How can ex buy me out of house?

sparkey1

Deleted User How much do you pay on your mortgage each month? Who is your lender?

tlc678910

Hi,
If you find that you cannot sell your house for the 360K and find that you need to lower your price (by your calculations above) you can only lower the price by around 17,200 before you would owe money if you sold. If you find you are having to drop the price near to this amount you are getting to the point where you should consider just letting your ex have the house if he can raise the money and get your name off it, as you might as well do this rather than sell in negative equity and owe money.

If there is no money in the sale e.g. you find on marketing the house that you cannot achieve 345k then you ex would not need to extend the borrowing for the share you already have mortgaged only for the help to buy portion (as they don't need to pay you anything). You indicated that your ex might be able to borrow more but not enough. If for example they could borrow 30k more on their mortgage they would need 42k more to pay off the help to buy at your 360k valuation (the 72k) although if you have been unable to shift the house at 360k you would think that this would be evidence towards a lower valuation and a lower help to buy settlement).

If your ex needed 42k or less then perhaps they could ask their parents about putting a charge against the house for the amount (which some lenders will allow) so they are not taking their parents money but borrowing it protected against the house which could either be sold or remortgaged in the future when circumstances improve to repay them.

Tlc