I would have thought that you'd pay them €70K less one third of the amount outstanding on the mortgage each since that's what all three of you would pocket if you sold today and split the proceeds less the mortgage. I am assuming that the purchase was a straight three way split and no individual was less or more of an owner than any other.Lets say we bought the property for E150 and its now worth E210.
I would have to pay them E70 each.
I presume that investor SD was paid on the original purchase? Not sure what happens now with the partial transfer.Would I have to pay stamp duty on the E140?
You will need to factor in legal fees and check with the lender that they are OK with you assuming full responsibility for the mortgage. You should also get independent, professional advice in my opinion.Is there anything else I should know about before I suggest it to them?
I think you will need their approval one way or another if the original mortgage was to the three of you. After all they will know once it comes to amending the mortgage and property deeds to remove the others' names and put everything in your sole name. In any case the terms & conditions of your mortgage probably require you to contact the lender in the event of a significant change in circumstances such as this.What I was thinking was, I take over the morg (with or without the banks approval as the morgage account is with my bank )
I would have thought that this was correct.give them E20,000 each as this is the profit divided by 3.
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