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Buying out my ex partner.... please help
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JTSON
Posts: 1 Newbie
My partner and i have split and i am wondering whether i could buy her out/transfer to my name. Here's the details...
We bought the house 2 years ago for 147,000, we went 50/50 on all the fee etc but i personally put down a 10% deosit.
We have had the house on the market now for around 3 months but there has been no offers. When it was valued though it was valued lower than what we paid for it... around 140-145,000.
As it makes it negative equity, i wondered if there was any way of simply taking over the mortgage (if we both agreed), i can afford the payments.
If this is possible, what would the implications be? I would be happy to take on everything as long as it is completely in my name...
Any advice would be brilliant
We bought the house 2 years ago for 147,000, we went 50/50 on all the fee etc but i personally put down a 10% deosit.
We have had the house on the market now for around 3 months but there has been no offers. When it was valued though it was valued lower than what we paid for it... around 140-145,000.
As it makes it negative equity, i wondered if there was any way of simply taking over the mortgage (if we both agreed), i can afford the payments.
If this is possible, what would the implications be? I would be happy to take on everything as long as it is completely in my name...
Any advice would be brilliant
0
Comments
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Search these forums for similar threads, you are not alone.
You can transfer the mortgage and property to your name. It will require the lender to agree, which means proving that you can support the mortgage on your income.
If the current lender won't agree then you need to get a mortgage with someone else. This is a whole new lending decision and require a deposit of at least 10%.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
You need to carry on paying the mortgage 50/50 as you both own the property and the debt!
See if you can sell in next 6 months
GOOD LUCK0
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