Buying Partner out of house

[sunshine101]

Hi all,

Myself & partner are in the process of splitting up, I'm hoping to buy my partner out of our house.

Given the poor state of the housing market, if we were to sell now after clearing mortgage we would have about 60K surplus what I'm wondering therefore is a) if agreement is reached with my partner could I give my partner 30K to buy out, b) do building society have to approve c) will I have to pay Stamp Duty following this & d) how much would solicitors fees cost for this.

Appreciate any help people may have.

 

[NorfBank]

Hi all,

Myself & partner are in the process of splitting up, I'm hoping to buy my partner out of our house.

Given the poor state of the housing market, if we were to sell now after clearing mortgage we would have about 60K surplus what I'm wondering therefore is a) if agreement is reached with my partner could I give my partner 30K to buy out, b) do building society have to approve c) will I have to pay Stamp Duty following this & d) how much would solicitors fees cost for this.

Appreciate any help people may have.

a) If you have split everything 50:50 so far then your partner should be happy with half of the profit made.
b) No, the mortgage will be cleared from the proceeds so no approval from BS needed
c) Do you mean do you have to pay Stamp on your next purchase?
d) Pass.

 

[FKH]

You can probably find answers to these questions by searching but in short you will need a solicitor to act for you to draft the Transfer Deeds etc and your bank will need to consent to the transfer or you will need to re-mortgage in your sole name. Your bank will require that you have a solicitor.

If you were FTB's when you bought the property there should be no stamp duty payable by you but if you were not then there will be stamp duty payable and your solicitor can calculate this for you. In relation to fees, call different solicitors and get quotes, your partner will need independent legal advice too.