Hi, selling my house with my ex girlfriend, no dependents or debts. She wants to buy me out. 150k left on the mortgage and house worth 350k. Is there anything I need to look out for or advice you can offer? All new to me and just happy to take my fair share and part ways.
Ex buy me out - Advice
- Thread starter Seller987
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BlackandBlue
Registered User
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Make sure that your name is removed from the deeds once the separation is complete.
It is most likely that your ex will need to take out a new mortgage for this to happen.
It cuts both ways.
If you are left on the deeds and for some reason they default then you could still be liable.
Or conversely if you are left on the deeds and they eventually try to sell they may need your consent.
Potentially messy. Sort it as part of the legal separation agreement.
It is most likely that your ex will need to take out a new mortgage for this to happen.
It cuts both ways.
If you are left on the deeds and for some reason they default then you could still be liable.
Or conversely if you are left on the deeds and they eventually try to sell they may need your consent.
Potentially messy. Sort it as part of the legal separation agreement.
Brendan Burgess
Founder
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- 52,184
If she buys you out, it means taking your name off the deeds.
What you and your solicitor must ensure is that you are removed from the mortgage or otherwise you will still be liable for it.
Do you own the house equally? Did you put up the same share of the deposit? Did you make equal mortgage repayments?
If so, then your equity is simple enough - €350k - €150k = €200k equity and your share is €100k.
But it's not enough that she gives you €100k.
You must go to a solicitor and transfer your interest to her and the lender will have to agree to issue her a new mortgage.
What you and your solicitor must ensure is that you are removed from the mortgage or otherwise you will still be liable for it.
Do you own the house equally? Did you put up the same share of the deposit? Did you make equal mortgage repayments?
If so, then your equity is simple enough - €350k - €150k = €200k equity and your share is €100k.
But it's not enough that she gives you €100k.
You must go to a solicitor and transfer your interest to her and the lender will have to agree to issue her a new mortgage.
Brendan Burgess
Founder
- Messages
- 52,184
There are some potential complications. For example, if you have a cheap rate fixed for another 7 years, then the equity could be adjusted up for that.
However, I would keep things simple at €100k.
Are you both agreed on the €350k valuation?
However, I would keep things simple at €100k.
Are you both agreed on the €350k valuation?
They should keep it simple. He gets 100K and both pay for their own solicitors. Problems are does ex girlfriend have 100K, can she borrow 100K if not, and will mortgage company allow her to transfer 150K mortgage into her sole name.