Question for any FA's mortgage advice

[Krise]

So moved in with the oh and I am now looking to buy into the property she owns.

The property is valued at 250k and she has a mortgage of 170k currently on a interest only mortgage.

Now the problem, her ex, has now disappeared back to Croatia, he is named on the mortgage and deeds, I suppose I am looking to buy him out, he has stated that he doesn't want anything out of the property and I want to give him nothing really or anything I do have to will be places in trust or savings for the little one.

She has a friend who is a FA and he is telling me it's hugely complicated and not straight forward and I got lost in all of the different things he was talking about, to be honest I just want someone who could explain the options or point to a good FA who could help.

Another reason for doing this is the oh ex has a huge amount of debt we have found and it's not going to be long before the threats of taking the property start to become a serious issue.

We have informed all of the agencies involved, however as its still half his property there appears little we can do until he is bought out.

We don't have any debt and have no other financial ties other than the property and ideally would just like to get a repayment mortgage over 15 years, with the possibility of taking out maybe 15k from the equity in the property for property renovation.

Based in SW London if that's of any use.

Many thanks

Krise

[Newc]

Couple of basic things to establish first. Are they “joint tenants” or “tenants in common”. This will be defined in the official paperwork somewhere. Secondly, are they or were they married, and thirdly what’s the nature of his other debts – credit cards, secured loans, bank loans ?

[Sarnie]

This isn't that complicated; I've done a few of these recently.

You will need to remortgage into both of your names and complete a Transfer of Equity in the process. Part of that would be the completing of a TR1 form, which would need to be signed by the ex. Is he happy (and able if he is in Croatia) to sign and complete the form?

It's worth noting that you will likely have a Stamp Duty liability also.

[Krise]

Not sure on the tenure, yes they are married, and he will sign without a problem.

The debts are credit cards, mobile, and a distance learning course of some sort, in total around 10k

Thanks for info guys

[Krise]

Sarnie I see this is your field, is this something you would be interested in looking at ?

Looking to get the ball rolling in the new year, drop me an e mail if so

Krise

[Sarnie]

Krise said:

Sarnie I see this is your field, is this something you would be interested in looking at ?

Looking to get the ball rolling in the new year, drop me an e mail if so

Krise

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