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Buying ex out of family home(9 Posts)
I'm in the process of splitting from my partner after realising he has been emotionally abusive. We joint own our house and I'm hoping I'll be able to buy him out of his house when we split. Has anyone done a transfer of equity before? How did you decide how much to pay to your ex for their half? I'm currently a stay at home mum to our baby so worried the bank won't let me have the house in my name. Any advice or shared experiences helpful. TIA
@PromiseRose i’m doing just that right now. Me and soon to be ex had some heated discussions and decided on buy out figure ourselves. I have a divorce lawyer who drafted our agreement into a legal document. I also have different solicitors who will be dealing with transfer of equity very soon.
I do however work full time so there were no issues in getting a mortgage offer. Not sure how it works when you’re a sahm. What also helps is that me and ex are very amicable (was not always the case but we got there in the end) and he is willing to make the whole process easier not difficult. (Well, he desperately needs the lump sum so i’m sure it tames his otherwise hot temper!)
Is your divorce amicable? How long have you been together?
Oh, and to answer your question- we took the equity in the house, halved it. I then fought for bigger part than half because i buy all kids clothes, educational materials and pay for clubs. I don’t see that changing as he just doesn’t have a clue and i will continue doing that. Kids primary home is with me despite the fact he is willing to do 50/50.
My dp is not a horrible person and he doesnt want me and kids in hardship. We are incompatible though and he drives me mad in many ways hence the divorce..
So we aren't married but been together 13 years. Unlucky 13!! Unfortunately he is not a reasonable person at all and so I imagine he's going to be fighting for everything he can get. We only bought our current house his year and already he's been trying to say I haven't put in as much money into buying this house as he did even though we both put in 50 50
If you gold it as joint tenants it’s irrelevant who put in what, you each own 50%
Have you got a mortgage and has the lender agreed for you to take over the full value alone?
@PromiseRose you need professional help with this. I did my divorce petition online and divorce lawyer is only involved in drafting the agreement- this is only because we are amicable and i do have a degree of trust in h to keep his word. If things were different i’d have divorce lawyer for the whole process and by the sound of it you might have to do just that.
On the positive side, your dc is a baby so he won’t know any different and you don’t have to manage his emotions/expectations like you would with an older child.
Phone the mortgage company and get them to agree, I needed a new mortgage for my sole application but they agreed to port the product without any fees, they told me what salary I needed to be able to borrow the remaining part of the mortgage myself, it's more than I earn currently so I'm waiting for a pay rise before we can do it
I would try a mortgage broker, they will find the right lender and give you an honest view on how much you can get etc. You only pay a fee on application, but for our guy when we were buying this house he didn't take the fee as the money he got from lender for our application was plenty. He was also a massive help guiding us through process. Now, he's assisting me with working out how to potentially take the house on my own and giving me advice on how my mother's offer to help is best used and most palatable for the lenders.
Good luck and give us updates as I'm a few months behind!
I agree with @Febo24, good mortgage broker makes such a difference. Mine has been and is invaluable, without her i’d be paying early repayment fees. Well worth her fee.
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