I'm hoping Mandy or one of you other lovely ladies will be able to help with some advice.

I joint own a house with Amelia's Dad. It's completely shared straight down the middle. I live here but there is going to come a time when he doesn't want to be paying half the mortgage any more. Now OH and I have had a quick chat about it and were discussing the possibility of him "buying" my ex out. We have no idea exactly how this is would be possible. My ex contributed £10K to the deposit which I believe he'll want back and then there's the issue of any equity in the property. So how does this work? Any idea's? I know we'll have to have a chat with our mortgage provider and I know that OH has a spotless credit history so him passing a credit check isn't going to be an issue, but how does transfering a mortgage from one person to another work?

Any advice gladly received as I'm completely lost! x

It's easy to get old dave off, you'd have to contact a solicitor tho and decide with dave how much he would want back in the way of deposits etc, do you know if there is equity in the house?
I'm not sure about getting new dave on there. When I brought my ex out I just had to provide proof of earnings which was a letter signed from my employer.
I keep wanting to get my oh on my mortgage but I've not go round to that part of it yet.

I'd say get the house valued, and speak to dave about how much he would expect and then go from there.

Should be straight forward for the mortgage, as long as one of the original parties is on there (you) you just need to do a transfer of equity with your mortgage provider, they'll instruct their own solicitor which usually will cost you a couple of hundred pounds and you can either get them to handle the transfer of any money or instruct your own solicitor to do that. If you need to do any additional borrowing on the mortgage to pay old Dave off you can do that at the same time.

Your first step would be to speak to old Dave and find out if he's happy to do this and how much he would want, I would also get a couple of valuations done to see how much equity is in the property. Then go and see your mortgage provider, new Dave will need to be credit checked and you'll all have to sign some forms, then your solicitor/mortgage provider should handle everything after that. Just shout if you need any more info xx

Thanks so much Kell and Mandy! I hadn't realised it'd be so easy (in theory lol)!

I also didn't realise I'd be able to add to the mortgage in order to pay old Dave off, that's fab news! I have a solicitor that lives across the road from me so that should save a little bit of cash as he'd probably be cheaper than using Nationwide's one.

This isn't definitely going to happen, it's all theoretical at the moment but it's really great to know that the option is there. Thanks so much xxx

No worries, nationwide will let you increase your mortgage up to a max of 85% of the property value (ie if it's worth £200k your max mortgage including existing borrowing would be £170k)

They charge a £150 fee for the service

Also don't forget if you go ahead to change any life insurances etc you might have x

Have no advice hon just wanted to say im v hsppy you and New Dave are so content together you are even discussing this xxx

That's fantastic Mandy, thanks!

We had a £20K deposit and have been paying the mortgage for just over 3 years on a repayment arrangement. The orginal borrowing was £140k against a £160k property so the 85% would be £136K so there should be a bit we can borrow from if necessary. I can easily cover the fee so I suppose it'd all be down to old Dave and how much he wants back and how much the property is valued at. I don't think it'll be valued as much as we bought it for but it won't have gone down much judging by the prices the other properties on the street have sold for recently.

Thanks Lise, I'm just so happy with him it's untrue. He's unlike anyone else I've ever met and I honestly already can't imagine life without him. x

Also hun, before you come up with a figure to pay Dave, take into account how much it would cost in fees if you decided to sell the house, and knock 50% off of that to what you would give Dave.

If you decided to move in with 'new Dave' to a different house, then 'old dave' would have to pay half of the fees to sell your house, so its kind of only fair.

Thats what I did when I split with my ex.

x

Aww LIsa so pleased that you and new dave are so happy together Hun you deserve it xx

I have no advice but this post has made me really happy