Buying him out - how does it work?

[richteasandcheese]

We are in Scotland

Mortgage is in his name only at the moment. We are separated but living together till April

House worth approx £230k, with around £110,000 left on mortgage.

I may get a 50-60k lump sump from one of his pensions

He doesn't want/need a full equity release for his share yet and would take 10/20k till the house was sold down the line.

He thinks I would only need to remortgage for 130k (amount outstanding + 20k to him, or 110k then give him 20 from my lump sum) but that doesn't sound right....can anyone advise?

You have to ‘sell’ the house and then you ‘buy’ the house

So you sell for £230 and take your share
Then that is your deposit
You then get a mortgage for the difference.

A solicitor will guide you through it

Ok, that makes a bit more sense. Thank you