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Buying out soon to be ex boyfriend

Hello

I need to buy out my soon to be ex boyfriend.

There’s no mortgage on the property and I have the cash to pay for his half.

What do I need to do to make this legally binding and do I need a solicitor? 

Also, how quickly can this happen?

Many thanks

Comments

  • Grizebeck
    Grizebeck Posts: 2,763 Forumite
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    What ever happens it WONT be quick.
    Advocate in the County Court dealing with a variety of cases, attending the courts in the North East and North Yorkshire
  • Keep_pedalling
    Keep_pedalling Posts: 16,620 Forumite
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    If this is an amicable split you should be able to DIY this and change the ownership with the land registry, otherwise I would use a solicitor to handle it who would not hand over the cash until the paperwork for the LR was in place. 
  • Jessica1980
    Jessica1980 Posts: 12 Forumite
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    Thank you, that’s really helpful. 
  • Schwarzwald
    Schwarzwald Posts: 474 Forumite
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    how do you intend to value his half?
    And does he agree with that valuation?
  • Section62
    Section62 Posts: 7,793 Forumite
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    If this is an amicable split you should be able to DIY this and change the ownership with the land registry, otherwise I would use a solicitor to handle it who would not hand over the cash until the paperwork for the LR was in place. 
    OP, even if the split is amicable I would still use a solicitor.  You'll want to make sure everything is done correctly so you won't have a problem when you (eventually) come to sell, and also to make sure the soon-to-be-ex has absolutely no claim to the property - for example falsely claiming you put the LR paperwork through without his knowledge.  A solicitor would also advise on anything else you need to consider, such as the correct position in relation to SDLT.

    Unfortunately sometimes the most amicable of splits can turn messy very quickly - it simply isn't worth taking the risk when a solicitor can do the worrying for you for a fairly modest fee (relative to the value of the property).
  • Jessica1980
    Jessica1980 Posts: 12 Forumite
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    Wise words, thank you. I will get a solicitor. 
  • You need a solicitor really to cross the ts and dot the i.

    Not with an ex but I did similar with a sibling I joint owned with, it cost £600 for the solicitor to do it all.
  • jonnydeppiwish!
    jonnydeppiwish! Posts: 1,196 Forumite
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    You are assuming that your soon to be ex wants to be bought out?
    2006 LBM £28,000+ in debt.
    2021 mortgage and debt free, working part time and living the dream
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