Buying out ex-partner

krlyr

Just wanting some pointing in the right direction please. Splitting with my partner, been together 7 years (not married), bought house 4.5 years ago.

Still need to have discussions re. next steps, but I want to propose buying him out. Just want to get my head around the basics and see if it's feasible first - he always did most of the research on mortgages etc. so not quite sure where to start.

If it makes any difference, our current mortgage deal runs out in November. We're tenants in common, with him owning a higher share (put in a larger deposit).

ViolaLass

Can your salary support the mortgage?

krlyr

ViolaLass wrote: »

Can your salary support the mortgage?

It would support the repayments quite comfortably. I think from my calculations, I could borrow enough to pay him off, just about, if work gave me a small payrise (I was expecting one at Christmas - may have to ask if they could review earlier, they're quite a supportive company and I'm moving towards a management role with more responsibility so it's not a mad ask), but not 100% if I've calculated right.

amnblog

Your maximum affordability can be a complex calculation based on a number of factors. As a guide, if you are expecting to borrow 4 or 4.5 times your pre tax income you should be in the ball park.

AnotherJoe

krlyr wrote: »

It would support the repayments quite comfortably. I think from my calculations, I could borrow enough to pay him off, just about, if work gave me a small payrise (I was expecting one at Christmas - may have to ask if they could review earlier, they're quite a supportive company and I'm moving towards a management role with more responsibility so it's not a mad ask), but not 100% if I've calculated right.

Unfortunately there's a difference between what you can afford in practice and the theoretical calculations lenders run through. Plenty of people who are paying (say) a £500/mo mortgage at 4% who aren't allowed to remorgage to (say) a £350/mo mortgage at 3% because the rules they use say it's not affordable!

So you need to look at what lenders say you can borrow based on your salary rather than what you can actually pay. Go on lenders websites and they will have calculators you can plug in to determine roughly if they think you can afford it, but I'm going to be pessimistic amd say if you think you can just about afford it odds are a lender will think you can't.

cahillg81

Try using lenders who use ONS figures for maximum affordability.

krlyr

I can't find anything in our 'house pack' that states the split we agreed as tenants in common to confirm the number I have in my head - someone's mentioned ordering deeds online, but will this cover what I need? I've read that it's usually specified on the deed of trust, but not sure if that's what I'd be ordering from the Land Registry.

AnotherJoe

krlyr wrote: »

I can't find anything in our 'house pack' that states the split we agreed as tenants in common to confirm the number I have in my head - someone's mentioned ordering deeds online, but will this cover what I need? I've read that it's usually specified on the deed of trust, but not sure if that's what I'd be ordering from the Land Registry.

Land registry are unlikely to have that. I think it can be added to the entry as a note, but your solicitor ought to have one if you cant find a copy.

krlyr

Would I have to pay to get a copy? Or just phone and request it?

AnotherJoe

Your solicitor? I wouldn't expect them to charge but I dont know.