Helping out

JackvanDuyn

Our daughter has had a breakup and been paying her car, phone loans and mortgage for the last 2 years with no input by her ex partner.

My wife and I have loaned money to get her through the hard times but as both of them are on the loan he gets away with murder.

Our daughter wants to sell the property valued at approximately £200k 

She has a £90k mortgage owing and he wants £10k to have no further claims of her.

We want to buy the house off her and sell it ASAP.

Problems are that I am retired and my wife works part time earning approximately £23k pa, but we own our own home valued at £650k.

We can’t seem to be able to get a reasonable loan even though it would be short term as we would sell her property in 6 months.

We are at our wits end and need some advice confidentially if possible 

[Deleted User]

Why doesn't she just sell the house? Why complicate it by you buying it and then selling it?

Sell the house, clear the mortgage and loans. If it was a joint mortgage then it might be you have to split the house proceeds (presumably minus the costs she has paid to make it fair). Why does the ex want cash and why £10k specifically? Was he named and did he contribute to the mortgage and how long for?

Ebe_Scrooge

If you're struggling to get a loan, would it be worth approaching a solicitor?  If he can draw up a legal document that says your daughter can sell the property, give £10k of the proceeds to her ex and that he will then have no further claim against her, that might be simplest.  Yes, it's going to cost to have a solicitor do this, but it may be the simplest - and probably safest - method of going about it.

What I'm thinking, if you go down the "DIY" route, aren't you still going to need a solicitor anyway, to make absolutely sure that the £10k pay-off is the end of it as far as your daughter is concerned?