Helping a friend - Ex wants to buy her out

Momanns

Hi all,

Hoping someone can help. A friend has split with her long-term partner who is now in a relationship. They are unmarried and own a mortgaged property as joint owners.

The house was for sale but he has now said he wants to buy her 50% share in the property. The house is in a village where her family/life is so she is not keen to see him and his new partner move into what was meant to be their "forever" home. He has traditionally managed their finances so she is a little unsure of these things.

Is she obliged to sell her share in the property if he is able to finance buying her out? She is aware that by going to market, she may well receive less (with estate agent fees) but for the reasons above this would still be her preference. 

Thank you in advance

Keep_pedalling

Common sense says let him have it and get it over with. An open market sale could drag on for for many months in the current financial climate leaving her in limbo still financially attached to the house and her ex.

TBagpuss

Broadly speaking, yes, if he can buy her out and leave her in the same (or better_ position thabshe would be if  the house were sold on the open market then it would be unreasonable for her to block the sale.

Of course, if she is in a position to buy him out then she can propose that instead, and if he is no able to raise enough to buy her out and clear the current mortgage then he can't force her to remain on the mortgage or to accept less than market value for her share of the house. 

Momanns

Thank you both. She can't afford to buy his share unfortunately. I guess more specifically, can he force her to sell directly to him through a court or otherwise? 

And as a side question, they also hold a joint mortgage. Doing some online reading, would he need to disclose if he was applying for further lending either through a second mortgage or adjusting their joint mortgage?

Ath_Wat

If he wants to live there, he wants to live there.  She can't stop him buying the house next door after she forces an open sale, having cost them both money in the process.  

Momanns

Not really sure what that adds? 

He has not wanted to live there and moved into rented to shack up with someone 15 years his junior. Obviously, she can't stop him buying any other house but that isn't what anyone is asking about. I suspect he is trying to buy the other 50% on the cheap to sell on the open market for profit. This is not a pleasant man we are talking about. 

silvercar

She isn't obliged to sell her 50% to him. She isn't obliged to sell at all, but somehow the mortgage and running costs need paying. Putting it on the open market is one option, but if he is obstructive then what can she do? 

user1977

Momanns said:

I suspect he is trying to buy the other 50% on the cheap 

She's not obliged to sell for less than it's actually worth (if that's really what the question is).

Mutton_Geoff

I'm not sure what the question is. Seem to be dozens of posts here lately "on behalf of a friend". Assuming those friends have internet access, I wonder why they don't pose their own questions. Unfortunately the OP seems judgmental in their opinion of their friends ex so any response here may be filtered before reaching the friend.

He has not wanted to live there and moved into rented to shack up with someone 15 years his junior. Obviously, she can't stop him buying any other house but that isn't what anyone is asking about. I suspect he is trying to buy the other 50% on the cheap to sell on the open market for profit. This is not a pleasant man we are talking about. 

Momanns

I think it's more she would have to continue living in the village (with family or her own rented) knowing he was in "their" house with the woman he had an affair with. It's more of an emotional thing at the minute but finances will come into it I'm sure.

Thank you all

RobM99

If house prices crash as some predict, taking the offer might (might!) be a great plan.