The King has initiated the "formal process" to remove Prince Andrew's titles and honours – and notice has been served for Andrew to surrender his lease at the Royal Lodge, Buckingham Palace said in a statement.
He will now be known as Andrew Mountbatten Windsor.
Latest updates: Politicians react as Andrew loses 'prince' title
The statement said Andrew's lease on his 30-room Windsor home - which he shares with ex-wife Sarah Ferguson - "has, to date, provided him with legal protection to continue in residence".
"Formal notice has now been served to surrender the lease and he will move to alternative private accommodation," it continued.
"These censures are deemed necessary, notwithstanding the fact that he continues to deny the allegations against him."
"Their Majesties wish to make clear that their thoughts and utmost sympathies have been, and will remain with, the victims and survivors of any and all forms of abuse," the statement concluded.
The announcement has been welcomed by the family of the late Virginia Giuffre, who accused Andrew of sexual assault, which he has repeatedly denied.
Sky News understands Andrew will move to a property on the private Sandringham estate in Norfolk - with his future accommodation being privately funded by the King.
It is believed Charles will also make a private financial provision for Andrew.
Sarah Ferguson, who lost her Duchess of York title when Andrew gave up his other titles earlier this month, will make her own living arrangements.
The couple's children, Princesses Beatrice and Eugenie, will retain their titles as they are the daughters of the son of a sovereign.
Charles has taken action due to serious lapses in Andrew's judgement and has the support of the wider family, including the Prince of Wales, it is understood. Andrew has not objected to the process.
It was previously announced that Andrew had agreed to no longer use his titles but Thursday's announcement said their formal removal is now under way.
The process will see Andrew officially stripped of his titles of Prince, Duke of York, Earl of Inverness, Baron Killyleagh and the 'His Royal Highness' style.
The honours impacted are his Order of the Garter and Knight Grand Cross of the Victorian Order.
Read more:
Key claims in Virginia Giuffre memoir
How Andrew allegations unfolded
The move comes as Andrew continues to face criticism over his links to paedophile financier Jeffrey Epstein and allegations made against him by one of the billionaire's victims.
Virginia Giuffre, who died in April, alleged Andrew sexually assaulted her on three occasions when she was 17.
Andrew has always denied the allegations and once said he had "no recollection whatever" of meeting Ms Giuffre, whose memoir was released posthumously last week.
Ms Giuffre sued Andrew in 2021 and the case was settled outside of court for a sum believed to have been around £12m.
Virginia Giuffre can 'declare victory', her family says
Following the palace's announcement, Ms Giuffre's family released a statement which read: "Today, an ordinary American girl from an ordinary American family, brought down a British prince with her truth and extraordinary courage.
"Virginia Roberts Giuffre, our sister, a child when she was sexually assaulted by Andrew, never stopped fighting for accountability for what had happened to her and to countless other survivors like her. Today, she declares victory."
Her family added that they will "continue Virginia's battle and will not rest until the same accountability applies to all of the abusers and abettors connected to Jeffrey Epstein and Ghislaine Maxwell".
                     
                
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