Buying my partners husband out.

Stuart_A

hello,hope i can get some help here.

my partners house is in joint names with her husband,he wants to sell me his half,he needs the money quick,what are my options,i have the funds to do this.there is still money owed on the mortgage!

can i get a whitnessed letter of surrender to me,and the deeds changed into my name?


thanks.

First_Time_Buyer_Guru

If you're intending to definitely do it, then you should speak to a solicitor straight away to discuss your options.

CLAPTON

you need to ask the mortgage company for the mortgage (and deeds) to be changed to you and your partner
they will probably apply their usual lending criteria

zzzLazyDaisy

Assuming you are in England, you will need to see a solicitor as there are certain formalities that must be observed when transferring property.

The ex husband can't simply sell you 'his half' of the property. Your partner and her Ex will both need to sign a transfer deed, and then you and she will need to register the property in your joint names. In doing this, you will need to obtain the consent of the lender. This may also involve taking out a new mortgage in your joint names, so it is worth checking whether there are any redemption fees etc.

Depending on the value of the property, there may also be stamp duty to pay.

Stuart_A

Thanks for the quick replys,much aprieciated.

kingstreet

In the first instance, contact the lender to ensure it is willing to replace him with you. It will carry out the usual checks. If it is happy, it will normally instruct a solicitor to handle the transfer of equity, at your cost of course.

Alternatively, you could remortgage the property to a new lender, applying in joint names and have the transfer of equity carried out as part of the remortgage process.

The remortgage will probably be quicker, although it should really be the other way round. New business moves a lot faster than customer services who handle the T of E stuff.

dimbo61

EYES wide open on this one Stuart A is the current mortgage on the SVR or still in a fix ?
What rate and is it good IE tracker of 0.5% above base !!!!
LTV and how much he wants out of the equity are also important
If your relationship with your partner is sound then consider remortgage to get onto the good deals available at the moment

Stuart_A

He wants the equivalent of £30000,£16000 in one payment,and his CSA cancelled,which will add upto roughly 30k!
The house is valued at 170k there is 28k left to pay on mortgage over the next 11 years.

Mortgage is SVR.

Thanks dimbo:)