Buying ex out of house

[Kittycat2019]

Hoping someone can help. My divorce went through last year with consent order etc agreed. I have now raised the funds to buy ex out of family home however am falling short of getting the mortgage in my own name based on affordibility criteria even though been paying it on my own for 9 months. My consent order give me 5 years to buy him out so in theory could hold onto capital and just keep paying off mortgage for another year /18 months until I get to a place where could meet affordibility on my own. I have 4 years left of fixed rate so can't shop around. Has anyone been in this position. What are my options? I want to give him his captial and get deeds signed over asap to both move on. He isn't planning to buy anywhere is happy having capital and renting for now. Is a lodger and living his best life with lots of disposable income. 🙄 (Another story) but is there anyway can do this without taking him off mortgage at same time. Consent order says I must endeavour to make best efforts to take off mortgage which makes me thinks there is but I can't find anything online and dont want to start paying solicitors of its a no go. Spent enough already. Thanks 😊

Does it say best endeavours or reasonable endeavours? They mean different things under statute

I'd be really interested to chat to you OP, as I'm just at the beginning of the mediation/consent order journey, and trying to buy my partner out of our family home. I didn't realise you could ask for an extended period of time (5 years) to buy someone out?
I hope you can get some answers

I've been exploring the option of joint borrower sole proprietor (JBSP). Mortgage broker felt I had a good chance to borrow enough using this option. Have you thought about a family member helping you with a JBSP mortgage? Property is in your name only, but their income is taken into account as well as yours when the bank assesses affordability

It is possible to take his name off the deeds, but not off the mortgage yet. That’s what I did after my divorce. There was a 3 year gap until the mortgage company would let me take his name off - I paid it alone for those three years but his name remained on there, but had been taken off the deeds. I also had a letter that he signed (written by a solicitor) relinquishing rights to the house.

thank you for all of the above it says best endeavours

Best endeavours doesn’t mean you simply try hard - it’s more onerous than reasonable efforts and requires you to do absolutely everything possible. Thus means you are obliged to do everything you can to achieve that , even if to some extent detrimental to your own interests

However, this is really only applicable if he was pushing for his share … if he’s not , personally if I was him I would not want my name off the deeds but not the mortgage

I really am trying everything I can. The agreement save I have 5 years to buy him out and take if mortgage it's been 5 months and I have the capital to pay him just figured he would want that asap. Rather than wait til I can do mortgage at same time .

You need a broker who can find you a better mortgage deal where you can afford to buy him out, some lenders take into account non court ordered child maintenance and benefits

Similar in that I was able to afford mortgage on my own but yet when got re-assed failed affordability on my own solution new mortgage in my name plus family member. House transferred from me & ex to me & family member but with deed of trust between and family member to show house 100& me. That avoided any potential stamp duty. Wasn’t huge cost

Thank you will look at all these options

Sorry to jump on your post @Kittycat2019 but I have a similar issue. I have 5 more years in which to buy ex out which is when youngest finishes uni. I’ve paid the mortgage on my own & made many home improvements over the past 6 years all of which I’ve paid for to add value to the house. I can raise all but £26k of what I owe him on my own. I started out offering him 80% (still 6 figures) which he refused, I then said 80% now (max I can borrow alone in addition to existing mortgage) with remainder in 5 years time which he again refused. Now interest rights are rising almost daily and my mortgage offer expires on Monday I am desperate to get this done as the offer I have is a fixed rate from Jan. I have someone extremely kind in my life who will loan me the remainder of his money & still ex is refusing! He just wants to retain a share in my home & have control. As I’m up against it I don’t think I can force this through with the court as I have run out of time on the mortgage offer. Has anyone experienced similar? I am speaking to my divorce solicitor tomorrow as he wasn’t free today. Can I force him to accept it? He’s saying he needs his own valuations etc even though I have 3 already & a similar house is on the market. He’s doing anything he can not to accept & retain a share of MY house. It’s not even FMH I have only lived here since we separated but at the time needed his salary to get the mortgage