Buying partner out of house

[ryanne]

Hi, has anyone been through this? Could you give me a rough idea of what it entails?
We bought together just over a year ago, no increase in equity since then. 15% deposit all from me and protected in a declaration of trust.

Relationship has ended and I would like to buy him out if possible. Have had a little google but would like to hear some personal stories if possible.

If there's no increased equity to split it's a case of removing him from the mortgage isn't it ? Why do you have to give him anything ?

How much has he been contributing to the mortgage in that time?

@c3pu ... that's not really relevant, he would have had to have paid rent to live somewhere

It probably isn't relevant, but there's a bit more info required.

All we know is the OP put down the deposit, if the partner has been paying 100% of the mortgage and paid for renovations/improvements in that time it might make a difference. Expect it's not the case but it's usually best to find out before making any suggestions how to divvy things up.

How long were you together? Any dc? I think there are some laws regarding co-habiting couples. He can maybe argue that he did chores and contributed to the upkeep.

So, if I was you I'd get sound legal advice. Smart move regarding the declaration of Trust to protect your deposit btw.

If you were married you'd get a valuation of the property by 3 estate agents and average them out for one property value. You'd then take off your 15% and split the rest 50/50. That would give you your calculation of what is his share that you'd need to buy out. You would both have been paying rent so you both have the benefit of the value of the house.

You would then need to arrange to transfer the money to him and in return have his name taken off the deeds and the mortgage (if he's on both). If you don't have the cash you will need to arrange to borrow that amount from a bank or add it onto the mortgage - potentially interest only if you can't afford to add it to your repayment mortgage.

Also re the mortgage, the lender has to agree to do a T of E, so they will want to look at your financial situation to ensure you can afford the repayments. If HLTV then they may want to keep your partner on the mortgage as currently they can come after both of you if the mortgage is not paid.
There will also be some small legal costs.