How Do I Buy His Half Of The House?

lauren8888

I took out a mortgage with my ex in December where we put about 9k deposit in each. Everything was 50/50. I recently told him I wanted to split and he chose to move out. He is still paying his half of the mortgage as neither of us want the house repossessed.

If we were to sell the house now, due to the fees involved we would end up with about 3.5k each from our 9 each. However, I would like to keep the house and buy him out of his half. If he agress to sign it over to me, is there a minimum amount he is entitled to? Is he entitled to his 9k deposit or can I make him an offer over the 3.5k he would get from the sale?

I have taken him off the council tax payments. He is just paying his half of the mortgage plus life and house insurance.

Where do I stand with having friends over? Say I meet a new partner and the situation with the house takes a long time to resolve, would I be able to have him over if my ex says I cant?

Annisele

You're free to offer whatever you like, and he's free to accept or reject your offer.

But whether your ex can walk away (with £3.5k, £9k or £0k) will depend as much on your lender as on anything else. Do you earn enough to support the mortgage on your own? If not, the lender won't release your ex from his liability.

Goldiegirl

In answer to how do you buy his share of the house.

You'll need to apply to the lender for transfer of equity. This means that they give their consent to the property and the mortgage being transferred to your sole name, assuming they are happy you can afford the mortgage by yourself.

With regard to the payment to your ex, there's no set formula to work this out. It's normally agreed by negotiation between both parties.

With regard to you having any new partner to stay. Your ex doesn't have the right to say who lives in the house with you. But, for the sake of an amicable split, perhaps you might judge people's feelings about it, if and when it happens

Thrugelmir

lauren8888 wrote: »

Where do I stand with having friends over? Say I meet a new partner and the situation with the house takes a long time to resolve, would I be able to have him over if my ex says I cant?

Your ex could life difficult for you. So perhaps best to resolve the issue of the property first.

lauren8888

I can afford to take the morgatge on my own.There is no equity in the house yet

lauren8888

He is demanding all his money back,plus fees from when we bought the house.

getmore4less

lauren8888 wrote: »

He is demanding all his money back,plus fees from when we bought the house.

You buy house he stick in £9k+ then you(it seems from your post) effectively kick him out.

Probably a bit peeved.

Technicaly he still owns 1/2 the house as long as he pays the share of the costs.

You should be paying him rent for 1/2 the market value or he could subsitute his occupancy with a lodger to help him cover the costs.


Time to negotiate but I suspect trying to get away with just the sale proceeds may not be sensible because there is nothing in it for him and in the end a sale could be the only solution, lose lose for both of you rather than just him.