Thanks for your question.
If you instruct a solicitor privately to deal with the remortgage then their legal fees would be in the region of £250-350.00 + Vat and there would be disbursements of around approximately £200.00 which you would also have to pay.
Please note that in order to transfer the equity in to your own name and be the solely named person on the mortgage you must be able to demonstrate sufficient income to the mortgage company so that they are prepared to offer you a mortgage in your sole name. This should be your initial focus and I would get in contact with your lender. They may also be able to deal with the remortgage and registration of the transfer of equity in house and this would be cheaper and they may allow the costs to be added to the mortgage.
There is also the added complication that if you divorce your husband may seek to revisit the issue of the equity in the property as part of the financial settlement pursuant to the divorce.
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thanks for your response so far, but I need clarity to the issue you raise regarding complication if we subsequently divorce. Is the process of removing his name not binding enough to stop him being able to "revisit the issue of equity in the property.."?
No, if it were in your name then it does not put it outside of the matrimonial asset pool upon which financial settlement would be negotiated. He could still say that it should be included.
If you pay the mortgage after it has been transferred to you then it is likely that any appreciation in the equity from that date would not be included as an asset, but if there is equity in the property at the date of transfer then he could ask that it be included.
If you are not to divorce for a considerable period of time then at the same time at transferring the equity/remortgaging you could see a solicitor about getting a separation agreement drawn up by a solicitor stating that you are separated and what you wish to happen to your assets. Whilst not of bullet-proof enforceability (only a Court order is ultimately) such an agreement does demonstrate intention and can re-enforce any argument you would put forward during negotiations for financial settlement at a later date.
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