ChatterBank1 min ago
Divorce and mortgage
3 Answers
Hi guys,
Just wanted some idea of what to expect before contacting our mortgage company and sounding like a fool!
My wife and I have decided to seperate and sell our house. Now as we have a 2 and a half year old son, she wants to move to a 2 bed flat with him while i will also look for a 2 bed flat for when he stays with me.
Is there anything specific (apart from the obvious!) that we need to inform the mortgage company of? We have agreed to split whatever profit we make and apply seperately for mortgages. How does the 50/50 split of any profit work or do the mortgage company sort it out?
Sorry to ask, first (and hopefully) last time i'll be divorcing!
Just wanted some idea of what to expect before contacting our mortgage company and sounding like a fool!
My wife and I have decided to seperate and sell our house. Now as we have a 2 and a half year old son, she wants to move to a 2 bed flat with him while i will also look for a 2 bed flat for when he stays with me.
Is there anything specific (apart from the obvious!) that we need to inform the mortgage company of? We have agreed to split whatever profit we make and apply seperately for mortgages. How does the 50/50 split of any profit work or do the mortgage company sort it out?
Sorry to ask, first (and hopefully) last time i'll be divorcing!
Answers
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It doesn't really have anything to do with the mortgage company. You will sell the house, they will take what you owe them and your solicitor handling the conveyance sends you a cheque for any leftovers. You then split this with your other half and go off and buy your new flats with your new mortgages.
I suggest you see a solicitor before you do anything else, and have it clearly laid down exactly what you are splitting between you, in what proportion, who pays costs, etc. As bushbaby says, your split is nothing to do with the mortgage company, all they want is their money back when you sell the house. What you do with the proceeds is up to you to agree between you - but I do recommend that it's documented.
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