Do I have to give my boyfriend equal share in buy out

steph1111

Surely if we agreed a figure between us, which when I mentioned Only giving £8500 - he was fine with this. Can I not just pay him with that? 

getmore4less

If you agree a figure that fine.

Lender solicitor may insist on him taking legal advice.

Even with just 11 months if it went up in value during that time only fair he gets some of that.

What about the capital paid off the mortgage

Now you have full occupation you paying all the mortgage is just a substitute for you paying rent on his share  and him carrying on paying the mortgage.

steph1111

getmore4less said:

If you agree a figure that fine.

Lender solicitor may insist on him taking legal advice.

Even with just 11 months if it went up in value during that time only fair he gets some of that.

What about the capital paid off the mortgage

Now you have full occupation you paying all the mortgage is just a substitute for you paying rent on his share  and him carrying on paying the mortgage.

Thank you for you advice, much appreciated. 

He doesn’t want to waste money on a Solictor he says 🙄 so I doubt will take any legal advice. 

I agree perhaps should get whatever equity for 11 months .. however I financially helped him lot last few months of relationship, so do feel really him getting his deposit back is really all he’s entitled too. If he was still contributing to mortgage then fine, but he’s not offered a penny. 

The capital? Forgive me for being thick? 

Money borrowed was £97500 from Halifax 
now paid down to £94’350 if that’s what you mean? 

What next steps do I take? Do I approach my bank and request the £8500 be added in to new mortgage? Or release equity? 

theoretica

steph1111 said:

theoretica said:

steph1111 said:

He also hasn’t paid anything into house since he left. So surely if he’s due anything? It’s only 11 months  worth of equity? 

If you had bought him out when he left, then yes, but you don't want to buy him out until September and this means you continue to benefit from the fact he put money into the property.

The reason for waiting until September is because my broker at the time I enquired advised me to wait so I didn’t pay a penalty on coming out of my mortgage deal early  

Exactly - a financial benefit to you from him being bought into the house.

steph1111 said:

theoretica said:

steph1111 said:

Basically, I’m asking is this ok for me to decide what to give him? As I have no idea how this works? 

Thanks in advance for help. 

You do not get to decide what to give him, any more than he decides, by himself, what he gets from you.  But everything will work out much smoother if you can agree between you, rather than dragging it out and disagreeing.

I don't know if including (and writing off) the van and other money you have already given him would go down well with him as it sounds more generous, or would go down badly with him as feeling like you are reopening past dealings. It might depend on if the money was clearly a loan.

Thank you. 

Silly question.. who decides? As he won’t be getting a Solictor, I am for deed change. 

He’s happy to accept £8500? How do I know how much to ask the bank to give me extra on top of my current mortgage in order to pay him out?? 

I honestly thought I could decide and if he agrees then that how much I can ask bank for mortgage advance in order to pay out 

sorry I’m new to this and feel stressed about it 

You both decide - together.  I think this may be just a wording issue.

SuseOrm

To answer your question he is absolutely fine with receiving £8500 you are perfectly happy to give him that you do not need to overcomplicate this you do need to keep your mouth shut and you need to get him to sign whatever paperwork he needs to to get that house entirely into your name.  

I never ask strangers opinions you don’t know them and you don’t respect them and more to the point they don’t care about you as the saying goes those that matter dont mind and those that mind dont matter.  

Get a line drawn into this ASAP

turnitround

You need to get the house valued for the remortgage. You cant just ask for an extra 8.5 grand.  Don't forget that even though you have been paying the mortgage alone you have been occupying his share of the property rent free whist he has presumably had to pay to live elsewhere,

steph1111

SuseOrm said:

To answer your question he is absolutely fine with receiving £8500 you are perfectly happy to give him that you do not need to overcomplicate this you do need to keep your mouth shut and you need to get him to sign whatever paperwork he needs to to get that house entirely into your name.  

I never ask strangers opinions you don’t know them and you don’t respect them and more to the point they don’t care about you as the saying goes those that matter dont mind and those that mind dont matter.  

Get a line drawn into this ASAP

Best advice Iv had. Thank you 😊 

sammyjammy

Do you earn enough to remortgage alone plus the extra to buy him out?  Its not just a case of knowing you can afford the replayments.

steph1111

sammyjammy said:

Do you earn enough to remortgage alone plus the extra to buy him out?  Its not just a case of knowing you can afford the replayments.

Yes I do earn enough, I know I can get the mortgage no problem. 

This post was just to understand who decides what my ex will get. He’s happy to receive £8500 for his share. Which to be honest I would consider giving more, however financially I helped him a lot even while weren’t together last year. So I feel this is all he is owed  

debsy42

To cut a very long story short when ex and I split I took the house over and I told my ex he wasn't getting one penny from me. Neither of us took any legal or financial advice, we signed all the legal/mortgage paperwork and everything went through fine. If you can agree between yourselves then I don't see why it should get complicated.