we have a joint mortgage Sharky, .
Value of the property is now £145k with an outstanding mortgage of £127k.
cheers for that info Fred Elliot,
That being the case, then your ex will need to instruct a solicitor to transfer the property from her and you.... to her and the new fella (a 2-2 transfer as it is called - a TR1).
Its unlikely that most high street lenders at the minute will lend them 94% of the house value (£136K) so the new fella will have to have the £9K your owed as your share of the equity left in the house and they will have to simply redeeem your current mortgage with your ex with their own new mortgage for the same amount.
Even as Fred Elliot said, if your ex instructs sols to act for them to produce the transfer, do the remortgage and register it all at land registry, most sols these days will request that outgoing parties (thats you) need to have been given financial advice before signing any such document (the TR1) so you may have to pay a little fee to your local solicitor to explain it to you before you sign or a financial advisor if you have one?!
Either way to sum it up based on the figures you state, they as a couple or her singularly need to remortgage the house for the current amount (to remove your liability in paying the mortgage) and either her or him need to pay you the £9K share of the equity as consideration monies to you whilst doing a transfer to remove you from the title and place him on their if they get a joint mortgage.
If any of that washed over a bit feel free to PM me and i'll gladly try to explain in more lehmans.....
It should cost your ex about £800 i'd say from a good solicitors to do all the mortgage and transfer etc (no stamp duty will be payable) so all you will need to pay is about £50 to have someone explain the TR1 to you before you sign and you then get your money!
Hope that long ramble explains all?
