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Buying out ex...
zackfair1983
Posts: 12 Forumite
Okay, so not sure if I'm in the wrong place. If I am, I apologise!
So, about year ago, I split with my partner. I lived with my sister for 8 months, and now I'm renting. My ex and I "own" a 2 bedroom shared ownership property, mortgaged with Nationwide and the other half is owned by the council.
From the start, I'd like to say the split is amicable, and we both wish it to remain so.
Basically, she has asked if I want to buy her out. If I do not, I believe the property will be sold. So, I need to know how to approach this. I have no savings of my own, and putting anything away at present would be difficult. Credit score could definitely be better, although there are no arrears with the mortgage, that is all up to date. I know that I can afford the house on a monthly basis.
If you want specifics, we purchased the house in March 2007 for £77000. We had about £8000 for the deposit, So the mortgage was about £69000. There is approximately £63000 left. Without a valuation, I can't obviously tell you what the property is worth now.
Could some guidance be given on where to start? Thinking about having a discussion with Nationwide (who my mortgage is with) for advice, but would be interested to hear from someone who has been through something similar.
Thanks in advance!
So, about year ago, I split with my partner. I lived with my sister for 8 months, and now I'm renting. My ex and I "own" a 2 bedroom shared ownership property, mortgaged with Nationwide and the other half is owned by the council.
From the start, I'd like to say the split is amicable, and we both wish it to remain so.
Basically, she has asked if I want to buy her out. If I do not, I believe the property will be sold. So, I need to know how to approach this. I have no savings of my own, and putting anything away at present would be difficult. Credit score could definitely be better, although there are no arrears with the mortgage, that is all up to date. I know that I can afford the house on a monthly basis.
If you want specifics, we purchased the house in March 2007 for £77000. We had about £8000 for the deposit, So the mortgage was about £69000. There is approximately £63000 left. Without a valuation, I can't obviously tell you what the property is worth now.
Could some guidance be given on where to start? Thinking about having a discussion with Nationwide (who my mortgage is with) for advice, but would be interested to hear from someone who has been through something similar.
Thanks in advance!
0
Comments
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I would suggest that rather than 'thinking about' having a discussion with Natinowide you have a discussion with Nationwide.
If they will help you that will be the easiest and least expensive route in all probability.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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