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Thomas
Thomas, Solicitor
Category: Family Law
Satisfied Customers: 7509
Experience:  UK solicitor
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I bought a property in November last year with my partner and

Resolved Question:

I bought a property in November last year with my partner and he has told me now that he wants to separate. We are joint owners and mortgage holders. The mortgage on the property is approx 61000. We both put in equal amounts of equity and his family have provided loans which are not in writing. If I was to take over ownership of the property how would I go about this?

Thanks
Submitted: 2 years ago.
Category: Family Law
Expert:  Thomas replied 2 years ago.
Hi

Thanks for your question.

Is your partner willing to let you buy them out?

Kind regards

Tom
Customer: replied 2 years ago.
He is willing to consider it.
Expert:  Thomas replied 2 years ago.
Okay.

Can you afford to buy him out? This would require the consent of your mortgage lender, which means remortgaging (effectively)..

What about the loans from his family? Were they loans to him solely, or to both of you?

Kind regards

Tom
Customer: replied 2 years ago.
I think I could it would depend how much it would take to buy him out. I'm pretty sure I would be accepted for the mortgage on my own as I earn £22k a year. The loans were to both of us, the agreement was that I pay back my share from Jan 2015.

Thanks
Expert:  Thomas replied 2 years ago.
Hi

Thanks for your reply.

The first step is to see if it is financially feasible, which means working out how much you would have to pay him to get him to transfer his interest in the property to you.

You then have to consider whether you will repay the loans upon transfer of the interest to you OR in Jan 2015. You may consider approaching the family to take their thoughts. If you can only pay then in Jan 2015 then you may consider offering them a loan agreement or promissory note by way of reassurance and making the transaction a bit more smooth.

You then have to approach your lender to get their agreement to mortgage in your sole name, perhaps taking in to account any additional monies you require from them.

If you are able to get his agreement to a sum of money that you will pay to him for his equity AND a mortgage offer then you can proceed by instructing a solicitor to act on your behalf in the transfer of equity/remortgage.

They would arrange the signature of the transfer documentation and would complete the transaction and payment of monies to your partner simultaneously.

Kind regards,

Tom
Thomas, Solicitor
Category: Family Law
Satisfied Customers: 7509
Experience: UK solicitor
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