buying out my friends share of a flat

trebor800

Hi
My friend and I bought a flat together a few years ago and now we are in a position where he wants to leave and I want to buy him out. We are on a joint mortgage

Can anyone give me an idea of the costs involved in this - would we need to get solicitors involved? ideally I would like to stay with the same mortgage company.

Thanks

kingstreet

trebor800 wrote: »

Hi
My friend and I bought a flat together a few years ago and now we are in a position where he wants to leave and I want to buy him out. We are on a joint mortgage

Can anyone give me an idea of the costs involved in this - would we need to get solicitors involved? ideally I would like to stay with the same mortgage company.

Thanks

The basics were covered in here;-

https://forums.moneysavingexpert.com/discussion/comment/42801204#Comment_42801204

Approach your lender and have the whole mortgage underwritten. If you qualify they will transfer the mortgage to you alone. You will need a solicitor to handle the transfer of equity. The joint owner will be advised to get separate independent legal advice.

I'd expect the transfer to cost around £300 to £500 and you may have fees to pay to the lender. The joint owner's costs will be on top.