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Legal/Financial Advice Needed - Can I Buy Out My Ex?

(6 Posts)
flowergirl69 Fri 17-Mar-17 16:14:52

My partner of 15 years has decided he wants to call it a day. we have no kids. Problem is, we are in my dream house (which we bought together 3 years ago) and I want to stay. Right now, I'd definitely like to stay for at least the next 6 months whilst I process the break up and decide if/where I want to move on to.... Is this practical and is it fair to expect him to allow this? I've just come through a major bout of depression and an early menopause, so not sure I can cope with a major move right now. On a more unemotional note - if I wanted to buy him out of the house, is there any way of financing it? We bought the house 3 years ago using the equity from our previous jointly owned property. We've had it valued recently at £450k. We bought in summer 2013 for £335k and have done some work to it, but still staggered by this! The mortgage is £125k and he put in £40k for our first property, so we've calculated that his share would be approx £195k. The mortgage is currently split 50/50 and I can afford my half, but could not afford to take over the entire mortgage as it currently stands. I have no savings as such, and after taking a £10k pay cut last year for a job that I love, only earn £20k so am guessing I am probably just going to have to put up and shut up whilst we sell up and move on - if anyone knows any way at all that I might possibly be able to stay I'd really appreciate your advice.

Collaborate Fri 17-Mar-17 17:58:50

Depending on whether or not there is a deed of trust setting out unequal shares, and presuming you own as joint tenants not tenants in common, he won't be able to claim back the £40k he put in years ago.

If he took you to court he'd have to wait more than 6 months for a hearing. If you need that time to sort out finances he'd be daft not to allow you it.

MrsBertBibby Fri 17-Mar-17 19:04:04

All Collaborate says is true, but, on your salary, you really aren't going to be able to get a mortgage for £300K, which is what you're looking at.

I know it's really tough, but I don't think staying put is realistic.

flowergirl69 Sat 18-Mar-17 09:16:00

Thanks for the replies. There is an existing Deed of Trust for the intial £40k, and we are parting amicably. I have no issue with paying what's due and neither of us want to go to court, I am just trying to ascertain if there is anyway of raising finance to stay where I am?

Collaborate Sat 18-Mar-17 09:28:38

Then you need to be posting this in Money Matters, not Legal.

EnormousTiger Sat 18-Mar-17 15:18:12

On £20k you might be able to borrow £100k.

I think you might need advice from a solicitor on the deed of trust. It sounds like the registered title of the property is tenants in common. What is the percentage share you each own under the deed of trust and are you saying the deed was never updated when more money was put in so the whole thing is now a legal mess as to who owns what?

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