• Transfer Of Mortgage To Wife

    By Guest on 21st Feb 2017

    Hi,

    I'm separating from my wife and would like to transfer the mortgage to her. She still resides in the house but it's only my name on the deeds. I've been told I need to 'gift her' the equity. Is this correct? What is the process of doing this? Thanks in advance

  • 2 Answers

    By Guest on 21/02/2017

    If only your name is on the deeds then it wouldn't be a transfer of equity, it would be a purchase by her from you with the "price" being the value of the outstanding mortgage debt. You can't just transfer responsibility for the mortgage unfortunately, she would need to take out her own mortgage to pay off your debt (unless she has the cash to pay it off without needing a mortgage of course). She will need a solicitor as there is a mortgage involved and you probably will too (it can't be the same solicitor)

  • By Guest on 21/02/2017

    Thanks for your advice. I'll look into this further. Thanks again for taking the time to write

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