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Mortgage with ex partner
wiggo23
Posts: 1 Newbie
Hello,
I have recently split up with my partner and we have a mortgage together. The house was purchased for £144,000 and we got a loan of £30,000 on top. She does not want to sell the house, however I want out of it so I can move on in my life and maybe one day get another mortgage.
Would there be any way of transferring the house into her name and possibly paying some money towards the loan and buying out. I have no idea what to do or which way to go as I want to sell. I know that the house is in negative equity and I would walk away with debt anyway, however she cannot afford this.
Thanks in advance
I have recently split up with my partner and we have a mortgage together. The house was purchased for £144,000 and we got a loan of £30,000 on top. She does not want to sell the house, however I want out of it so I can move on in my life and maybe one day get another mortgage.
Would there be any way of transferring the house into her name and possibly paying some money towards the loan and buying out. I have no idea what to do or which way to go as I want to sell. I know that the house is in negative equity and I would walk away with debt anyway, however she cannot afford this.
Thanks in advance
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Comments
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I believe you would have to sell your share to her, and pay all the legal fees that go along with such things and she would have to apply for a new mortgage?
I'm sure more knowledgable people will respond, but that would be my understanding of it
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Yes, she would have to be able to satisfy the lenders criteria to show that she could afford it on her own. With it being in negative equity, I'm not sure that they would allow it anyway.
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