How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Harris Your Own Question
Harris
Harris, Law Specialist
Category: Law
Satisfied Customers: 2819
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
90234221
Type Your Law Question Here...
Harris is online now

Me and my partner have split up and i wish to buy him out

Customer Question

hi me and my partner have split up and i wish to buy him out the house its only 4 grand i need to give him, we have a declaration of trust that i own £150,000 as my parents gifted this to me and a loan agreement with my parents for £60,00 is there away to take his name off the loan with out getting my parents envolved as they now live abroad ?
Submitted: 11 months ago.
Category: Law
Expert:  Harris replied 11 months ago.

Hi, thank you for your question. Just a bit more information required to fully assist you:

-What is the value of the property and the amount of mortgage remaining on the property and is it in joint names between you?

-Have you made enquiries as to whether you will be able to afford the mortgage (from the mortgage companies perspective) if it were to be in your sole name?

Customer: replied 11 months ago.
What is the value of the property and the amount of mortgage remaining on the property and is it in joint names between you?
210,000, yes it is in both names.Have you made enquiries as to whether you will be able to afford the mortgage (from the mortgage companies perspective) if it were to be in your sole name? yes i can as the loan is from my parents
Expert:  Harris replied 11 months ago.

Thanks - so there is no formal mortgage with a mortgage company in place and the only debt is with your parents?

Customer: replied 11 months ago.
but we do have a loan agreement
Expert:  Harris replied 11 months ago.

Thanks for confirming. Given that his name is ***** ***** loan agreement you would need to settle any share of the equity with him, transfer title to yourself and then reach a new loan agreement with your parents - this will end his liability for the loan with them and transfer the property to you. Unfortunately you would need to involve your parents despite them being abroad, as the agreement is with them.

I hope this assists you. If you found this information helpful please provide a positive rating using the stars at the top of this page. I will not be credited for your question without a positive rating. Thank you

Expert:  Harris replied 11 months ago.

Hi, this question remains open. If you found my information provided helpful please could you rate my response positively using the stars at the top of this page as I will not be credited for my response without a positive rating.