Relationship breakdown, he wants the house

VLT

My sister split with her boyfriend last year and they decided to sell the house so that they could both move on. My sister moved out to my mums whilst he stayed in the house, after the house being on the market for nearly 12 months they have had no serious offers so he has decided to offer her £30,000 to buy her share which she has said she will except, what she wants to know is where does she go from here to ensure she isn't liable for any of his debts in the future?
She would also like to know what is the best account to put the money in as she cannot afford to buy yet and doesn't want the money to be frittered away.
Any help is appreciated as I just want to see her back on her own two feet again,
Cheers VLT

BenL

Your sister will need a solicitor/conveyencer to sort out the transfer of ownership.

Fees about £300 tops, try to get them split.

The mortgage and deeds will then be transferred to her ex.

She is happy with the amount so nothing stopping it going ahead.

Money wise, tuck away the 1st £3K into an ISA e.g. NSandI.co.uk then put the rest into the Northern Rock Fixed Rate Instant Access Bond at 6.7%. No risk to any of it and you can onyl withdraw it by post in £500 minimums so no frittering.

Its like living my life from 11 months ago all over again!

Conrad

The mortgage risk can only be transfered to one party where the applicant meets the criteria of the lender to include earning enough to support the mortgage alone.

Same applies to all other debts. If he can support them, then in theory they can be arranged in his sole name. You refer to debts as 'his' debts, but remember they are not 'his' debts until such time as all lenders have transfered legal title to him alone. She will have signed declarations acknowledging thier joint and several liability when the debts were arranged.

VLT

Thanks for he advice guys, i'm sure she will appreciate it.