Messy break up - removing partner from mortgage

lauz125

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WYSPECIAL

Are you married?

lauz125

We aren't married which makes it even more complicated I think!

lauz125

Also does anybody know how they assess if I can repay it by myself? What do they look at and what do I need to provide?

HappyMJ

lauz125 wrote: »

Also does anybody know how they assess if I can repay it by myself? What do they look at and what do I need to provide?

You'll need to buy his share from him. He'll be entitled to 50% of the equity as default. Any money earned while you were together would be considered as if you both earned it together...as if you were married. They won't split every expense and figure out who spent what so you'll need to negotiate with him or he'll get half. If you use a solicitor to fight this you will lose a lot more than you think they aren't cheap.

So maybe offer him maybe 20% of the equity in cash and see what he says. You might need to meet in the middle somewhere. If he really wanted to he can get half even though you paid for most of the mortgage payments and refurbishment.

The equity is worked out as valuation less 10% for selling costs (it costs money to sell) then less the outstanding mortgage.

You'll need payslips proving you can pay for the mortgage.

lauz125

Thanks. Would I need to do this even if he agreed to just take his name off the mortgage? There will be no equity in cash as I wouldn't be selling it, so would I have to get the cash myself?

Thrugelmir

Find yourself a family solicitor. Take advice. Then communicate through them.