How do people afford to buy out their partners ?

[howtogetoutofthismess]

Hi there,
Just wondering how people go about getting a mortgagae to buy out their partners
I have a relatively small mortgage although sadly taken a joint loan outin the lasst couple of years so now repay about £900 a month.
I work in a school so am paid pro rata. I have 4 children so there is no way that I would be able to afford to buy or rent somewhere locally. (Oldest is doing her GCSEs) so wouldnt want to move away from schools or support network.

I have spoken to my building society who said they could lent me £7k and an online broker says £61k. This would make it impossible to pay back what is owed and pay off husband.

Can anyone offer any advice please.

Thanks in advance

You could ask to defer his capital settlement until a time where it is practical to do so - e.g. when you're children have all finished secondary education.

You don't state the amount required to buy him out.

It is only 50% of what was earned during marriage. Not 50% of everything.

I think that may depend on either the length of the marriage or being in England / Scotland @Ss770640. I was told by 3 solicitors having had 40k equity on an 80k house at marriage 20 years ago when he had nothing is irrelevant to the value of my 50% now...

Otter

This is semi correct for a long marriage but OP didn't specify length.

It really depends on circumstance.

Base case is 50/50 then argued from there.

I have read many Scottish cases where short marriages back up my original post

Otter

Just to clarify advice given to you.

They are all correct but only on face value. Ie it is a starting point only

Otter

Just to clarify advice given to you.

They are all correct but only on face value. Ie it is a starting point only

Section 9 principles in Scotland say 50/50

But section 10 says that gifts, inheritance or any earnings outwith marriage are excluded not withstanding various arguments like long term STAHMs who lose out (typically 5-10+ years of staying at home)

Thanks for taking the time to reply. I am in the uk 17 years married although I put £100000 deposit down for the property. We are in London and have 4 kids and live in a 3 bed house so it’s already a squash. I am on the sofa one child sleeps downstairs in the dining room converted into a bedroom
£70k owed on the house sadly recently took out a £40k loan. (He spent loads of the loan on non house related things) I did some calculations and put a figure of £70k to buy him out ... just all seems a bit impossible current mortgage lender doesn’t do repayment mortgages