Buying ex partner out of Joint Share Mortgage - Sanity Check Pls!

TheAbidingDude

No, he has never owned a property.

Pixie5740

TheAbidingDude wrote: »

No, he has never owned a property.

Then if/when he ever comes to buy his own home he will not only lose out on the SDLT relief for first time buyers but will also face the higher rate of SDLT for the purchase of additional residential properties. Becoming a property owner will also exclude him from government schemes such as the LISA bonus for home buyers under 40 and HTB Equity Loan and shared ownership. It is imperative that your brother seeks independent legal advice so that he fully understands what it is he is committing to.

getmore4less

If you want to challenge the ex on numbers you need a far more robust attitude to this, with solid numbers to counter theirs.

You really need some numbers that you can go to the bank with.

As it stands you seem to be broke the ex needs in the region of £45k on top of the £320k mortgage.

365k is 95% LTV. What's the brother bringing to the party to get that down

getmore4less

Is the brother moving in?

bowlhead99

To be fair the question is "what is the fair amount to pay to buy her out ?"...

Not "how do I and my brother afford to pay it?"

G_M

And I doubt either the bank, or financial advisor, are the best source of advice on SDLT.

Either a conveyancing solicitor, or the HMRC website or helpline.

Pixie5740

bowlhead99 wrote: »

To be fair the question is "what is the fair amount to pay to buy her out ?"...

Not "how do I and my brother afford to pay it?"

To be fair to whom? The OP said that SDLT could be a dealbreaker. I just pointed out that the SDLT could have further reaching consequences, especially for the brother, than just having to pay it on this transaction.

getmore4less

bowlhead99 wrote: »

To be fair the question is "what is the fair amount to pay to buy her out ?"...

Not "how do I and my brother afford to pay it?"

They are linked, if the amount they can raise means for them the value has to be lower than £390k then that needs to be used for the buyout calculations as that will be their best offer.

if either believe they can get more out of it by selling as someone else will pay more then that's what may have to happen.

Lysimache

Any mortgage on the property = need to pay stamp duty on the mortgaged amount (I think - may be wrong). Check out chargeable consideration.

Kirstylou22_2

Hi I am looking for some advice. I am going through a messy break up. My ex and I bought our 1st home in May2017 and we split up a few months later. He has not contributed to the mortgage repayments for the last 3 months.

We originally agreed that I would buy him out of the property and have had the mortgage agreed by the mortgage company.

We owned the property 50/50 and bought it for £230k the house has not gone up in value so as part of buying him out I was paying him his deposit back plus the money he paid for some of the furniture in the house.

He has recently lost his job and is being horrendously difficult and has said he will not let me buy him out anymore.

What I want to know is can I in anyway make him sign the house over to me? If we sold the house he would make a lose as we would have to pay an early repayment Charge on the mortgage.
He cannot afford to pay half the mortgage so he is just being difficult.

Thanks