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plclegal
plclegal, Barrister
Category: Law
Satisfied Customers: 4853
Experience:  Barrister at law
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My partner (girlfriend) and I wish to split up. We currently

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Hello - my partner (girlfriend) and I wish to split up. We currently have a mortgage, she wants to leave and I wish to remain in the house and continue to pay off the mortgage. The cottage is currently worth £620,000 with over half the mortgage now paid off. I need to release £100K from the house to pay her back as part of the split, my plan is to continue paying the mortgage and expect to have this paid off fully within 10 years. Question - what are the options open to me and what is your recommendation please?
JA: Where are you? It matters because laws vary by location.
Customer: I live in Hampshire, near Salisbury in the UK
JA: What steps have you taken so far?
Customer: None - I don't know where I stand?
JA: Anything else you want the Lawyer to know before I connect you?
Customer: No thanks

Hello.

 

Can you confirm for me if your partner is registered on the mortgage?

 

Thank you.

Customer: replied 12 days ago.
Yes she is and on receipt of the £100K she is happy to agree to legally either removing her from the mortgage or whatever else she needs to do
Customer: replied 12 days ago.
I do not wish to have a call at this stage, just my question answered please

Sure, perfect.

 

The most viable and effective solution to your case would be to remove her from the mortgage completely and sign a financially legally binding agreements in regards to the £100K release to her.

 

Thank you.

Customer: replied 12 days ago.
so if I do that how is the £100k eleased and by whom?

It depends on your equity, do you have this particular amount in cash or in assets at your disposal?

 

If not, you would have to agree to installment payments or alternative methods.

 

Thank you.

Customer: replied 12 days ago.
Money/ asset is in the house, there is 360K there, is there a way I can release £100K fro this asset, like a type of 'equity release company' overseeing this?

Yes, as long as you are eligible financially and in terms of your age, as most companies require for you to be at least 55 of age.

 

You can check certain offers here:

 

https://www.money.co.uk/mortgages/equity-release-mortgages.htm

 

Thank you.

I’ve been asked to look at this for you, thank you for your patience.

Please bear in mind as this is an email service and not live chat I may not respond immediately.

 

Whether you can remortgage has nothing to do with your age - let's just be clear about that.

You need to speak to your bank/ mortgage provider in the first instance. You would be seeking to release equity by way of a remortgage, and in order to be able to do this (and remove your ex partner from the mortgage at the same time) your borrowing capacity will need to be sufficient to cover the existing mortgage plus the additional capital you seek to raise.

Assuming this is fine, then you can remortgage, pay off your ex and have them transfer their rights to the property over to you.

Is there anything that needs clarifying about this for you?

Customer: replied 12 days ago.
my question is that I want to have the ability to release £100K from the equity in our house (£360K current equity) without affecting, or changing the current mortgage in place which I will continue to pay off. The aim is to remove my partner from the mortgage legally and pay her the 100K. Who would I approach to discuss this process?
Customer: replied 12 days ago.
I am 56 now

You need to approach your lender. The only way to have your partner's name removed from the mortgage is to have it transferred into your sole name - and the lender has to give you the 'OK' in terms of borrowing capacity/ credit scoring to do this. As to the extra £100k you wish to raise - it may then be possible to do this by way of an additional mortgage or have the existing mortgage amended/ extended. Does this make sense?

plclegal, Barrister
Category: Law
Satisfied Customers: 4853
Experience: Barrister at law
plclegal and other Law Specialists are ready to help you
Customer: replied 12 days ago.
yes thank you

My pleasure.