Splitting Up - can i buy her out? Help Please!

ocsmod

Me and my girlfriend are splitting up and she has said that i can buy her out of the mortgage.

Where can i find good advice about this situation on the net and has anyone else any experience of this situation?

Help please!

MortgageMamma

Sorry to hear about your split. Please let us know which area you live in, your first port of call is a solicitor to confirm your rights and then a whole of market mortgage broker to see if what you plan to do is firstly financially viable, then secondly, get you a good deal. There will be a transfer of equity involved therefore any deals with free legals you are offered will have to be subsidised for the legal firms to complete this and register with the land registry.

ocsmod

I live in Gateshead in the North east of England.

MortgageMamma

If you go onto the law society website you should be able to find a solicitor who will give you the first half hour free and who will explain your options. There are various ways you can find a mortgage broker but the best is via personal recommendations. You can see a broker face to face or deal with them over the phone, either way the standard of advicew should be pretty much the same. Remember when choosing a broker to ensure that they are truly whole of market (and preferably fee's free). To do this you need to ask them if they have access to every UK lenders products or if they are tied to a panel. Make sure they give you a document called an IDD which discloses their status and the level of service they provide you with.

If they are tied, walk away, there's no guarantee you'll be getting the best deal. If you need any more help please post.

Lisa

silvercar

As well as taking on the mortgage do you have to pay her any equity? If so this will involve increasing the mortgage as well as transferring it to your name along with the deeds. If you are in a deal with redemption penalties its best to approach your lender and ask them if they will allow you to take over the mortgage, as this should be a penalty free option.

brummybloke

buy her out of the mortgage? whooooa there

how long had you had the house together? are you married/ got kids?

these things make a big difference

i bought a house once with an ex, she left after 6 months of being in our new house and demanded i buy her out. try pointing out she is at the moment owes half the mortgage and the longer it takes you will deduct her half monthly repayments.

you may have to pay her 1/2 of any equity in the house however you should be able to get some of that cut by getting her share to help cover the transfer of the deeds and solicitors fees and lending fees.

i ended up paying the ex £500, she wanted half the cash value of the house ( chuckle chuckle) at first but she was told what she was entitled to.

if she wants out then she may come to a quick agreement, mine wanted to come back as all the contracts were signed. she was refused.

if the mortgage came out of joint account or 1 persons?
any home improvements made paid for by whom?
whatever happens you will need to tell your mortgage lenders asap so they are in the loop.

stanmoresaver

brummybloke wrote:

buy her out of the mortgage? whooooa there

As MM say's- you need two sets of professional advice- Firstly, see a solicitor about your rights and position.

Then when you know the likely "cost", you need to consult a "truly" Whole of market mortgage broker to work out the best way to finance it.

Then you need to agree with your ex the "buy-out" and then go back to the broker to work it out!

Good Luck

SS

Gorgeous_George

I'd mirror her offer i.e., offer to let her buy you out on whatever terms she is offering to you. A fair offer would be half the equity minus half the EA fees minus half the solicitors fees and so on.

Failing that, I'd consider selling up and starting again. She should only be entitled to half if she has contributed half (and vice vera).

Best wishes to you both

GG

ocsmod

Do you think it is worth me going to see an IFA or would you say that i should just go to:

1) Solicitor

then

2) Whole of market mortgage broker

MortgageMamma

The only difference between an IFA is that normally they do not specialise in any one thing. Check if the IFA you are seeing does though.

A GP is a good analogy, a brilliantly skilled person able to diagnose and prescribe for almost any medical condition, yet often has to refer a patient to a specialist with more knowlege of a particular situation.

What I'm trying to say is a mortgage broker will do mortgages 24/7 364 days a year (we take xmas day off), therefore will be more experienced and informed in the field, whereas an IFA would not concentrate specifically on mortgages and his/her knowledge could therefore be diluted.

Your solicitor may well refer you to a mortgage broker. I myself have introducer agreements with various firms of solicitors locally for their divorce cases.