mortgage advice please

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I need some advice please, some legal would be helpful. I live with my partner and thinks are very bad, I NEED OUT. we have a mortgage of 50 thousand pounds with 10 years left, the house is worth around 100-110 thousand, we also have a loan of 15 thousand on the house. I want to buy him out he seems happy with getting 20 thousand. i pay all the bills out of my wage at the minute anyway, and i work full time and can do lots of extra i need to know what advice solicitors would give me and him.

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  • gettingtheresometime
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    There's so many variables that I think your best bet is to seek proper legal advice
  • silvercar
    silvercar Posts: 47,097 Ambassador
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    First thing to check is whether your mortgage lender would allow you to take on the mortgage on your own. At the moment an joint mortgage means you are both liable, if they allow you to take it on alone, they will need satisfying that you earn enough income according to their criteria. The fact you have been paying the mortgage alone may not be enough for them to agree.

    where will the money to pay him £20k come from?
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  • mydebt
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    was hoping to basically borrow it on the mortgage, plus pay of the 15 thousand on it as well basically taking on a mortgage of 85 thousand if it can be done
  • neneromanova
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    It just debends on your income. If you're only on 10k then no they won't lend it to you. If you're on £30k then they might do.
    What's yours is mine and what's mine is mine..
  • Kynthia
    Kynthia Posts: 5,669 Forumite
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    You need to find a mortgage broker and see if they believe you can get a mortgage on your own for the current mortgage value plus the £20k you want to give yiur husband. How is the loan against the house done? Is it through yiur lender and in joint names? This will need dealing with also and will affect your affordability. Plus it takes the LTV ratio quite high meaning there's not much equity for the lender to consider as a safety net.
    Don't listen to me, I'm no expert!
  • TBagpuss
    TBagpuss Posts: 11,205 Forumite
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    Step one is to talk to an independent mortgage adviser and find out whether you have any prospect of being able to borrow £85,000 on your income and on a property worth £100-£110K.

    If you can, then you speak to a solicitor bout doing a transfer of equity - effectively you will be buying the house from you+him , and paying him £20K which appears to be an open market value for his share of the property. *(f it is worth £100,000, he will be getting a bit more than his 50%, if it is worth £110K he will be getting a bit less)

    You might want to have a formal separation agreement drawn up but on the face of it, you will be paying market value so it is less of a worry than if he was having less than his share.
    All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)
  • fairy_lights
    fairy_lights Posts: 9,220 Forumite
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    mydebt wrote: »
    was hoping to basically borrow it on the mortgage, plus pay of the 15 thousand on it as well basically taking on a mortgage of 85 thousand if it can be done
    So you want to take the mortgage on in your own name, plus borrow a further 15 to pay off the loan, and a further 20 to buy out your ex?
    How much do you earn?
    You need to get some mortgage advice and find out if that is a realistic plan before you do anything else.
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