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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31768
Experience:  Over 5 years in practice
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I purchased a property with my partner in 2013, . I

Customer Question

I purchased a property with my partner in 2013, for 128k. I paid the full deposit of 26k and also took out a declaration of trust. However our relationship has come to an end. Would I be able to buy her out? And if so what would the approximate cost be? Our mortgage is joint but I paid the whole deposit, she pay the mortgage repayments each month and I pay all the bills eft.
Would be grateful for your advice
Richard Huckman
Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
How much is the house worth and how much is outstanding on the mortgage?
What does the Declaration of Trust say?
Clare
Customer: replied 2 years ago.
Hi Clare,
The current market value of the house is approximately 130k we bought it for 128k. The amount left outstanding on the mortgage is 99k. The declaration of trust says, if we sold the house I would get 26k back and any remaining balance equally shared.
Hope this gives you more detail
Thank you *****
Expert:  Clare replied 2 years ago.
Hi
Can you obtain her release from the mortgage?
Clare
Customer: replied 2 years ago.
Hi
What do you mean by obtain her release of the mortgage?
Expert:  Clare replied 2 years ago.
HI
Will the Mortgage Company agree to take her name off the mortgage?
Clare