Dublinchick
Registered User
- Messages
- 35
Re: Key Post: Buying a house with a friend - draft agreement
Myself and 2 friends bought a house 5 years ago – (all costs and mortgage payments to date have been split equally). We paid 400,000 for the property at the time. We had decided when we purchased the house that we would review the situation after 5 years. All 3 of us lived there until 2 years ago, when one of the parties moved in with their partner, but has continued to pay their share of the mortgage. We had a meeting about this and they informed us that they would like to sell their share (the house is appraised at approx 600k now, and in the current market, it doesn’t look like there will be any further appreciation in the near future so it makes perfect sense to get out now from their point of view). I would like to buy the house on my own. Any advice on the best way to do this?
I am liable to pay stamp duty on the property again? Can I just transfer the current mortgage and the title to my name?
The other potential issue is the other party has expressed an interest in purchasing the property too, and is in the process of determining if they can afford to do this.
They had asked if we would purchase it together, but as all of our situations have changed – each party is involved in a long term relationship, it doesn’t make sense to me as I feel that in the near future the same situation will arise again where one party will be moving in / or out with their partner.
Myself and 2 friends bought a house 5 years ago – (all costs and mortgage payments to date have been split equally). We paid 400,000 for the property at the time. We had decided when we purchased the house that we would review the situation after 5 years. All 3 of us lived there until 2 years ago, when one of the parties moved in with their partner, but has continued to pay their share of the mortgage. We had a meeting about this and they informed us that they would like to sell their share (the house is appraised at approx 600k now, and in the current market, it doesn’t look like there will be any further appreciation in the near future so it makes perfect sense to get out now from their point of view). I would like to buy the house on my own. Any advice on the best way to do this?
I am liable to pay stamp duty on the property again? Can I just transfer the current mortgage and the title to my name?
The other potential issue is the other party has expressed an interest in purchasing the property too, and is in the process of determining if they can afford to do this.
They had asked if we would purchase it together, but as all of our situations have changed – each party is involved in a long term relationship, it doesn’t make sense to me as I feel that in the near future the same situation will arise again where one party will be moving in / or out with their partner.