Need to buy out a partner from an existing mortgage because of divorce?
Depending on your circumstances, you may decide to:
Once you've reached an agreement about what to do, you might want to get another formal legal agreement drawn up to reflect this. If you're separating from your partner, the agreement is called a 'separation agreement' and can be used to sort out all sorts of important issues such as:
If you're not in a relationship with the other joint owners, you could consider having a 'Minute of Agreement' drawn up by a solicitor if things are complicated. In most cases though, you'll probably be able to agree what's going to happen between yourselves.
You will need independent legal advice from a solicitor if you're in either of these situations then again this is where we can help.
If you own your home jointly with someone else, you may wish to buy out the other owner at some point, or to sell your share. In this case, you'll need to get the property valued, to find out how much your share is worth. You may wish to get more than one valuation, to ensure you get a fair price. You then need to agree on a selling price with the new joint owner.
In many cases it is possible to refinance the property allowing one party to remain in the home, perhaps permanently or perhaps just until a sale can be achieved, and allowing the other to place a deposit on a new property. This is the most straightforward method in a Divorce Mortgage scheme.
It is straightforward for the simple reason that regardless of the employment status of the client maintaining the matrimonial home a Mortgage can usually be sourced from a range of Non Income Verification Mortgages or Self Cert Mortgages.
Alternatively, with the our help we show separating couples how to release equity, divide the property when the market picks up and still move on to pastures new.