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Wanting to buy partner out of the property

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  • Wanting to buy partner out of the property

    Hi! I was wandering if anyone could help me.My partner and I bought our house in May 2006.we took out a 95% mortgage and my partners parents gave us £5000 as deposit.(We drew up an agreement so if the property was sold he would get £5000 more from the profit).The mortgage is for £99,500.We also have 2 loans on top of the mortgage one for £5,000 and one for £6,000 so in all we owe about £111,000.We have recently split and wandering where to go from here.I earn £200 a month more than my partner,would I be able to buy him out of the property.I dont understand how this process works and would be grateful if anyone could explain it to me.Also I plan to sell the house eventually after maybe a year or a year and a half down the line.Would it be more beneficial to change the mortgage to an interest only one(its repayment at the mo).Would this cut the payments down abit.Any help thanks

  • #2
    I would definitely recommend a chat with both a solicitor and an accountant - you need to ensure that you work to existing agreements, and also ensure that you do so in such a way as to not jeopardise your current standing.

    Sorry can't be more specific, but this is an instance where professional advice is really required, IMO.