Options to buy out co-owner

Laneyh

Hi all
I will try and wend my way through the wealth of information on here
but if anyone has some general advice re my situation I'd appreciate it
So brief outline of my details:
I co-own a property with a friend of mine ,she subsequently 'wants out'
so it befalls me to either arrange a transfer of equity where I take on the whole mortgage or agree to sell.
Our mortgage is a HSBC Homestart mortgage with fixed payments until March 2009
Cost of the mortgage is 185K for a 4 bed ex council flat in Battersea.
I estimate the current value of the property to be c 225K or so though I will need to actually have an evaluation done.
The monthly repayments are currently £800 per month but after March next year this will rise significantly
I reside in the property and am willing to rent the other rooms to cover costs.
However I've got a few questions
1. My salary is not very high - 33K per annum with no bonus scheme and minimal savings /investments. I think my best or
only hope really is to convince my current provider (HSBC) that I can afford to make the full repayments on my own. Would it be possible for me
to take over the full mortgage and pay just the difference to my friend i.e. start to pay against the 185K and just give her half the difference 225K - 185K / 2
2. If I wish to continue to live here then a buy to let mortgage is out but is there a way to factor
in the potential rental income when looking for a mortgage to pay 1/2 the equity of the property to my friend?
3. My mother has offered to assist me in buying out my friend, she lives in Ireland , how would I go about proving her financial backing or have it included in the mortgage quote ?
Sorry if my questions are a bit basic , I need to do a sizeable amount of reading to get up to speed
although I think my options are very limited really
Many thanks
Elaine

UK007BullDog

Sorry Elaine but your income is not enough to support the mortgage.

I suggest you sell up, split with your friends and start anew on your own.

The max you could borrow is around £100K to £120K if there are no other debts in the background and you have a clean credit record.

silvercar

I co-own a property with a friend of mine ,she subsequently 'wants out'
so it befalls me to either arrange a transfer of equity where I take on the whole mortgage or agree to sell.

Your friend is lucky you are being so co-operative, you could refuse to sell as it doesn't suit you at the present time. Your friend could let her half of the property to a lodger and use the rent money to pay their mortgage share.