Transfer of Equity Help

[Alice Porter]

Hello,

I'm going through a divorce at the moment and have been battling for the family home with my soon-to-be ex-husband. I've finally been granted the family home in the settlement agreement, but have no idea on how to go about changing the name on the house to my home.

I have been referred to the lawyers Gorvins so that I can begin the Transfer of Equity process, but I would like to hear from somebody who has been through a similar process. One of the biggest fears I have is losing the family home and having to take my children out of their home.

Could somebody please tell me if I have to handle this separately to the settlement meetings, or whether I can get something in order for my next settlement process. I would like this to be completed quickly and painlessly, so if you have gone through a similar experience please do get in touch.

I mainly want to know what the process is, how quickly it can be completed and what I need to do in preparation.

Thanks,

Alice

 

[Thomas Beyer]

Your husband signs a transfer of land document and his name gets removed at land titles. Any lawyer can do that. It is a one page, one paragraph document.

On refinance time the bank may, or may not insist, that you re-qualify for the mortgage by yourself. That may (or may not) pose a problem then depending on your income.


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[Alice Porter]

Hi Thomas,

Thank you for responding to me.

Is this something that we could get out of the way at the settlement meeting?

If I remortgage the house would I take into consideration the monthly divorce payments into my overall salary, or is it based on my standard salary before tax?

 

[Thomas Beyer]

Hi Thomas,

Thank you for responding to me.

Is this something that we could get out of the way at the settlement meeting?

If I remortgage the house would I take into consideration the monthly divorce payments into my overall salary, or is it based on my standard salary before tax?

Are you from the UK as you are linking a Manchester based lawyer?

I am not a mortgage broker, but presumably your income is your employment income plus the payment from your former husband for mortgage qualification purposes.

 

[Alice Porter]

It's a bit tricky, I'm a Montreal native and am looking to move back to Canada after the divorce, my soon to be ex-husband is from Manchester, so I have property in both countries.

My mum told me about this forum and I figured than who better to help me

Okay, this has been tremendously helpful. Thank you for your generosity!

 

[Thomas Beyer]

It's a bit tricky, I'm a Montreal native and am looking to move back to Canada after the divorce, my soon to be ex-husband is from Manchester, so I have property in both countries.

My mum told me about this forum and I figured than who better to help me

Okay, this has been tremendously helpful. Thank you for your generosity!

Is the house in Montreal? If so, Quebec law applies which is quite different than British based law for the rest of Canada. As such, ask a Quebec based lawyer re process, please.