Help Help Damsel In Distress!!!!!!!!!!

traci67

Me and my partner have split up. I want to buy my partners half of the house we both own. I am on a low income he refuses to sell his half to me and wants it on the open market. I am on a low income and i really want to keep my house. Please please advise!!!!!!!!!!!!

PasturesNew

It's not his or your choice. It's the decision of a mortgage company if they will lend you the money to buy it. And you keep saying you're on a low income so it's unlikely.

What sort of figures are we talking about?

Lenders can only lend to people who can afford to pay back the loan. And if you haven't noticed, the whole world is in meltdown because people borrowed too much, so they're not going to be able to over-lend to you like they might have done 2-3 years ago (guessing as you've not given us figures for illustration).

You've also been ambiguous. "we both own" - you mean outright? So you're buying half only? figures please.

Mr_Matey

Hi Traci,
Seek legal advice.

I'm no lawyer, but my guess is that since he owns half the property he is entitled to get as much as he can on the open market for it. If your offer is the highest then I can't see why you wouldn't be able to purchase it.

Be thankful that it is not a sellers market, so you might be able to get his half at a reasonable price.

traci67

Figures we talking house under valued at £199.000 talking a pay off figure to ex partner £70.000 rough estimate

traci67

Continuing from last post there is an outstanding morgage of £ 80.000

Mr_Matey

199k - 80k = 119k

119k / 2 = 59.5k

So you're offering him an extra 11.5k for his half?

Perhaps you should let it go to market and get it for 199k. Also, you will need to work out how your mortgage will change, so speak to your bank.

PasturesNew

To confirm:
Valued at: £200k
Existing mortgage: £80k

So, to sell the house it'd mean: £200-80k = £120k. So £60k each less costs.

If you offer him £60k (ignoring costs) you'd need to raise a mortgage of:

£80k + £60k = £140k

To get a mortgage that size you'd need a deposit (you have that already in the equity) and you'd need to be earning about £35-40k/year

It's likely at the moment it might only be worth £175k because of the stamp duty threshold. In which case he'd get even less.

pinkshoes

Who "undervalued" the house?

I think PasturesNew is 100% correct, and unless you (or your ex) are earning £35k+, then neither of you will be able to take a mortgage on on your own.

It's probably best just to sell up, and move on.

poppysarah

Sell it. Buy a new house.

teabelly

In today's market only investors are buying. If it is worth 200k then the max you'd get would be 175k from a normal buyer. The probability is an investor would offer you a max of 150k, if not even less. Why do you want a high valuation? The lower it comes in the more likely it is you might be able to get a mortgage!