buying out partner

eleanor44

soon to be ex partner wants to buy me out of our joint property

no equity in house though so selling is not an option and he wants to keep property. he earns around 80 - 100k per annum.

he has said he will raise 40 -50k for me to start again as i sold my house to buy this one.

the bank we are in undervalued our home so wont increase mortgage so soon to be ex has completed a remortgaging form with another bank who offer the 125% mortgage (part loan). He has completed this form in his name only.

I think the new mortgage company either wont give him the mortgage as i am still on the deeds - so i know i have to be wary that i don't sign anything without legal advice.

Is he going about this the right way or should I have been on the new mortgage companies paper work, and then come off at a later date to release the equity and loan ..ie him buying me out.

mightymouse

Hi eleanor44

you do not say how much you put into the property but there is no equity and you are happy with 40 - 50k.

Your OWN and seperate solicitor will exchange clear title from you for payment from the new lender.( I assume there is enough remortgage to clear the existing debt and 40/50k for you)?

eleanor44

hi , yes there will be enough equity once remortgaged.

He wants me to move out before i get the cash though - i want to go , but dont - i want to go as its making me ill
but i dont want to go incase i lose everything

homer_j_3

if you get a solicitor, he will enable you to move out and give you peace of mind that your money will follow.