S
Starsky
Guest
Myself and a friend purchased a house a number of years ago and now my friend and her boyfriend have put down a deposit on a new build which wont be ready for approx 6 months so she will be moving out and I will be buying her out of the property.
I want to get my finances sorted out now as my boyfriend will be moving city to come live with me in this house over the next few months.
When we purchased the house I paid for the deposit in full as I was on a very good salary and had sufficient savings. At the time my friend was on a low income and had no savings. So I purchased 10% of the property and we shared the 90% mortgage 50/50.
Over the past few years I retrained and set up in business so my financial situation is not as it used to be and I do not have 3 years accounts yet. It will be in 2007 before I can get them and it is this year that the business is showing a profit. So I cant actually go for a mortage yet.
I will owe my friend in the region of €60/70k when the house is valued and I will have that amount of cash to give her in a couple of months (with the help of parents and an SSIA)
So my thoughts are to give my friend her share of the equity and then in about 6 or so months time apply for a mortgage and take the outstanding one as is. My friend will be paying rent and not a mortgage when she receives her cash.
My question is and one that concerns my parents - can I arrange to have my friends name taken off the deeds when I pay her the the cash, with her concent, even though her name is still on the mortgage or will the current mortgage company object to this?
Thank you in advance for any help
I want to get my finances sorted out now as my boyfriend will be moving city to come live with me in this house over the next few months.
When we purchased the house I paid for the deposit in full as I was on a very good salary and had sufficient savings. At the time my friend was on a low income and had no savings. So I purchased 10% of the property and we shared the 90% mortgage 50/50.
Over the past few years I retrained and set up in business so my financial situation is not as it used to be and I do not have 3 years accounts yet. It will be in 2007 before I can get them and it is this year that the business is showing a profit. So I cant actually go for a mortage yet.
I will owe my friend in the region of €60/70k when the house is valued and I will have that amount of cash to give her in a couple of months (with the help of parents and an SSIA)
So my thoughts are to give my friend her share of the equity and then in about 6 or so months time apply for a mortgage and take the outstanding one as is. My friend will be paying rent and not a mortgage when she receives her cash.
My question is and one that concerns my parents - can I arrange to have my friends name taken off the deeds when I pay her the the cash, with her concent, even though her name is still on the mortgage or will the current mortgage company object to this?
Thank you in advance for any help