Help & Advice Needed!!

avfcforever

Hi all,

I am hoping someone can help lend some advice to help me in my current situation.

My ex and I broke up last November (her choice no matter how many ways I asked to try and give it a go to make it work). We have a 2 1/2 year old son together. I live and work in the midlands where I am from, ex lives with me in the house which we bought together (pay half the mortgage each, etc) 4 years ago, but is from the North West. When the relationship ended, she said she wanted to move back to NW, with our son. The reason that we are still in the situation now is that although she has a degree, and had a full time job, she went back to university to do a 2 years masters degree for a change of career.

Although during the degree she has still paid half the mortgage, etc, she has always kept her finances private from me (which is her choice). The issue is that as her career change meant retraining for a public sector role, she is now struggling to find a job, especially in the north west... I've just realised that this background is probably not relevant (and I'm just venting my stress)..

...long story short, I've offered to buy her out of the house, but have not got the first clue what to do, how to calculate how much she should get, what the proces is, how much does it cost, how long does it take, etc! Sorry about the preamble.. can anyone help?

Thanks in advance..

~Beanie~

Do you earn enough to be able to take over the mortgage on your own? Is there any equity in the property?

hcb42

You will need to get a valuation, agree the equity split , raise the new mortgage, and need a lawyer.
for the transfer
Will she move out when you do the house transfer?

avfcforever

@beanie - the house is around £160k and remaining mortgage is around £125. I earn around £35k a year, so according to mortgage calculators online I can borrow up to £160 on my own. Would this be at a very high rate though?

@hcb42 - is the valuation via estate agent or solicitor? She is finishing her dissertation to qualify for a masters, and then intends to move to parents (NW). How do you calculate how much I need to pay her to buy her out, is it the amount she has paid net interest or anything like that?

Thanks both for your help, I really appreciate it!!