House Split up - Advice!

  • Thread starter Liverpoolfan
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Liverpoolfan

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Have purchased a house with fiance, but recently split up (her decision), in house 2 years, mortgage taken out over 25 years with perm TSB, mortgage value of €174,500, house value now of €245,000.

Can anyone advise me how best to buy her out, I dont want to sell the house, and if so, how much would the buy out cost me?

Need help on this one!

Liverpool Fan
 
you need to agree a buy out figure with your ex, typically this would be the equity in the house / 2 .

ie the equity here is €70,500 ( €245,000 - €174,000) , so her share of the equity is €35,250, you may want to deduct the legal costs also from the €70,500

probably the easiest way to go about it is remortgage with a lender who will pay the legal fee's e.g IIB .UB or EBS, for a sum of €209,250 giving you €174,000 to repay original mortgage and €35,250 to buy out ex.
 
Unfortunately the fees free remortgage deals do not apply if someone is being removed from, or added to, the title deeds. Effectively you are purchasing a further portion of the property so it is not a remortgage. Have you agreed on the house value and the equity split at this stage?

Sarah

www.rea.ie
 

Is that you Shea?
 
ok thanks for that, doesn't sound too good for me. New Mortgage repayments would probably kill me.
 
Not agreed anything yet, all up in the air.
 
How about renting out a room, could you manage then with the mortgage costs? I think you can rent out taxfree up to 7K a year..
 
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