Partner buying me out - HELP NEEDED

silvercar

Any mortgage company will only allow her to take over the flat (and therefore also the property) if she has sufficienty income to justify that size mortgage on their current lending criteria.

JJmcClure

Thanks for all your replies, you've answered a lot of questions for me

I'm keen for this to be a quick process so we can both move on, so as odd as it might sound, losing £2-3k to sort it asap so we can both get on with our lives - well, I can live with that if it means less heartache and arguements for the pair of us and me not making her even more skint

I also really want her to keep the flat

But I think 22,000 is a tad low as well

I'm wondering if I'll just have to bite the bullet if she won't budge from the price, but I'm hoping to haggle her up to £25-26k if possible

We're with Nationwide, mortgage-wise

JJmcClure

silvercar wrote: »

Any mortgage company will only allow her to take over the flat (and therefore also the property) if she has sufficienty income to justify that size mortgage on their current lending criteria.

She has discussed in principal this and this is what she's been told she can offer me after re-mortgaging and getting a loan to pay me off

As mentioned before, she has no savings

chappers

She's going to have to remortgage and take on additional borrowing and has offered me £22,000 and says she'll pay all the fees and get the lender to sort the documents. That way, she reckons, I won't need to get a solicitor myself, I'll just have to sign everything over to her

What that means is she will organise it and you will pay.
By my reckoning you should get 3 valuations and then take the average of them.so say you get a valuationof £170,00 then subtract the mortgage £105,00 leaves equity of £65,000 less estate agents fees £1700 and legals £1500 leaves £61,800divided by 2 leaves you with £30,900.
Even if you allow for 6 months of mortgage payments that leaves you closer to £30K.
I would be asking for somthing half way between with her paying all the legals.
So say £26K if she can't find that sort of money then insist you sell up as I think you would get quite a bit more.
If she can't afford to pay you now then get the solicitor to draw up a schedule that gives you a charge over the property to be payable when she sells up, linked in some way to the price of the property i.e make it a percentage so if she owes you £5K then make it say 3%.