confused about buying ex out of mortgage.

getmore4less

They will look more favourably if you use the cash to reduce income multiple and improve LTV

THere will be lenders but income is at the higher end multiple and you have dependants.

Getting ahead of yourself,

Sort out the joint situation first.

ladymarm

Thanks for your help.

dimbo61

Your EX will pay 15% of his net take home pay for his child until they are 19 years of age.
If he is self employed he can earn alot less than he did when you were together !!!! with allowances TAX planning etc so you might end up with a very low assessment from CSA
So dont be hit twice
If he has his child for 50% of the time he will pay little CSA but as with most things in life you will end up being the main carer.
You put the deposit in and your parents paid the buying costs so he put nothing in.
If the property has not gone up in value like thousands of other properties up and down the country he should get £0
I bet he wont be happy with this but it does get him off the mortgage and he has no claim to your home.
Offer him £5K to get him off the deeds

ladymarm

It is getting stressful again. my partner has been thinking and now says maybe we should sell as he may feel resentful in the future if i gain money on what was 'our' house. He also says about the work he did on our house when we moved in, lots of heavy work in garden, some skimming and painting work in 2 rooms, building shelves etc.

Of course i will pay him half of any 'profit' we are deemed to have made as 3 ea's will do valuations this week , but should I recompense him for DIY as well as this? I just want to do what is fair but starting to feel resentful, after all it is him that is choosing to leave.

getmore4less

um, this could get messy, trading I did this you did that, I paid forthis, you paid for that etc.

Is this like him or are there others(mates/family/new partner) poking noses in.

The "our" house IME tends to be a girl thing, guys tend to be less attached, so is this a ploy to get some cash knowing the sale is likely to be nuetral.

Sometime we get attached to places we allready own
Ask yourself, If I was buying would I buy this place.


Allthough it will cost money it might be best to make this a clean break if the oH is going to start games.

Check if the lender would port the existing loan.

Another option, could he take over the house mortgage if he is that attached to the place, sounds unlikely but might focus his mind if you push that back as an option.

Remember there is the other default is you stay he keeps paying the mortgage and remains liable, prices are going nowhwere for some time.
remind that going legal will get expensive, so mediation might be a better option.

I think he needs convincing that you taking over the deal is his and kids best option(as long as you want the place).

Do not end up taking it over with any promise of future profit shares.

The fall back is the agreement your have in plac, hopefully that details the agreement made at the time on the exit options.

edit:
One thing putting the place on the market will do is give you a realistic price, is decent then selling may not be that big an issue, if they come in low, your offer may start looking much more attractive to him.

themull1

You dont value anything yourself when you do a transfer of equity, if you decide to buy partner out, and he agrees, you need to make an appointment with mortgage provider, they will assess the value of the house, for example, what we did was - house was valued at £130,000, equity £50,000, i paid £10,000 to husband initially, then going to pay a further £10,000 in five years time.

We went through solicitors for transfer of equity, it will cost approx £700. Your ex can't start saying i put up shelves etc so i deserve more! Its based on the house price.

Alternatively he can have the mortgage round his neck until your child reaches 18 because he can't make you sell the house, thats why my husband and i came to an amicable agreement that worked for everyone.

If you cant afford to buy him out, you could always agree to take less maintenance per month instead of buying him out in a lump sum? but you will have to see a solicitor who specialises in this area to make sure everything is drawn up properly.