Being bought out of a property/name off a mortgage.

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  What name?? Posts: 26,623

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  19/05/15 - 11:24 #2

  Don't agree to have your name taken off until he pays you the deposit back.
  
  You are in the stronger position if you can wait for this as house prices are going up. The longer he delays paying you the more he will owe you as basically he has to buy out your share.
  
  If you are unhappy with him just move out and let him know you are OK for him to buy out your share. When he is ready you can both have the place evaluated and take your percentage but he may not be able to do this at once as paying you back means his mortgage will go up or even not be feasible. I think it's fair to give him time if you can.

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  Keefy-boy Posts: 13,613

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  19/05/15 - 11:26 #3

  LightMeUp wrote: »

  I don't think him changing the mortgage to just his name would really be a problem. But in terms of taking my name off, does he legally have to buy me out? And what is that end figure dictated by?

  
  Your ownership, or share of it, and having your name on the mortgage are different things. To have your name removed from the mortgage would require the permission of the mortgage provider, and he may need a new mortgage.
  
  If he doesn't agree to buy you out (assuming he can even afford to) you would have to get a court to enforce the sale of the property.
  
  Calculating your share of the equity could be done in a variety of ways. You might, for example, calculate your individual total contributions to arrive at a percentage share of the current value of the property less the outstanding mortgage.
  
  Your first step is surely to broach the subject with him and try to reach agreement. After that you should probably seek the advice of a solicitor.

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  LightMeUp Posts: 1,915

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  19/05/15 - 11:32 #4

  It's a little awkward because I've mentioned it a few times now and he seems to be trying to scare me off the idea by telling me it'll be really hard and can't be done.
  
  I really don't mind losing a bit of money. It isnt about that. I'd rather he just gave me some out of the savings and I left with my name removed from the mortgage. I want as little faff as possible. I'd happily pay a premium for that. My issue was that legally I don't know what actually has to be done. Can he just give me some cash out of pocket then apply to the Mortgage lender to have my name removed?

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  Vast_Girth Posts: 9,793

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  19/05/15 - 11:58 #5

  If you paid the deposit, but he has been paying the mortgage, the obvious solution would seem to be for him to pay you the back the full deposit and take full ownership of the property. If he cannot afford that much in one go you could have a written agreement to pay you back in installments, and when it is all paid off then your name is removed from the mortgage.

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  grumpyscot Posts: 11,354

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  19/05/15 - 12:21 #6

  But don't forget that there will be a cost involved in amending the title deeds to take your name off them. Plus, there may be charges from the mortgager for early "termination".
  
  You need to decide who will bear those costs. Fair play would suggest they come out of your deposit since you're the one asking for the change.

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  LightMeUp Posts: 1,915

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  19/05/15 - 12:33 #7

  grumpyscot wrote: »

  But don't forget that there will be a cost involved in amending the title deeds to take your name off them. Plus, there may be charges from the mortgager for early "termination".
  
  You need to decide who will bear those costs. Fair play would suggest they come out of your deposit since you're the one asking for the change.

  
  Oh of course yes I wouldn't expect anything otherwise!

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  LightMeUp Posts: 1,915

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  19/05/15 - 13:56 #8

  thanks for your responses everyone

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