Timeline for being bought out of a property

Stan29101

Hi there

I just wondered about the timeline and usual steps for being bought out of a house and mortgage. I have tried looking online but I can’t see any advice on the steps involved.

many thanks

getmore4less

Depends how it is being done and how far you are down the process.

All cash.(few days)
New mortgage(few weeks)
can't agree price(few months)

Also what circumstance
Inheritance buyout is a bit different to a parting of ways of current  joint owners  

davilown

I think you have to be realistic about this - whilst a cash purchase would be relatively quick to remove you from the mortgage, the land registry changes may take longer.

If you can’t agree on prices and/or a mortgage is being used to buy you out, 6-9 months.

SDLT_Geek

Stan29101 said:

Hi there
I just wondered about the timeline and usual steps for being bought out of a house and mortgage. I have tried looking online but I can’t see any advice on the steps involved.
many thanks

Is it the same matter as this one, where the buying party keeps changing her mind? Ex partner buying house — MoneySavingExpert Forum

getmore4less

SDLT_Geek said:

Stan29101 said:

Hi there
I just wondered about the timeline and usual steps for being bought out of a house and mortgage. I have tried looking online but I can’t see any advice on the steps involved.
many thanks

Is it the same matter as this one, where the buying party keeps changing her mind? Ex partner buying house — MoneySavingExpert Forum

Knew I should have checked.
basic steps are 
 :  : 

1. 0-never : agree price
2. 0-weeks : arrange finance
3. days-weeks : process paperwork 

still in phase one by the looks of it

RAS

If so, neither you or OH really have no control over the time frame.

With luck, her financial security allowing a re-mortgage and them both agreeing the split, perhaps 6-12 months.

If the ex struggles to get a new mortgage, realises they can just sit there or they disagree on the split, you're looking at an order for sale, possibly another order to allow occupation and then a sale. Years and costs up front.....

The only good thing is that if the house increases in value, OH will get a bigger pay-out.

Stan29101

Thanks everyone. Yes it’s the same house. We seem to have progress (hopefullly she doesn’t change her mind again) as there is an agreed buy out figure, a few bits have been signed at the bank and the new mortgage has been agreed. I think we’re towards the end of the process but I wasn’t sure what paperwork is actually involved and whether that takes weeks or months....I’m hopeful but it’s so up and down, it can get very draining 

Stan29101

Oh and yes that’s the strange thing - she’s valued his payout £30k more than he suggested?! I think it’s becuase the value will have increased since that conversation was held last year..

Stan29101

Hi there - another update and question for you. The mans registery documents have all be signed and sent off now - does this have to be completed before the transaction is complete? Are we missing any other steps? Her new mortgage is lined up, all solicitor paperwork signed with agreed amounts and new title deed changes....what’s next? Thank you