Help! Buying out my partner

hels_2

Hi
I split with my partner 2 months ago, have moved into rent free accommodation, and have agreed to buy him out of our property, I estimate this to be about £30k.

Thing is i dont really know where to start and how much this is going to cost. I suppose I start with a house valuation, and meet with my bank to change names on the mortgage and deeds. I'm not ready to live there myself, but i think in a few years time I could move back or sell it and start afresh. My plan is to rent it out. Am I best staying with my current bank and mortgage type? or should I seize this opportunity to change lendor and go for a buy to let mortgage.

Any tips and advice would be greatly welcomed.

rozeepozee

Aww! this is a lonely little thread - how come no-one's replied yet? Maybe we should put a bet on whether it's worth more or less than 30K :rotfl:

If you are planning to let it out, you will need a BTL mortgage as most mortgage contracts do not allow for this. If you have no experience of letting, I suggest you do some major research before considering letting it out (lots of discussion on buying to let in here on this forum). BoL

gooner_2

Have a look at this site http://www.rla.org.uk/ It's the Residential Landlords Association. You can guest into their Forum and pick up lots of info.
I have several properties to let and my main advice would be "Do plenty of research and know your product before getting into it" It's more complicated than it first appears and you need to comply with lots of regulations. If you do decide to go for it I wish you every success.

Smi1er

You will have to do a transfer of equity.

Get agents in (three) and get them to give you a realistic value as if you were selling.

Take the average of the three, deduct what is owed on the mortage, divide by two (assuming you own the house equally) and offer your ex this to transfer their share of the house to you.

You will have to agree personally regarding the contents.

Don't assume you can rent out. Do your research.