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Take over mortgage


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Hi

I am living with my partner in a house that she co-owns with her ex. At present I am paying half the mortgage and the council tax.

The ex would like to sell to me and I would like to buy.

By my estimation the house is worth £200k. And there is around £100k to pay.

He would like half of his deposit (£20k) and half the equity Around £25k. This is all sounds reasonable to me.

How do I go about things?

I am still officially married to my ex. Do i need to be divorced to move forward?

Could she possibly make a claim on the house?

If she did...would she need to involve a solicitor?.....She wouldn't have the funds to do this

 

My credit history is less than perfect so is a concern?

Will I need to add my own deposit? I can put down around £15k

I presume this will be a new mortgage?

Do I go to my bank or a mortgage broker?

The mortgage is under one bank and I bank with another....is this still ok? Ie will I need to change banks?

It's been all very amicable, I pay him monthly...that's as far as our relationship go's. He has given us til September 2019 to have a plan.

Either sell or buy from him. Ideally we would like to stay put.

I have little or no knowledge of mortgages and how they work so any help is greatly appreciated

Edited by bristolred
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Thread moved to the appropriate forum...please continue to post here to your thread.

 

Regards

 

Andy

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to try and answer some of your questions in a logical order

do you need to divorce? no

can your estranged wife claim on property? Yes

Will I need my own deposit? No

It will be a joint mortgage so your history is only part of it.

The process will effectively sell the house owned by your new partner and her ex to her and you so all this he wants his deposit back plus £25k isnt how it works as the ownership is set by the type of tenancy entered on the Land Regisrty

 

Mortgages can be with anyone, you wont need to bak with them and nor will new partner.

Why are you paying her ex, the money should go towards the debt so he is getting paid twice.

 

Ithink you need to understand a little more about the process.

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