Buying out half of a house

M

Mjay

Guest
My mate is in the process of divorcing his wife and he has offered me her half of the house....

She will let me buy her out i don't have a mortgage at the moment so just wondering how it all works?

They both have paid half of the property so each owns equal share...

Do i have to find a new mortgage with my mate or what?

and any other things that need to be thought about before we go ahead with it...

Cheers in advance..
 
I bought with a friend last year - we had to take out a joint mortgage and everything was done 50/50. Now I am selling her my half, so we got it valued by 3 auctioneers, agree a price and the name on the deeds will be transferred to her name.
I would imagine that you will both have to jointly apply for mortgage as both names would be on the deeds.
 
jergam said:
I bought with a friend last year - we had to take out a joint mortgage and everything was done 50/50. Now I am selling her my half, so we got it valued by 3 auctioneers, agree a price and the name on the deeds will be transferred to her name.
I would imagine that you will both have to jointly apply for mortgage as both names would be on the deeds.
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Would be very interested in this as well. I think she is stamp duty(half rate) liable as well?
 
mixing money and friends can be a bad idea be sure and think it through
 
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