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Buying out a joint owner
kaylzbob
Posts: 82 Forumite
Hi there,
Apologies if this is the wrong section of the board.
I am asking this on behalf of a family member so i only have rough details.
Basically, a husband and wife are joint owners and have paid off their mortgage. Their relationship has completely broken down due to irreparable issues and they wish to separate.
The issue is that the husband would like to keep the family home as there is still one adult child living there. The wife doesn't really care about keeping the family home but wants half the money (the mortgage was paid off in a lump sum by the husband a few years ago but I believe this doesn't matter as they were married at the time).
Is it possible for the husband to buy the wife out? He doesn't have the funds sitting to pay her half the value of the house but could he somehow get the house in his name only?
I am thinking along the lines of the house goes up for sale, he takes out a mortgage based on half the value of the house (using his half of the 'sale' as a deposit - potentially some more on top but I'm not 100% sure of amounts) and he then gets to keep the family home, albeit with some mortgage payments again, and the wife gets her pay out?
Thank you if you have made it to the end of this, I realise it's quite long and I have no clue what i am talking about when it comes to this sort of thing :rotfl:
Apologies if this is the wrong section of the board.
I am asking this on behalf of a family member so i only have rough details.
Basically, a husband and wife are joint owners and have paid off their mortgage. Their relationship has completely broken down due to irreparable issues and they wish to separate.
The issue is that the husband would like to keep the family home as there is still one adult child living there. The wife doesn't really care about keeping the family home but wants half the money (the mortgage was paid off in a lump sum by the husband a few years ago but I believe this doesn't matter as they were married at the time).
Is it possible for the husband to buy the wife out? He doesn't have the funds sitting to pay her half the value of the house but could he somehow get the house in his name only?
I am thinking along the lines of the house goes up for sale, he takes out a mortgage based on half the value of the house (using his half of the 'sale' as a deposit - potentially some more on top but I'm not 100% sure of amounts) and he then gets to keep the family home, albeit with some mortgage payments again, and the wife gets her pay out?
Thank you if you have made it to the end of this, I realise it's quite long and I have no clue what i am talking about when it comes to this sort of thing :rotfl:
0
Comments
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Why put it on the market?
Why doesn't he just apply for a remortgage to raise what he needs to purchase her equity?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Is that a possibility? Sorry I really am clueless about all of this!
So he could potentially go to the bank and explain that he would like to remortgage in his name only?0 -
He should get independent mortgage advice.
He requires a remortgage of an unencumbered property and a transfer of equity.
Any decent broker will know how to deal with this.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
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foxy-stoat wrote: »Yes he should do this - sounds like he is clueless as well.
Yeah he really is, house was bought 35 years ago as a first time buyer so no idea what to do in this situation!0 -
kingstreet wrote: »He should get independent mortgage advice.
He requires a remortgage of an unencumbered property and a transfer of equity.
Any decent broker will know how to deal with this.
Thank you, I will pass that on. That's really helpful to know the terms so at least he has a starting point!0
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