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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34106
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I have a question about being bought out of a house by a

Resolved Question:

I have a question about being bought out of a house by a friend
Submitted: 11 months ago.
Category: Law
Expert:  Clare replied 11 months ago.

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further information first

What would you like to know

Customer: replied 11 months ago.
My friend is buying me out of my house but I think that she is taking a bigger share than she is saying she is. I have trusted her so far but another friend has said that I am being naive. We did the survey together for the house but she told me she couldn't do the whole amount. Now I am wondering. Is it possible for me to see a copy of her mortgage? Can my solicitor ask to get a copy from hers?
Expert:  Clare replied 11 months ago.

How much is the house worth and how much is outstanding on your mortgage?

Customer: replied 11 months ago.
The house is worth £350k and there is very close to 120K on the mortgage we are getting rid of togther
Expert:  Clare replied 11 months ago.

How much is she paying you?

Customer: replied 11 months ago.
She says she can only do £158K max
Expert:  Clare replied 11 months ago.

So the equity is worth over £200,000 and she is offering you £158,000

Are you close enough to wish to gift her £40,000?

Customer: replied 11 months ago.
Well thats what I want to check. Because of some other stuff thats what I said I would do. She says she can only do that amount for a mortgage but now I'm wondering if she can and I before I do this I want to check. Can I check her mortgage before I sign everything over? Or can my solictior check. Thats what I want to know.
Customer: replied 11 months ago.
Can you tell me the answer?
Expert:  Clare replied 11 months ago.

My apologies.

Are you willing to pull out if you do not see the mortgage offer

Customer: replied 11 months ago.
I just want to know if shes telling me the truth. I don't know if I will pull out I might not but I want hard evidence of what she can borrow so that I know what to do if I am going to give her this money in good faith
Customer: replied 11 months ago.
sorry i need to go soon am up early can you tell me what you think please
Expert:  Clare replied 11 months ago.

In the circumstances it is reasonable for you to ask that a copy of the mortgage offer is sent to her solicitor so that he or she can confirm how much she is borrowing.

Of course that will not mean that she could not borrow more - but it may make you feel better about the issue.

Please ask if you need further details

Customer: replied 11 months ago.
do you mean can I only get one if she agrees to give me one?
Or can my solicitor ask her solicitor for a copy and do it that way without asking her and without her knowing?
Do I need her permission?
Customer: replied 11 months ago.
Can my solicitor just go ahead and ask her solicitor and get the right answer?
Or does she have to give permission?
Expert:  Clare replied 11 months ago.

She will need to agree I am afraid

Customer: replied 11 months ago.
she could be blagging me and I can't find out unless she tells me? That doesn't sound fair.
Expert:  Clare replied 11 months ago.

You do not need to go ahead with this unless she provides the evidence - it is a great deal of money to give away

Clare and other Law Specialists are ready to help you
Customer: replied 11 months ago.
ok thanks