Splitting up with Partner - What's the best way to buy out her share

[gears303]

Hi,
my partner and I, both first time buyers, bought a house together a few years ago. We split up last year and were planning on splitting the sale 50/50, but given the current market it could take some time to sell.
She's anxious to move on and has asked me to buy her out.

I went to our original lender PTSB and they won't give me a mortgage on my own but BOI will.

Will I lose my first time buyer status seeing as its the same house and we're just tranferring the house from both my names into just mine? If so, is there a better way to go about this?

I'd greatly appreciate any advice that can be given ..... I'm sure lots of people have gone through something similar.

Thanks

 

[mf1]

From Revenue Website:


What is the position where a person, who had obtained first time buyer relief on the joint purchase of a house with another first time buyer, subsequently acquires the other joint owners interest in the house?

A person who obtained first time buyer relief on the purchase of an interest in a house would not be precluded from obtaining first time buyer relief on a subsequent purchase of another interest in the same house provided that person has not purchased another house or part of another house in the intervening period.


mf

 

[amtc]

AFAIK, it depends whether you are married or not as well

 

[iguana]

bought a house together a few years ago.............................She's anxious to move on and has asked me to buy her out.

Did she pay a large deposit into the house when you bought it? The reason I ask is that if you bought in the last few years the odds are the house is worth quite a bit less than you paid for it. Unless you bought with a large deposit it's likely the house is in negative equity. If it is she should be paying you to take over the debt, not the other way around.

 

[gears303]

Hi, we were married but she did not pay anything towards the deposit. The house isn't currently in negative equity but the price has dropped by a third in ~2years and could slip further. I'll be taking over her share of the house and going from half to full ownership with a new mortgage in place with a different institution. Thanks for your help

 

[chlipps]

So did you have 1/3 of the value of the house as deposit 2-3 years ago or did you buy the house before the boom and now it is back to similar value to that before the boom. If bought in bom, then will she be paying you back part of your substantial deposit?