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Relationship breakdown and house sale?
Options
fluffymuffin
Posts: 130 Forumite
I am having some severe relationship troubles and am looking for some advice in relation to if this ends up in us selling our house.
We bought a run down house and have been renovating it and are about ¾ of the way through but are by no means finished.
Houses in our area are being put on the market for around 110-115k we bought ours for 75k two years ago. I have no idea what it would be worth at this stage as it would not be liveable unless you were prepared to live in it as an ongoing project. I have had some advice indicating I could get up to about 100k in a mortgage on my own.
If we sold our house to a third party for about 90k this would pay off all our debt from our spending on the property.
I am trying to find out if it is an option to somehow avoid the costs of having to actual sell and buy the property or if it would be possible for me to have the property transferred into my name and also the mortgage – I appreciate there will be fees involved but I thought if this was possible it would avoid some of the fees through a full sale and purchase – I have no idea what the options are and before I go to a financial advisor I thought I would ask here.
Thanks for any help. It’s a horrible process and I need all the help I can get.
We bought a run down house and have been renovating it and are about ¾ of the way through but are by no means finished.
Houses in our area are being put on the market for around 110-115k we bought ours for 75k two years ago. I have no idea what it would be worth at this stage as it would not be liveable unless you were prepared to live in it as an ongoing project. I have had some advice indicating I could get up to about 100k in a mortgage on my own.
If we sold our house to a third party for about 90k this would pay off all our debt from our spending on the property.
I am trying to find out if it is an option to somehow avoid the costs of having to actual sell and buy the property or if it would be possible for me to have the property transferred into my name and also the mortgage – I appreciate there will be fees involved but I thought if this was possible it would avoid some of the fees through a full sale and purchase – I have no idea what the options are and before I go to a financial advisor I thought I would ask here.
Thanks for any help. It’s a horrible process and I need all the help I can get.
0
Comments
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It is an option................................I have put my clock back....... Kcolc ym0
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People would normally get the house valued by a number of valuers - 3 is better than 1 - and take the average value; then the leaving partner is bought out on the basis of the average valuation. As you got a mortgage in the first place, it should be mortgagable now despite the ongoing work.
If you are tied in on the existing mortgage, it would also make sense to transfer the loan into your single name, which the lender should allow if you have sufficient income to cover it. If you CAN'T afford the mortgage alone, according to their sole decision, they won't release your partner from the mortgage and that could be a nuisance and might lead you to have to buy it with a mortgage from another lender.
The fees for a transfer of equity should be somewhat less than a straight sale, but the lender would almost definitely want their own fee as well as the legal costs involved.0 -
I did this last year, I kept my existing mortgage but had to fill in an application form to test my borrowing limit.
Natwest allowed me to change the mortgage to my sole name for a fee of £250 + I had legal costs of £150 to do the changes to the deeds. We had a civilised parting so it may prove more expensive if he wants to fight you on the details.
Hope that helps
G0
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