Process for buying out partner

mon05_2

Hi there all,

Instead of selling up my partner has offered to buy me out. Current mortgage value is £125,000. The house has recently been valued at £140,000, not a great profit..

I am therefore after some advice from anyone who has been through the same situation. Questions I have are:-

Who will I require to contact first to get the ball rolling.
What kind of expenses will I incur i.e. signing over Deeds, change of mortgage paperwork???

Any kind of advice regarding the necessary steps and financial costs that he or I will incur would be greatly received!

Many thanks guys

Fire_Fox

Was the valuation by a lender or by an estate agent? If the latter have you done your own research into land registry sold prices in the area? Your equity is barely 10% which is tight for remortgaging, does your partner (?ex) have any savings to add to this if the valuation falls short? You should get quotations from conveyancing solicitors, there is little else you can do until it is confirmed your partner can raise the finance.

mon05_2

Thanks for your email with advice. My partner is on a good salary and would be able to get a mortgage for this price and also has a bit of savings to put towards the remortgage. Is a remortgage then solicitor to sign over the correct process, so I can grasp the process!! Cheers Fire Fox

tigtag02

I have just done this and my bank provided a solicitor who dealt with the deads and the exchange of contracts.

Ask your bank

mon05_2

tigtag02 wrote: »

I have just done this and my bank provided a solicitor who dealt with the deads and the exchange of contracts.

Ask your bank

Hi Tigtag02,
So when the process is in motion it really is a simple as just instructing a solicitor to arrange for the Deeds and contracts to be exchanged. It sounds like such an easy process!!??

Ideally I want what is mine but the sooner I get my name off the Deeds/Contrct the better.. How long did your exchange take??