Separating from partner. Need advice

angel-fernandez

Hello,

Unfortunately I think my partner and I are going to separate. We bought a flat together in June last year.

If the worst happens, I'm considering trying to buy her out. Does anyone have any experience or tips about the logistics of this sort of thing?

Although I would be stretched, I think I could afford the repayments. Do I talk to my current lender or can I look around? I suppose I will need to raise cash to pay for half of any equity.

Any advice would be greatly appreciated.

SnowBandit

"If the worst happens, I'm considering trying to buy her out. Does anyone have any experience "

I do , and would absolutely recommend that however amicable you think the split will be , get any agreements IN WRITING!!.
I bought my wifes' share of our house , and promised to pay her some more on top should I sell and make a profit , however , the price went through the roof when I did eventually sell , and she went back on our "verbal" & "amicable" agreement" in the end , on top of already paid her share , I bought her a new car ( plus years insurance ), grand each to the kids , and a box of chocolates ( she wasn't without humour ). I can't say I begrudged it all ( and intened to give her some more anyway) , but it did cause quite a bit of hostilty for a while.

mightymo_2

You could do a Transfer of Equity, where a solicitor draws up a transfer deed but you need the consent of your current mortgagees. This document will then transfer the flat into your sole name, and you will become the sole repayer of the mortgage.

Probably best to check with your mortgage company first that they are happy for you to take over the mortgage in your sole name. Then if you do split up, instruct a solicitor to do a Transfer of Equity.

I think you could check out other mortgage companies and if you did decide to proceed with another one, I think it will be a case of paying off the old mortgage (with the new one) and at the same time, transferring the flat from joint names into your sole name. Again, check offers available from other mortgage companies and check that they are happy for you to take on sole responsibility of the mortgage.