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Buying out/signing over??

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  • 17-04-2008 1:46pm
    #1
    andreac
    Registered Users Posts: 8,000 ✭✭✭


    Hi i recently split up with my oh. Now we have a house together, which we got 100% mortgage on. its a 2 yr fixed rate too which wont be up until next Jan.
    we paid 290,000 for it and i got it valued back in feb and it was 315,000, might be gone down again. I was just wondering, i want to keep the house and get it signed over to me, but would he be entitled to much or anything if he signs over to me? he thinks he is entitled to money but ive been told by a few that he prob wouldnt the fact thats its 100%.
    i checked with bank yest and they said theres no equity on the house yet so they cant remortgage if he is entitled to something and i would have to get it myself. Im making appt to see solicitor soon.
    thanks


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    #2
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Yes- you're quite right. In early days of repaying the mortgage almost all of the repayments are interest repayments. Given that you purchased the property in the 18 months, I'd be quite surprised if there was any equity built up in the property, from which a disbursement might be due. On the contrary, its entirely possible that the property may in actual fact be worth less than you paid for it, which could mean there might in fact be an exit cost for your o/h to walk away from. There are no tax implications of having the property signed entirely over to yourself, providing of course that the bank are happy for you to take over the mortgage on your own.

    S.


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    #3
    andreac
    Registered Users Posts: 8,000 ✭✭✭andreac


    thanks,
    well when i talked to the bank yest they said they might not let me take over the house by myself and i might need someone to go guarantor for me (which might be hard). but the solicitor says they have the right to do that and the only option then if i cant get a guarantor is to sell which wouldnt be good esp the way market is going now, we would prob make a loss, between fees and so on.


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