Any hope of buying out partners share in house?

C

Carzy

Registered User
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I am trying to get out of a destructive relationship.

What are my chances if any of buying out his share of the family home?
My income is only €29K (+ childrens allowance for our 2 children)

Background:

House cost €240K in july 2003
his deposit was €45K
mine was €15K
Borrowed €180K over 25 years in 2003 in join names

Both contributing to the mortgage repayments for last three years...

Where do I even start - with a solicitor or a bank? Probably haven't a hope on this salary...
 
Re: Any hope of buying out partners share in house??

It would be a good idea to check out your maximum borrowing allowable in the first instance, at least you know where you stand when you meet the solicitor. It costs nothing to find out, so well worth it.

It would then be up to the solicitor to negotiate a settlement on your behalf. Both banks and solicitors are well used to dealing with these cases. Best of luck.

Joe

[broken link removed]
 
Unfortunately on your income your very maximum borrowing capacity would be less than the mortgage balance unless you can get a relative to go guarantor. What is the house worth at the moment? Is selling and spliting the profit an option? If possible try to keep legal intervention to a minimum otherwise you could be in for substantial costs.

Sarah

www.rea.ie
 
Carzy said:
Where do I even start - with a solicitor or a bank?
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You'd need a valuation on the house - remember that when you buy somebody out the price is not 1/2 (or whatever fair share is) of the purchase price, or of the outstanding mortgage but of the current value.

Are you married?

Maintenance is the key to your situation - even if you're not married you should not have to pay anything approaching 1/2...this is your spouse/partner's children's home above all.

You need to get a valuation and then talk to a solicitor.
 
Thankfully I am not married to him. (but just wasted my teens and twenties on him)

Not sure how much the house is worth - possibly about €300-€310K just going by what houses around us are selling for.

Looks like a visit to a solicitor is whats called for... whats the going rate for an appointment with one these days?

It'll probably be back to my parents with the two kids in tow!! happy days
 
I went through the same situation five years ago, it was a relationship break up, but not necessarily a destructive relationship, though once finances came into play, it turned very nasty.

Our house was valued at IR£180 of which we only owed £37K. The situation was that he had initially contributed more in savings to the house purchase, so he was looking for a higher split of the proceeds, and I did not have a problem with that.

His side started bringing in petty arguments about crappy furniture, and at one stage the dog was an issue. He hid the dog in his parents house and told me she had escaped and I was absolutely distraught for weeks combing the area, putting ads in the Herald, etc, till I finally found out the truth. It was a horrible time.

After appointing a barrister , I was told that because we were engaged, that I was entitled to half of the proceeds similar to a marriage situation which would not have been the case if we were just living together. Because there are children involved in your own situation,, it may be different again, I would urge you to get specialist advice straight away.

I was not able to keep the house, much as I wanted to, but I took slightly less to let him keep it, as we had both put a lot of work into it.
Hope it works out for you.
 
MandaC said:
After appointing a barrister , I was told that because we were engaged, that I was entitled to half of the proceeds similar to a marriage situation which would not have been the case if we were just living together.
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I was under the impression that "engagement" did not bring in any legal rights as opposed to "mariage".
I find it very odd that one is entilted to half of the proceeds after having verbally said "yes" to a verbal "would you marry me?".
 
Carzy said:
Thankfully I am not married to him. (but just wasted my teens and twenties on him)
Click to expand...

I would have tought it'd much easier if you were married considering you have children, e.g you would keep the house instaed of having to buy part of it.
 
I dont know the legalities of it, as I am not a legal person. However, I can only pass on my own experiences as it happened to me five years ago. Both of the solicitors had been arguing the toss back and forth and at a meeting in the Law Library with Barristers, it was established because we were engaged purchasing the house, it put a different slant on it and I would be entitled to half of the proceeds after the mortgage was paid off.
Their side agreed with the argument and an agreement was reached.
 
i was on 30K a year and i managed to get a mortgage on my own. i can recommend a very good mortgage advisor for this? What area are you in?

BE POSITIVE my dear, everything happens for a reason...
 
shootingstar said:
i was on 30K a year and i managed to get a mortgage on my own. i can recommend a very good mortgage advisor for this? What area are you in?
BE POSITIVE my dear, everything happens for a reason...
Click to expand...

Almost everybody can get a mortgage on their own, that's the easy part....now the important part is how much can be obtained?

Going by this post , OP can get about €2k9 * 4 = €116k....
Being single, she may be able to add €7620 per annum to salary taking into account rent-a-room scheme. She is still very short for buying partner's share.
Optimism is one thing, realism is another.
 
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