partner will take over your obligations on the old mortgage deed? Or they are getting a new mortgage to discharge the current mortgage? The second option is far more attractive for you.


The nett effect of a new mortgage will be that the old mortgage is paid off. So your name is no longer on the mortgage.

If it is the case that the Bank won't agree to that, why would they allow the same people take over the old mortgage?

You could ask for the solicitor to give you an estimate for fees and a breakdown of what portion relates to you but it should not be a lot.

mf

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Hi MF, from what I have been told it will be a new mortgage to replace the old one, thereby removing me from all obligations (I hope). Thanks for the input.

PaddyW said:

Hi MF, from what I have been told it will be a new mortgage to replace the old one, thereby removing me from all obligations (I hope). Thanks for the input.

Click to expand...

I am confused, Its not just about the mortgage. What about ownership of the house.

I assume you and your ex currently own the house ?
If so, are you selling half of it to her and her new partner ?

If not, who owns the house now and will own it in the future ?

You could be getting into all kinds of technicalities here...
As per post 5, ownership is key to this, but it appears that you are passing ownership to another, so there may be taxation issues around the transfer of ownership.

What will happen is that PaddyW will transfer his share of the house to his ex, in exchange for his ex clearing the existing mortgage. She will do this by remortgaging the house. I would recommend that PaddyW should ensure that ALL the paperwork is done by his ex's solicitor but that they would forward the docs for signature to an independent solicitor for PaddyW to sign. Then this second solicitor would simply be providing a straightforward service of giving independent legal advice on the documents signed and the fee should be relatively small. PaddyW- tell your ex that this is the way you want to deal with it and then ring around for quotes for bringing documents to a solicitor and getting independent legal advice. To give you an idea, in our office, provided all the paperwork is done elsewhere, and there is no conflict, we would probably just charge a fee of somewhere between 100 to 200 for this service. This would include you getting copies of the paperwork and a letter from us confirming we had given you independent legal advice which your ex will probably need. You should ensure that a current market valuation of the property is with the paperwork and that you bring with you details of the outstanding mortgage.

Not disputing what Vanilla says but I'm be amazed at a solicitor only charging Paddy 200 in this scenario. If they do fair and good but if it were me I wouldn't bother with another solicitor and an added expense. Far better to pay the ex a few hundred euro to keep her happy in sorting out this mess.

It probably will be a condition of the agreement that he has independant legal advice hence the second solicitor, my sister had same scenario, her solicitor sent ex partner to another solicitor for signing and legal advice, was charged €100 so maybe it is that cheap!