Mortgage.

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I am in the process of getting divorced, i am going to try and take the mortgage on, I know i can afford it but will I have to pay the old one off and take another one on, as if so I guess they wont allow me the �65.000 I need. I do not have to buy my husband out, so ideally would just like his name crossing out.

[Killerschick]

You really need to consult the solicitor dealing with your divorce regarding the process. It's called a transfer of equity which involves conveyancing to transfer the property from joint names to yours only. Most lenders will permit the transfer of the existing mortgage to the sole name of one party in such circumstances, however, such a transfer is subject to normal underwriting so you will need to be able to demonstrate that you can afford the mortgage.

Alternatively, you can get a mortgage elsewhere to pay off the existing one, the advantage of this being that you might get a better deal as a new customer but the drawback potentially being arrangement fees, valuation fees etc.

[lady_p_gold]

I trust you have everything else sorted, pension, maintenance etc....... and that you are getting the amount of equity from the property that you think is fair.

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Hi Thanks for your replies, luckily our children are adults.He said he will sign house and contents to me, providing i make a will and it goes to children, which it says in our present will anyway.

He wants nothing, weve been married 25yrs and hes had an affair.

I know I can afford to pay the mortgage etc,my son is still at home so pays board and lodgings etc,, just maybe not on paper.

He will take the car and the car loan and pensions will be left untouched, mine is a better one anyway.

I have informed my solicitor and am waiting for a financial advisor to ring back.

If I could keep the house it would take some of the hurt of this divorce away.

Thanks again

[lady_p_gold]

Well best of luck and at least this way you are not ending up paying a fortune to lawyers. My only comment would be ...... after twenty five years, even if he has had an affair you may regret getting a divorce, although I realise it is all raw and he may want to be with that person, but I think with that much history it will be very hard for him to make another life and when all the dust has settled you may both wish you had waited a while. You say he is asking for nothing, but of course you are ending up with the mortage, which he also might have had to continue paying towards even if the house was signed over to you, but if you are happy with the settlement then of course that is fine.

[lady_p_gold]

What I meant was .. .he is getting off quite lightly .. after that length of marriage the Court would probably award you a cash sum as well, but keeping amicable is the best thing.

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Thanks for replies, wondering weather to go down road of seperation, or weather to just try and buy out, if it goes to court it will probably be more expensive, we are trying to keep it out and sort amicably, I feel he is getting away scot free too in other ways, he is just walking off and leaving me to pick up the pieces etc,