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  • FIRST POST
    • stuartajj
    • By stuartajj 9th Jun 17, 5:28 PM
    • 6Posts
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    stuartajj
    Can I buy my partner out of house?
    • #1
    • 9th Jun 17, 5:28 PM
    Can I buy my partner out of house? 9th Jun 17 at 5:28 PM
    Pretty basic question but I'm unsure on the process. Basically I have bought a property with my partner about a year ago for £215,000. We put down a 10% deposit equally between us. After an unfaithful turn of events on her behalf I no longer wish to live with her. Long story short. The house has now been valued at £220,000 so i am going to offer a payment of £15K to remove her from the mortgage. I can afford to pay the mortgage comfortably on my own.

    My questions are:

    Can I buy her out? Is this a difficult process (if she accepts my bid etc which she has already said is likely.)

    Im hoping it would go as smoothly as stated above however, say she makes it difficult and decides she wants to sell the property instead. Can I place a bid onto the property when it goes up for sale? So pretty much buy it that way for sole ownership?

    I appreciate all help and advice on this matter.

    Many thanks
Page 1
    • Pixie5740
    • By Pixie5740 9th Jun 17, 5:32 PM
    • 10,826 Posts
    • 14,961 Thanks
    Pixie5740
    • #2
    • 9th Jun 17, 5:32 PM
    • #2
    • 9th Jun 17, 5:32 PM
    You might feel that you can comfortably afford the mortgage payments on your own but will a lender? Are you able to get a large enough mortgage on your own to be able to buy her out? If so it makes sense for you just to buy her out than for you both to market the property and then you try to buy it...cheaper too.
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • AnotherJoe
    • By AnotherJoe 9th Jun 17, 6:00 PM
    • 7,239 Posts
    • 7,753 Thanks
    AnotherJoe
    • #3
    • 9th Jun 17, 6:00 PM
    • #3
    • 9th Jun 17, 6:00 PM
    If she decides she wants to sell it instead (assuming you can get a big enough mortgage) then she'd need to take you to court, which is very expensive and would almost certainly negate the point of selling it, eg she might get £5k more but spend £10k in legal fees.

    And of course you could be difficult as well, perhaps not accepting offers you felt were too low, in which case another court case and more expense.

    Plus there would be various legal fees that wouldn't be incurred if you just bought her equity from her.

    Get a solicitor to draw something up between you, dont just do it on the back of an envelope..
    • stuartajj
    • By stuartajj 9th Jun 17, 6:36 PM
    • 6 Posts
    • 0 Thanks
    stuartajj
    • #4
    • 9th Jun 17, 6:36 PM
    • #4
    • 9th Jun 17, 6:36 PM
    Ok thanks for the advice.
    I should have also mentioned that a lender have deemed it possible also.
    In reference to buying her out of it, would I need to really for a sole mortgage as part of the take over? And in terms of solicitors etc are we talking similar sort of fees involved with this as there would be on the legal fees battle option you stated above? Or is it as simple as seeing a solicitor, paying her off, her names off and only mine is on. Is this generally a long process upon her agreeing.
    What I'm trying to say really is I want it done asap and so all contact, joint accounts etc can be stopped and ended with this, before she starts missing bills etc (worst case scenario)

    Once again I appreciate all the help and advice
    • flashg67
    • By flashg67 9th Jun 17, 7:19 PM
    • 2,193 Posts
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    flashg67
    • #5
    • 9th Jun 17, 7:19 PM
    • #5
    • 9th Jun 17, 7:19 PM
    I believe it's called a transfer of equity - lender sets you up as the sole mortgagee (subject to their usual affordability checks et), and a solicitor takes a few (hundred) quid off you to do the legal paperwork to transfer ownership. It will help if you're still talking to each other.
    When I got divorced & did something similar, we both went to the solicitor to sign together - saved time ending paperwork to each other's adresses.
    • getmore4less
    • By getmore4less 10th Jun 17, 8:09 AM
    • 29,788 Posts
    • 17,813 Thanks
    getmore4less
    • #6
    • 10th Jun 17, 8:09 AM
    • #6
    • 10th Jun 17, 8:09 AM
    if in 50:50 starting point is 1/2 the value less 1/2 the outstanding mortgage

    Depending on the original mortgage term £15k is going to be ball park about right.

    If you still have that £80k then meeting any lending criteria to take it on your own should not be too hard with an injection of cash.
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