I want ex girlfriend to buy me out of the mortgage, how much do I ask for?

sebpetch

Hello everyone, as the above, I'd like to know how these things work. The property was bought for £105,000 and we paid (i think) a 5k deposit. we've been paying into this mortgage for a year, the mortgage was around 560 per month.

Its currently on sale for £106,000 i think.

The situation is this, shes willing to sign me off it for nothing so its in her sole name. But everyones telling me to get bought out? Can anyone help or offer advice on this.

what would you do? or have done?

:j

Barny1979

I'm taking the mortgage over on the house I bought with my ex, there's not much profit on the house so it's just taking her name of the mortgage and change the name on the deeds

sebpetch

So you reckon theres not much in it? I sound quite money orientated, but believe me im not! Just would like some guidence.

Went to a solicitor and as they were talking they moved on to the subject of IVF, i pointed out its IVA and promptly left :-D

flower_72

From what you're saying, there isn't much equity in your house. If any at all!
Selling a house cost money (estate agent and sollicitor's fees).
You could well end up with being out of pocket by selling the house. The price it sells might not cover the outstanding mortgage. The fees will need paying.
You might be better off getting your name off the mortgage. For free.
She'll be landed by a possibly depreciating 'asset' and the responsibility of a mortgage. But she'll have the chance to make some money from it in the far future and have a home that she's chosen to live in.

luckyfool

Based on the details you have given, I don't see how you can ask for money? It's on the market, and presumably not selling for £106,000. Even if it did sell for that full figure, after fees the net proceeds would be well under £5k. I would expect your girlfriend to pay any legal fees involved in taking you off, and let it go at that.

Cozworth806

If your ex is willing for you to walk away, and agrees to to cover solicitor fees to get the land reg docs transferred then I would bite here hand off.

To work out how much you have put into the house as capital then it would be the deposit, plus the capital amounts of the mortgage payments for the year. (At a £99,750 mortgage and paying £560.00pm I would reckon not much.)

But frankly is your life worth maybe the £3,000 max that you may have put into it, given that you would have had to live somewhere for the last year anyway.

silvercar

The mortgage lender will only allow your name to be removed from the mortgage if she earns enough to justify the mortgage being in her name alone.

Trollfever

Check out joint and several liability on mortgages.