Can I get a mortgage to buy ex out property - no mortgage

stressedoutmum

My husband and I separated in January after 32 years together (his choice not mine) - now the grief and shock have settled a bit I'm thinking about my future and the house.

We have no mortgage and he is renting a room somewhere. We haven't discussed the house yet as he said I can stay in it for 1-2 years maybe more but that was in January.

He wants to be as amicable as possible I suppose to make his life easier but he just walked out without explanation other then he was fed up arguing.

I'm 57 in April. The house is worth around £140,000. I think he's expecting half the house value. I would like to negotiate that I don't have half his pension but that he takes a reduced amount from the house to buy him out - I was thinking around £20,000. (He has a much bigger and better pension than me). I know he's entitled to half of everything I have but that's very little.

How do I apply for a mortgage to buy him out? I would like it paid by the time I reach state retirement age or earlier which is around 10 years but with the option to pay sooner as I receive a small lump sum when I'm 60 and would like to pay that towards the mortgage. I would be looking for around £50,000 mortgage and think I need to have 10% which I could raise.
If he does not agree to the reduction I would need £70,000 less the deposit I need to raise.

I don't know how to start the conversation with him as I suspect as soon as I mention him taking less from the house he will not be happy.

I'd like to do as much as possible and agree things then see a solicitor to draw it up because neither of us can afford to pay large legal bills.

Once we reach an agreement or he has his money how do I change the house to just my name and what costs would be involved.

I had hoped we'd sort our marriage problems out but he's not interested. I am extremely sad about this but now I've got to look at the practicalities and my future from a place I never thought for one minute I would be.

AnotherJoe

See a solicitor.

ViolaLass

Do see a solicitor but just wanted to add that you won't need a deposit - you'll own the other half (or whatever fraction) of the house.

DigForVictory

Plus one for if you want to get a lower price in exchange for a reduced share of the mortgage, you will be safer with a good solicitor.

It's an unhappy place to be, but to avoid arguments, better to leave it to the professionals.

Hoping it all works out for you.

MovingForwards

See a solicitor.

Your share of the house is effectively your deposit.

Look at the mortgage term running to retirement age BUT make overpayments so it naturally brings the term down.

Find a good broker.

Refresh yourself with the advice in your other thread:

https://forums.moneysavingexpert.com/discussion/5969511/separating-no-mortgage-can-i-get-a-mortgage-to-buy-partner-out

Wishing you all the very best as I've walked in part of your shoes a few years ago but am now stronger than ever and started over, currently saving for my own home as I left him with the house and asked for nothing from him.

One day you will look back, think about everything and all the things you ignored about him while married will be a learning curve should you step into another relationship one day.

Thrugelmir

stressedoutmum wrote: »

I'd like to do as much as possible and agree things then see a solicitor to draw it up because neither of us can afford to pay large legal bills.

If you are happy to proceed on the basis of a 50/50 split of assets. Then should be a relatively straightforward process. Do seek advice though.