Buying GF out of the house.

newbornrover

Hi,

Unfortunately me and my GF have decided to part ways after 7 years. I'm looking to buy her out but not sure where to start, any help would be much appreciated...

We moved in together a couple of years ago and purchased a house together with deposit from both of us 50/50. So we both own the house equally.

We paid £140k for the property and have had it valued at £156k. She has said if I was to buy her out I could do so for £153k which is very reasonable and I am keen to do so. We have about £122k left on the mortgage.

We got a 2 year fixed mortgage when we purchased the house and this is up in August.

What do I need to do? I may have the money to buy her out from my own funds but also I may decide not to do this and see if I can get a mortgage to cover the cost of buying her out which will be approx £15.5k.

What is the process for doing this?

If I was to use my own funds to cover buying her out, is it an easy process to get her off the mortgage and deeds or is it like a complete new sale?

Also, if I was going to cover this with a mortgage I assume I would to get a whole new mortgage and may have to pay early redemption fees?

I'm confused:eek:

Cheers, Tim

amnblog

To buy her out you would need to satisfy the lender that you are a good risk for the mortgage on your own.

If you don't need to raise extra cash on the property it is a transfer of equity arranged via a solicitor.

To raise extra you need a remortgage,( new lender) further advance, (extra from current lender) or second charge loan (extra from new lender) to accompany the transfer of equity.