I need to buy my partner out of our house.

Silvery_2

This is my first time postong so be gentle.

Me and my partner bought a house a few years back and I now need to buy him out of the house and sever all ties with him.
I don't know what to do or how to do it.

I thought of selling the house and splittinh the money, but the house is a bit of a live im building site. i cant ask him to buy me out as he would not be anle to afford.

We bought the house for 72,500 and the current mortgage is 60,000. There are no kids involved, it is just me and him with a joint mortgage. How much do I have to pay him? How do I take his name off the mortgage and the property.

Thank you in advance. Any advice would be gratefully received.

Old_Git

who paid the deposit ,you or him or both .
How much is it worth now .
Do you earn enough to pay the the mortgage

Silvery_2

Old_Git wrote: »

who paid the deposit ,you or him or both .
How much is it worth now .
Do you earn enough to pay the the mortgage

We both paid the deposit. I would say the price hasn't changed much. We fitted a new bathroom, however, there is no kitchen as it has been ripped out and no other room is decorated.

Old_Git

so you have £12,500 equity so half each .
Will the lender let you borrow £60,000 on you income alone

darren_clarke

I had a friend go through this, in the end he had to sell the house, as the mortgage company wouldn't let him have the mortgage in his own name, a other friend has just sold her house that she has lived in for 7 years on her own and paid the mortgage on, and had to give half to her ex husband, as his name was on the mortgage and deeds, as the couldnt have the mortgage on her own

check that the mortgage company will allow you to have the mortgage on your own if they do then I think its

house value - mortgage = profit - fees, split 50/50

kingstreet

The party to remain in the mortgage should approach the lender for a transfer of equity and additional borrowing, if needed. If there's sufficient equity, a sole remortgage with a new lender may also be used to repay the current mortgage to get a lower mortgage rate and/or to purchase the leaving borrower's share of the property.

If the borrower's income is sufficient to maintain affordability, the lender will permit the change, or accept the remortgage application.

At that point, the matter will be passed to a solicitor for the transfer of equity to be completed. Once both parties have given their agreement, the leaving borrower is removed from the mortgage and the deeds to the property so they have no further interest in it.

A transfer of equity typically costs between £400 and £600.

daedalus_2

I bought my partner out although I couldt afford to do it outright by taking in a lodger and the mortgage company accepted this.

Silvery_2

kingstreet wrote: »

The party to remain in the mortgage should approach the lender for a transfer of equity and additional borrowing, if needed. If there's sufficient equity, a sole remortgage with a new lender may also be used to repay the current mortgage to get a lower mortgage rate and/or to purchase the leaving borrower's share of the property.

If the borrower's income is sufficient to maintain affordability, the lender will permit the change, or accept the remortgage application.

At that point, the matter will be passed to a solicitor for the transfer of equity to be completed. Once both parties have given their agreement, the leaving borrower is removed from the mortgage and the deeds to the property so they have no further interest in it.

A transfer of equity typically costs between £400 and £600.

This has been so helpful. I just don't know what to do and I couldn't find any info on the process. I will approach my lender. Is this an easy process?

Silvery_2

Old_Git wrote: »

so you have £12,500 equity so half each .
Will the lender let you borrow £60,000 on you income alone

I will have to ask and see. I don't see why not, I can afford to pay it

kingstreet

Silvery wrote: »

This has been so helpful. I just don't know what to do and I couldn't find any info on the process. I will approach my lender. Is this an easy process?

The lender will check affordability, like if you were applying for a new mortgage. One it is happy, the solicitor has the legal work to do and the land registry filing and will ensure your former partner is informed of his right to seek independent legal advice.

He'll have you sign the documentation and will pay off your ex.

If the property is still worth £72,500, you're only going to be able to pay your ex £5,500 if the lender will only lend a maximum of 90%. You need to ask them about this...

Bananamilk_2

I was in a similar situation 10 years ago, although I was the partner being bought out. My ex-partner was unable to buy me out outright, so what we did was get the flat valued and agreed a price. Then she borrowed the biggest lump sum she could (about £40k) and gave me that and then agreed to pay me the remainder by standing order instalments over the next 18 months. We had no further contact.

I understand you want to cut all ties with your ex, but you don't need to have any other contact with them other than that you will see the SO going out of your bank every month, and obviously you need the whole agreement drawn up by a solicitor. In ourcase, we actually had teh same solicitor acting for us, which may sound strange, but we did it all as amicably as possible. As long as you agree on the valuation, it should be fairly simple from there.

I know from experience it's a stressful time, so make it as amicable as possible and good luck!