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Buying out partner questions (again!)
LARKHALLLANE
Posts: 1 Newbie
Hi.
This is my first post, but apologies if some of this has been asked before.
Some eight months ago my partner and I bought a house together, her keeping her flat (which I was living in with her for 3-4 years) as a buy to let for the time being. I do not own another property. The house we bought was over 250k and so we paid 3% stamp duty (rather irritatingly, as I personally would have been a first time buyer), we put in 15% deposit, of which nearly 3/4 was my cash.
My partner, as a complete shock to me (although our relationship has never been a really easy one), has decided that we should split. Although this has been difficult, at the moment things are amicable and we both want to work things out fairly...
It seems that the best way ahead would be for me to buy her out - as she has admitted she would not be able to of me - which I am assuming is best done when the mortgage period (2 years) comes up next year? (We would have to work out something in the meantime - she is probably moving back into her flat). The way things are going it would appear that at this time the (London) house will not have gained any value, more likely lost some. As I see it then so long as I can pay her her proportion of the deposit she put in, this would be fair, so long as I can show sufficient income to get a new mortgage in my name only. (I would get a lodger, but I am assuming that a mortgage provider will not take this into consideration?)
I also hope there is no stamp duty in re-mortgaging in this way?
If anybody has any thoughts or been in this situation themselves it would be interesting to hear from you.
Many thanks...
This is my first post, but apologies if some of this has been asked before.
Some eight months ago my partner and I bought a house together, her keeping her flat (which I was living in with her for 3-4 years) as a buy to let for the time being. I do not own another property. The house we bought was over 250k and so we paid 3% stamp duty (rather irritatingly, as I personally would have been a first time buyer), we put in 15% deposit, of which nearly 3/4 was my cash.
My partner, as a complete shock to me (although our relationship has never been a really easy one), has decided that we should split. Although this has been difficult, at the moment things are amicable and we both want to work things out fairly...
It seems that the best way ahead would be for me to buy her out - as she has admitted she would not be able to of me - which I am assuming is best done when the mortgage period (2 years) comes up next year? (We would have to work out something in the meantime - she is probably moving back into her flat). The way things are going it would appear that at this time the (London) house will not have gained any value, more likely lost some. As I see it then so long as I can pay her her proportion of the deposit she put in, this would be fair, so long as I can show sufficient income to get a new mortgage in my name only. (I would get a lodger, but I am assuming that a mortgage provider will not take this into consideration?)
I also hope there is no stamp duty in re-mortgaging in this way?
If anybody has any thoughts or been in this situation themselves it would be interesting to hear from you.
Many thanks...
0
Comments
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The issue for you appears to be whether you can obtain a mortgage or not. So should be the first line of enquiry.0
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