Buying husband out

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This topic contains 10 replies, has 4 voices, and was last updated by  Lou1979 3 weeks, 5 days ago.

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  • #24099 Report

    Graciejane
    Participant

    Hi all, separating from my husband and wish to buy him out. I am borrowing money off my parents to be able to give him his share of the equity in cash rather than increasing the loan. Does anyone know if this means I should be able to keep the mortgage payments roughly the same or will they still make me re apply for the mortgage and could I be turned down because I’m taking it all on on my income? Thanks

    #24102 Report

    SingleT
    Participant

    Hi Graciejane

    To take your husband off the mortgage they would assess the outstanding balance against your income so they may not let you keep it on yourself even if you think you can afford it. They could agree to extend the term depending on your age, current term of mortgage to bring repayments down. Go and speak to your mortgage provider. They are very helpful. If they won’t let you take it on in your own they may accept a guarantor. There are a few options but for a definite answer you need to speak to them. Also, if you are borrowing the money from your parents they will take repayments into account.

    good luck x

    #24103 Report

    Graciejane
    Participant

    Great thanks for your reply, yes sounds like that’s the best solution.

     

    #24195 Report

    Lou1979
    Participant

    hi, I am in the same situation at the moment.

    please do not give him any money until you know his name is coming off the mortgage. As he will still be entitled to a share of the house. I have ben sorting out my house for the last 2 years and it has resulted in me borrowing a huge amount of money from my parents to be able to get my ex off the mortgage and deeds of the house and currently I cannot give him the buy out figure as he could take me for more money. I have also had to have a financial court order written as this will protect my son and I from him being able to take me for more money.

    please, please speak to a solicitor (they do 30 to and hour free) and they will be able to give you the best advise and please don’t give him any money until his name is off the deeds.

    happy to chat more xx

    #24201 Report

    Graciejane
    Participant

    Gosh that sounds horrendous! Hope you manage to get it sorted soon. Yeah sounds sensible, I’d like to think hes not that horrible but you just never know so best not to take chances! Thanks

    #24202 Report

    Lou1979
    Participant

    Hi,

    thankyou, im hoping that he wouldn’t be but I have to protect my son and his home, just in case as you never know what could happen. It is almost sorted Thankyou and then he can have his money and I wont have to worry.

    good luck with yours xx

    #24228 Report

    VWad
    Participant

    I am in a similar situation and am also planning To but my ex out by borrowing from my parents. I have a daughter 7 years old and we have agreed to equal shared care which is brilliant. My mortgage has been approved on my sole income which is great but ex has to sign a document saying she is willing to port the mortgage on my sole name to make things easier and quicker. Hopefully she does. Does inheritance tax come into play in this case where you are borrowing money from your parents and also are you doing this while decree absolute is not done? My absolute is done, so wondering how would/wouldn’t this affect the buy out?

    #24236 Report

    Graciejane
    Participant

    Yes I will have to look into inheritance tax. I hadn’t really thought about the decre absolute, was trying to sort house before worrying about divorce. Are you thinking i could pay him off but then he would be entitled to half in divorce anyway? I guess though I would be entitled to half his savings so would it not balance out!? Gosh this is all mind field!! Xx

    #24237 Report

    Lou1979
    Participant

    Hi Graciejane

    I think you can do both at the same time. I did my divorce 1st as I did it myself and it was done in 6months. The financial stuff took abit longer but only because it took me awhile to get the mortgage sorted.

    Best advice is to find and use the free time from solicitors. I went to 4 different ones and used the 30mins free that they offered. So I could get all the information I needed.

    It is a minefield but once it’s all done, you can feel proud that you did it all. That’s what I’ve taken from it. I’m in control of everything in my life.

    Good luck xx

    #24254 Report

    Graciejane
    Participant

    That’s a good idea re the solicitors, I’ve done one but I had loads to ask so i could do another one with some more focused questions! Glad to hear you can look at it positively, you all seen very strong on here! Thanks for the advice xx

    #24256 Report

    Lou1979
    Participant

    Hi.

    Definitely. I went to one… Asked the questions I had… Then came away thought about what they had said then worked out more questions I had to ask and asked another one… And so on and on. Its sneaky but you have to play the system abit and I got what I needed from them.

     

    I think you have to be. Its hard and it sucks but it does get so much better.

    Good luck to you. Xx

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