She wants out i want to stay

paulhgc

we are not married but we have a joint mortgage which we have about 100k equity in the house ie we owe 149 k and its worth 250k

She says she will go if i give her 45k to which i want to do as i love the house i am in and would sooner stay if possible than go down the help to buy route

How does one approach this ? do i visit my current lender and explain the situation or is it best to appoint a solicitor

ACG

Before you pay her anything, only do it if her name comes off the deeds and the Mortgage - far too many stories on here where people paid thinking it would be the end of it and 10 years down the line it is all hitting the fan. At the minute, you are both motivated to have the same outcome.

You can do one of 2 things:
1) Speak to your current lender and ask to take your ex off and do a further advance or;
2) Speak to a new lender/broker and do a remortgage in your name only.

In any case you will need to do a transfer of equity (the solicitors will do it) which costs around £150-300 give or take.

paulhgc

ACG wrote: »

Before you pay her anything, only do it if her name comes off the deeds and the Mortgage - far too many stories on here where people paid thinking it would be the end of it and 10 years down the line it is all hitting the fan. At the minute, you are both motivated to have the same outcome.

You can do one of 2 things:
1) Speak to your current lender and ask to take your ex off and do a further advance or;
2) Speak to a new lender/broker and do a remortgage in your name only.

In any case you will need to do a transfer of equity (the solicitors will do it) which costs around £150-300 give or take.

Thank you will my current lender give me a idea of the repayments and will they include the current mortgage as it stands


if i re-mortgage can i include the equity that is already in both our names but as a sole applicant

ACG

You would effectively be remortgaging for £194,000. £149,000 would go to your current lender, £45,000 would go to the ex.

You would then be left with a Mortgage of £194,000 mortgage so 80% LTV give or take?

theoretica

Basically you need a mortgage for 194k in your name alone, and to sort the paperwork out. Affordability calculators will give you an idea if your current lender, or any lender will even consider it.

wlondoner

I believe she may have to pay capital gains tax (calculators online but you'll need to check and double check it all) and you'll have to pay stamp duty on the £194,000 so you'll really need to look into it get some advice. Good luck with it all let us know how it's goes.

getmore4less

NO CGT as(if) she lives in the place.

SDLT is on the consideration, this should be 1/2 the mortgage + £45k £120k which is £0.

Assume the £45k is about right for £100k equity, did you put equal(ish) deposits and pay the mortgage 50:50?