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lanamcduling · Joined: 30 Sep 2009 Posts: 1 1.39 Dollars($)

My partner and i purchased an apartement together almost 2 years ago. We've now seperated and he wants to sell his share of the apartment to me as he no longer wants to pay half of the monthly home loan repayments.
How would we go about doing this?
many thanks

helpishere · Joined: 30 Sep 2009 Posts: 8 2.01 Dollars($)

Probably the best and simplest way is for you to effectively buy the property from him in a private sale.

Lets say the place is worth $200K and the mortgage is currently 150K. If you sold it now, you'd each get 25K. This is the additional amount you'd need to come up with.

Probably the simplest thing to do is approach your bank and look at a cash out refinance of the property. You'd go to the lender and refinance the loan from the current 150K joint loan up to a 175K loan in your own name only. This would result in you getting 25K cash which you can give to him and his name gets removed from the title

there are probably other ways you can achieve the same end, but thats the first that springs to mind.

gmakerley · Posted: Thu Oct 01, 2009 6:25 am Post subject:

i have to say i subscribe to help's theory here. the example set before you is appropriate, and you simply need to work out the specific details between yourself and your partner.

annyb27 · Joined: 07 Jul 2009 Posts: 144 -1.08 Dollars($)

I thing you can solve the issue by negotiation.
In my opinion the you should not allow lender to interfere in your matter.

gmakerley · Posted: Thu Oct 01, 2009 11:40 am Post subject:

annyb27 can you please explain what you're talking about: "you should not allow lender to interfere in your matter."

huh? it's all about the mortgage payments, and guess who receives these mortgage payments: oh yeah...it's the lender!

what ever happened to the concept of sensibility?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Lanamc

you can ask yoru partner to give you a quit claim deed and refiancen teh mortgage in only in your name

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