Hi everyone, I'm hoping someone might be able to provide some advice for my partner who is currently going through the process of finalising his divorce. In short: he has signed consent orders from the courts which state that he is to take ownership of the property. The mortgage & title is currently in both his and his ex's name. He wants to refinance in his name only, however there seems to be some confusion regarding what paperwork needs to be signed in order to do this. His lawyer originally said he & the ex both need to sign the relevant Transfer form to allow her name to be taken off the title. Our wonderful mortgage broker agreed with that. His lawyer is now saying that apparently he doesn't need to transfer form in order to refinance? His ex's lawyer told his ex to refuse to sign the transfer form until it's refinanced! Is anyone here about to point me in the right direction so we can go back to the lawyers a bit better informed? Google has suggested a transfer form is required for a refinance Thank you!
To transfer title the mortgage will need to be discharged and relodged at settlement. To change the loan he will need to reapply and to change the mortgage he the ownership must change but this all happens at settlment
Thanks Terry I was hoping you'd reply. So if I'm understanding correctly, he can proceed with organising the refinance however the transfer document must be ready to go so it can be transferred when the new loan is settled?
