Buying out ex parents share of house?

[Grandadwasthatyou]

Probably like thousands of others have done have woken up this morning thinking I've had enough. No big fall outs, no affairs, simply have become bored with partner and want more out of life.

Not married, no children. I had a declaration of trust drawn up when we first took our mortgage out stating if ever we split up that he would get the first 20% and me the rest.

Am trying to get my ducks in a row. I really don't want to leave this house. How would it work if I bought him out?
To enable his name to be removed from the mortgage would I have to take out a completely new mortgage and borrow the extra to pay him off?

For example the house is worth £300k with a mortgage of £72k outstanding.
So is it right I would need to remortgage for £72k plus an extra £60k to pay him off?
The trouble is I'm now self employed and although perfectly capable of paying the mortgage myself would they do all the checks as I I was a completely new applicant?

I know I will definitely need legal advice and intend to do so but wondered if anybody else has been in the same situation and can offer advice?

It sounds like your in the position to instruct a solicitor to arrange the deal. It might be that your solicitor advises that he gets independent legal advice.

You can try to get the missed mortgage contributions added as well.

The limitation is 6 years from when the last payment was made or last date the Cc debt was acknowledged in writing. Once statute barred he would apply to remove the charges

Thank you @Astonlegalbrain and @Collaborate

Having followed several division of property in similar circumstances, in your position I would tend to use the 'threat' of knocking off his missed payments from his lump sum as a means to get his speedy agreement.

Once you have worked out his share according to the deed, make the offer contingent on his signing the agreement to split within say seven days otherwise the missed payments will be deducted from his portion.

Otherwise, The party who does not want to split up had time in their side. There is no downside for them to spinning out the process and thus increasing your costs.

It seems fair enough for his missing payments to be taken into account, so offering to ignore them in order to get a speedy reduction sounds like a win to me.

Good luck