Soldato
My friends currently going through a break up with a partner (luckily they aren't married nor have kids) that he owns a house with. It's not equal share he has a greater share and is wanting to keep the house, buying her share off her.
I've advised he go speak to mortgage adviser which I guess is the best action?
But also wanted try find out for him before he goes the likely outcome.
They haven't had the house long, just under a year so very little of the mortgage has been paid off, and all the deposit was basically his.
What happens in these situations? Can he likely just say you own say 35 percent or what equity we have, here it is, sign over your share to me and done? Or will he need a new mortgage, essentially buying the house again, pay stamp duty, legal costs etc, as well as run the risk that mortgage company may say his income isn't enough to do it alone?
Luckily he's got a load of money saved up, well over what her share would come to from what we can see.
Thanks.
I've advised he go speak to mortgage adviser which I guess is the best action?
But also wanted try find out for him before he goes the likely outcome.
They haven't had the house long, just under a year so very little of the mortgage has been paid off, and all the deposit was basically his.
What happens in these situations? Can he likely just say you own say 35 percent or what equity we have, here it is, sign over your share to me and done? Or will he need a new mortgage, essentially buying the house again, pay stamp duty, legal costs etc, as well as run the risk that mortgage company may say his income isn't enough to do it alone?
Luckily he's got a load of money saved up, well over what her share would come to from what we can see.
Thanks.