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Buying Partner Out
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ricco111
Posts: 2 Newbie
Hi all,
Seeking some information about what to expect from the process of buying my partner out of our mortgage. We are currently separating but I am looking at staying in the home and buying my partner out of the mortgage.
Current value of property is £160k
Current mortgage owed is £110k
The separation thus far is amicable and we have agreed a fee of £20k to buy my partner out of the mortgage. This valuation is based on that I have paid more towards the repayments over the last few years.
Are we able to agree a buyout valuation ourselves or does this have to be determined legally by a valuation (i've had contrasting information on this).
Is the best way forward a remortgage solely in my name for an extra £20k, which could be given to my partner or would I not be allowed to give them the entire sum due to tax?
In terms of getting a mortgage on my own, that shouldn't be an issue due to my income and the monthly mortgage costs, however I don't have £20k in savings to buy her out directly.
What is the best way forward with this?
Much appreciated
Seeking some information about what to expect from the process of buying my partner out of our mortgage. We are currently separating but I am looking at staying in the home and buying my partner out of the mortgage.
Current value of property is £160k
Current mortgage owed is £110k
The separation thus far is amicable and we have agreed a fee of £20k to buy my partner out of the mortgage. This valuation is based on that I have paid more towards the repayments over the last few years.
Are we able to agree a buyout valuation ourselves or does this have to be determined legally by a valuation (i've had contrasting information on this).
Is the best way forward a remortgage solely in my name for an extra £20k, which could be given to my partner or would I not be allowed to give them the entire sum due to tax?
In terms of getting a mortgage on my own, that shouldn't be an issue due to my income and the monthly mortgage costs, however I don't have £20k in savings to buy her out directly.
What is the best way forward with this?
Much appreciated
1
Comments
-
Remortgage to borrow 20k more on the mortgage. The solicitor doing the remortgage work also removes her from the deeds and gives her the money at the end. Simples.
Takes about 6 weeks on average0 -
That's the kind of reply I was hoping for! Thanks0
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