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I am buying my ex partner out of our property, It was purchased

Resolved Question:

I am buying my ex partner out of our property, It was purchased for £500,000 but has now been valued at £395,000 and we want to agree that if I sell the house for over £400,000 then we will split the profit. Will this affect my mortgage and the transfer from going through?
Submitted: 4 years ago.
Category: UK Law
Expert:  Thomas replied 4 years ago.

Hi,


Thanks for your question.

 

If you can demonstrate sufficient finance to receive a mortgage offer from your lender then the lender will not object. You will have to execute a declaration of trust with your partner upon completion, this is a deed which states the percentage of the equity you are each entitled to when the proceeds of sale are realised in the future. It will obviously be subject to your (re)mortgage being paid off first.

 

You should speak to the solicitor/conveyancer acting in the transfer/remortgage and provided your wife is saistfied with this arrangement and is willing to sign the transfer then it will not prevent the transaction.

 

If this is useful please kindly click accept so that I may be rewarded for my time. It will be gratefully received and you will be free to ask follow up questions.

 

Kind regards,

 

Tom

Thomas, Lawyer
Category: UK Law
Satisfied Customers: 6525
Experience: BA (Hons), PgDip, Practising Solicitor
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