How to buy ex out of house

backinbusiness

Hello there.

I require £20K to buy ex out of marital home. (An agreed, reduced figure as there are 2 small children to be provided for.)

Shortly before our separation we were in serious financial trouble and consequently I have defaults on my credit file due to drop off circa Oct 15 - so obviously - computer says no (at my own bank). (Affordability is not now as issue - creditworthyness is!).

I can save £20K by about the same time (Oct 15), or in theory should be able to easily remortgage at this time (with a squeaky clean credit file).

Our solicitors would prefer a clean break, but this is not feasible at this time.

Anyone have any sensible, practical advice or experience? (or a spare £20K!)

Thanks,

BiB

Senior_Paper_Monitor

At what period are you assuming the 'defaults' will 'drop off' ?

How much where they for and what were the default amounts - are they settled ?

Tigsteroonie

I'd start saving, if you think you can reach that target by October. Don't rely on being able to re-mortgage by then, as what would happen if you can't?

My Ex spent a year trying to raise the money to buy me out of our shared house (at a reduced equity share) and found he couldn't do it; we then had to put the house on the market ... two years after splitting, we still own a house that neither of us live in (as both our lives have moved on) and neither of us can profit from.

zzzLazyDaisy

I am sorry if this sounds like a stupid question, but is £20k really all you need to be able to buy him out?

The reason I ask is that unless the house is mortgage free, in order to have the house transferred into your sole name and have his name taken off the mortgage, your lender will still need to agree to you taking over responsibility for the mortgage on your sole wage. If you have poor credit history this may be a problem.

backinbusiness

Thanks for your help.

To answer your questions:- SPM - defaulted circa Sept '09 therefore drop off circa Sept '15. All marked partially settled. £1.2K, £3.5K and £500

Tiger - it's Oct '15 I'd expect to have saved the £20K by. (Probably do this anyway)

Lazy Daisy - There was only ever a small mortgage on the house. My (theoretical) £20K will clear the mortgage as part of the divorce settlement. (His mortgage expires in 2015 and there is a shortfall of £15K (old endowment-type mortgage)). The house will then be mortgage free with the title transferred to me (for children). We can wait until then, but per the post above I'd prefer a clean break.

Any further thoughts? Thanks for the input so far.

BiB