Housing conundrum (buying someone's share)

Baremassive

I am going to try and keep this as simple as possible. I am looking for some advice regarding my situation below, I am seeing a solicitor later this week, but just wanted to test the forum first.

My partner currently owns a house with her ex. They have recently split. Our plan is for me to buy out his share, but we aren't sure how much to offer or what the legalities of the situation are?

Currently he wants to sell the house, but as they only recently bought the house, there's no equity in it and the house is probably worth less than the purchase price as it is a new build.

I have listed some rough figures below:

House cost - 229k
This was made up of:
Deposit - 15k
Mortgage- 168k
Help to buy - 46k
Total - 229k

If we sold the house, this is what we would need to pay back:

The estate agent values the house at.......

£220k

We would then need to pay back:

Mortgage - 168k
Help to buy - 46k
Solicitor/Conveyancing fees - £800-£1500
Mortgage fee (early termination) 2% of 168k is - £3360
Estate agent fees - £1800
Total - £219,960

So lookkng at the figures above, if the house was sold, there would be next to nothing to split? So the better option for the ex is to take a lump sum and walk away.

Is it as easy as me offering the ex a lump sum to walk away and changing the name on the mortgage?

Thanks for taking your time to read my post, any advice is welcomed

franklee

Who paid the 15K deposit? If the ex paid any of it he is going to want that back less his share of the losses.

Pixie5740

They recently bought a house together and have recently split so how long have you been with your partner? It sounds too soon to be getting tied up in a mortgage together.

No it's not as easy as just changing the names on the mortgage. Your partner would need to speak to the mortgage lender to find out if they'd even consider a change of borrower. You'd need to be able to pass affordability. Then there's the matter of the HTB Equity Loan.

Most of the costs you've listed are what they (your partner and the ex) will need to pay not what "we" need to pay if the property is sold.

I doubt the ex will care who the place is sold to, you or a complete stranger, as long as he gets to cut financial ties with his ex.

marksoton

A mess waiting to happen.

Especially as someone else's HTB is involved.

AdrianC

You can't just "change the name" on a mortgage. You would need to apply for a mortgage in your name(s), and use that to pay the original mortgage back, tying that in with changing the ownership of the property at the Land Registry.

Are you looking to live in this property yourselves, or let it? What loan to value can you afford?

Gilead

They recently bought a house...recently split up....which means you and your partner have only recently got together and you are considering buying out the ex? It sounds like a recipe for disaster.

davidmcn

Gilead wrote: »

They recently bought a house...recently split up....which means you and your partner have only recently got together

Not necessarily...