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Clare
Clare, Solicitor
Category: Property Law
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Experience:  I have been a solicitor in High Street Practise since 1985 with a wide general experience.
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I Am buying my ex out of our shared property. How to proceed

Resolved Question:

I Am buying my ex out of our shared property. How to proceed to take her name of the title deeds? We agree on this and are very amicable. Is a quit claim the answer?
Submitted: 3 years ago.
Category: Property Law
Expert:  Clare replied 3 years ago.
Hi
Thank you for your question
My name is Clare
I shall do my best to help you but I need some further information first
How much is the house worth and how much is outstanding on the mortgage?
Clare
Customer: replied 3 years ago.
Property value: £152000
Outstanding balance mortgage: £120000
I agreed with my ex that I buy her out and give her £15000
Expert:  Clare replied 3 years ago.
Hi
Have you checked that the Mortgage Company will release her from the Mortgage?
Clare
Customer: replied 3 years ago.
No I havent
Expert:  Clare replied 3 years ago.
Hi
There are no "Quit Claims" in the Uk
Your starting point is to apply to the Mortgage Company for your ex to be released form the mortgage.
If they agree then the matter is dealt with by way of the Transfer of the property into your sole name upon payment of the money to your ex.
If for whatever reason the mortgage company will not agree then provided your ex is willing to remain named on the mortgage you can go ahead by way of a Declaration of Trust confirming that whilst the property is held in joint names it is held for your benefit alone - and you are responsible for the mortgage
However this is not a good position for your ex
I hope that this is of assistance - please ask if you need further details
Clare
Clare, Solicitor
Category: Property Law
Satisfied Customers: 33813
Experience: I have been a solicitor in High Street Practise since 1985 with a wide general experience.
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