buying my partner out of our mortgage

[katybeth]

I have recently split up from my partner and am wondering whether i could afford to buy him out of our mortgage, what he's entitled to and how i would go about it.

[stephen2504]

if you have a joint mortgage get the house valued if its worth for example 100 thousand and you have a mortgage for 50 thousand there would be 50 thousand equity in the property he would be entitled to 25 thousand which is half the equity. you would have to sign the mortgage over in your name and the deeds but the mortgage company would want to know if you could afford the mortgage on your own.my partner and i have just split up and the solicitor told her to try to come to an agreement over the house to save going to court hope this helps

[fairline]

You would need to show the lender that your earnings can justify the new mortgage amount. It is safer for them to have two names on the mortgage rather than one. If you default, they have two people they can chase for the debt.

[rockyracoon]

Be careful and speak to a solicitor, I was reading the paper the other day and an article stated that if you are unmarried and buy out your partners share of a property then you will be liable to pay stamp duty (I kid you not), unbelievable. So bear in mind all the costs associated with a buy out.

[bjoy]

as long as u can proove your income can service the mortgage then of norm no stamp duty wld hav to be paid, check with cab for advice first.