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Buying my partner's brother out of a property...
amber83chloe
Posts: 1 Newbie
Hi.
My partner and I live in a house, he owns half of it outright and his brother owns the other half outright.
How woudl I go about buying his brother out of his half?
I would need a mortgage, so would it be a case of me saving up at least 10% of his half in order to get a mortgage?
Thank you in advance!
My partner and I live in a house, he owns half of it outright and his brother owns the other half outright.
How woudl I go about buying his brother out of his half?
I would need a mortgage, so would it be a case of me saving up at least 10% of his half in order to get a mortgage?
Thank you in advance!
0
Comments
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is the house already mortaged?
basically the names on the deeds of the house need to the names on the mortgage
so your partner and you would need a joint mortgage from a mortgage lender and meet their lending criteria0 -
How much does he want for his share and what is value of property ?
The chunk owned by the partner/brother will be the deposit - as you will both have to go on the mortgage and then (I would recommend) adjust your resulting financial interests by 'tenancy in common' and a 'deed of trust'.
Find yourself a broker - they will take you through it.
OR OF COURSE - see what money supermarket dot com can do for you :rotfl:Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
"owned outright" according to the original post (on which is based my reply - but if their is a mortgage the answer is similar but the sums (and to some extent the process) are different)Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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Sheascot - I suggest you read the rules of the forum and remove the post (there are many brokers on here - my firm included - who would cheerfully give the advice if approached by the client) Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Senior_Paper_Monitor wrote: » Sheascot - I suggest you read the rules of the forum and remove the post (there are many brokers on here - my firm included - who would cheerfully give the advice if approached by the client)
I think the rule book may have changed today
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Good point !! Amber33Chloe - money supermarket dot com are the team you need ! :rotfl:Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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I am sorry if I have offended anybody....I did not think offering FREE advice was against the rules.....if so I will not post any more info, and I apologise again...sheila.0
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