I want to buy my Girlfriends Ex Husband out of the house........how possible?

confusedface

Evening all

I 've visited this site so many times and it's helped me in loads of ways including getting £2k back from Sainsburys for a loan I took out so I value everyone's advice on here.

My current situation is as follows, my girlfriend lives at her house with the kids that was bought while she was married to her ex. They split up over 3 years ago and he moved out while my girlfriend stayed there with the kids. Her ex pays the mortgage instead of paying any maintainance which has worked fine but he wants to get out of the house his money (about £40k) so he can sort himself out. Everyone gets on fine and we are trying to work out what's the best way of doing it?

My girlfriend has spoken about moving into a part rent part buy situation with the house so we can give back her ex the money he's owed from the house?

I have to admit i'm a bit clueless and lost and I was just wondering if anyone had any advice?

Thanks in advance

G_M

If the ex has £40K in equity in the property (not sure how you calculated this - have you had the property valued?) then how about offering him .... £40K?

irishcol

Make him an offer he can't refuse!

If you can afford to (get a mortgage to) buy him out, then it shoudl be possible to get a (re)mortgage valuation, then offer him an agreed % of the value. The percentage he's due can either be settled amicably or might already have been set previously (in court?) as part of any separation/divorce. Your girlfriend then needs to agree what to do about fees etc - is he willing to share them? Finally, and not inconsiderably, they need to agree what happens with future maintenance payments.

pararct

Is the mortgage in both names?

How much equity is in the property? The split will be a figure divided by two once the mortgage and other debts on the property (costs of the sale) are paid off. If this figure is negative then that could also be split by two but be aware the mortgage company will probably not allow the property to be sold for less than what they are owed.

Finally if the mortgage is in both names then they are both jointly and severally liable. This means the lender can pursue either partner or both for full repayment of the sum owed.

Poster 2 is asking where the figure of £40,000 came from? The ex cannot pluck a figure from the air as such and say 'this is what he needs' to move on.

If he has also not been paying any maintenance (for the children) for the past three years he may be on dodgy ground if he tries to seek a court order to force a sale ( you should of course always relay upon a proper legal consideration in these matters). A court may well take the view he was contributing to protect his asset rather than provide for his kids.

Gonzo33

What size mortgage is on the house?
How much is the house now valued at? (Not an overestimate by an EA but really valued at)
Can you get a mortgage jointly for the current lending plus the 40k?

If not do you need a house of the size it is? If it is possible could you downsize to repay him? Or could you afford to sell and then rent.

Where are you living now? Do you own or rent? Would it be easier for them to move into your home?

Finally once all the above has been answered and you know what path you are going down you need to think about maintenance for the children.

It is nice that you all seem amicable enough to talk this through and come to mutual agreements. I wish my exh had been more like your gf's ex.

confusedface

Thanks everyone for your helpful advice, I'm just in the process of getting all the details on the mortgage off my girlfriend.

The £40k is a figure that has been worked out between my girlfriend and her ex so that's how we got to that number.

Both my girlfriend and her ex are named on the mortgage so does that make life easier or harder?

I'm going to show my total lack of knowledge now if I haven't already! but can I apply for a mortgage for £40k and then buy out his share?

Strapped

confusedface wrote: »

Thanks everyone for your helpful advice, I'm just in the process of getting all the details on the mortgage off my girlfriend.

The £40k is a figure that has been worked out between my girlfriend and her ex so that's how we got to that number.

Both my girlfriend and her ex are named on the mortgage so does that make life easier or harder?

I'm going to show my total lack of knowledge now if I haven't already! but can I apply for a mortgage for £40k and then buy out his share?

Do you already own a property?

You will need to get a joint mortage with your girlfriend to pay off the amount of the existing mortgage, plus £40k to pay to the ex. You will need to discuss with your girlfriend how you will then end up owning the house between you, and in what % shares. Remember that a joint mortgage means that you are jointly - and severally - liable for the amount you borrow so it's a huge step.