Buying someone out

C

colin_hanley

Registered User
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Hi, myself and my partner are thinking of buying a house. She currently owns a house with her friend. One option we are looking it is me buying out her friends share of the house. Is this possible without having to re-mortgage the house ? We were hoping just to pay whatever profit her friend would have made on the sal of the house personnally and then just change deeds etc. with solicitor. Is this possible ?
Thanks,
Colin
 
No, that is not possible. You will have to get a new mortgage, and the old mortgage will have to be repaid, and the property transferred into your joint names.
 
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