Buying out ex

platypuskn

Hi,

I am hoping to buy my ex husband's share of our marital home. I got a home report done and this raised a structural issue with one of the walls. I got an engineers report which gave two options to fix this and got quotes ranging from 3k-10k. The difference in quote depends on which of the two options are done. However, there has also been concern from some of the builders that the job might cost significantly more as there is uncertainly as to how bad the problem is, and this won't be known until work starts. The home report has been updated with the new info on the problems but the surveyor could not update the home report value because the quotes were so variable.

My solicitor says we really need to get the work done before I buy him out (or before putting house on the market, which is what ex would prefer rather than selling to me) as due to the uncertainty I would be unlikely to get a mortgage with the property in its current state. But, due to builder shortages this could take months and months and I really need all aspects of the finances sorted ASAP.

Any advice? Selling to someone else isn't a sensible option for the same reasons and anyway I want to stay for the sake of the kids.

davidmcn

platypuskn wrote: »

due to builder shortages this could take months and months and I really need all aspects of the finances sorted ASAP.

Well, if you need to know for sure what the actual cost will be then "ASAP" will just need to mean whenever you can get someone to give you a definite quote. Or if you need to know sooner than that you both agree on an estimate and take the risk that it will be higher/lower than that. Not sure what other options there would be? And if you need a mortgage which will only be forthcoming after the work is complete, then it makes more sense to get the work done first before finalising the figures.

platypuskn

Thanks David, I need the overall financial agreement resolved ASAP because currently I am losing a fortune each month because I have the majority of our joint savings in my own account and so am not eligible for tax credits to help with childcare costs etc. Ex won't take his share of the savings until the whole thing is agreed.

As to the property, I would happily agree an estimate but then I can't actually buy ex out based on this as I gather I'm unlikely to be able to get a new mortgage until the issue is resolved. My current mortgage provider won't accept me as a single applicant. I have a mortgage promise with another company but I'm assuming as soon as they see the home report they won't actually agree it.


Is it possible to buy someone out and keep them on the mortgage in the interim? That's the only thing I can think might work.

davidmcn

platypuskn wrote: »

Ex won't take his share of the savings until the whole thing is agreed.

Is it possible to buy someone out and keep them on the mortgage in the interim? That's the only thing I can think might work.

You can give him the money, but you can't transfer the title without sorting the mortgage at the same time. And sounds like he doesn't want to do that anyway.