Buying house from ex

badge1123

Hello all.

Myself and my ex bought a house in 2009 together. Both names on the mortgage. We broke up after 5 years in the new house. We've been renting it out for about 5 years. She wants to sell it. I've no problem selling it. My question is, what is the story with buying the house for myself? As in what would I have to do? Is it much hassle etc.

Thanks

John_Rambo

I've done this. It depends on how desperate your ex is for money & if he/she needs it fast. The more desperate the better.

Work out how much you can afford, get the money in place that can be easily transferred, get a really really good solicitor & start offering money with a timeline that makes the offer null after short time. This worked well for me.

If your ex is flush and not in need of a cash injection you're on the back foot and you're into estate agents over valuing the property.

Best of luck.

silver2020

I'd go with a clean break. Less hassle and if you have a new partner, they may feel uneasy in a house you shared with an ex.

pleh

I'd get it valued to see what the figures are involved. Maybe you want to keep it to rent it out? Or maybe you love the house and want to live there for the forseeable. Difference is taxes due to the Govt.

The house has increased in value since 2009, and you have been building equity for 12 years with perhaps 13/18 yrs or so left on that mortgage, you can get a new mortgage to pay off the old jointly held one, (combined with savings perhaps) and to give your ex her share of the equity. But because of the increase in value, borrowing a higher amount than you'd expect and the entire amount falls to you to pay this time.

If you go to a financial adviser/mortgage broker they will be able to see what is possible for you taking into account your age, your equity, any savings etc and work out what new mortgage repayments will be and if thats affordable.

Express your interest to your ex to buy her out the advantages of not putting the house on the open market, savings on fees no hassle of accomodating viewings etc.

Hopefully you are on good terms and she will be open to selling to you.

If so, get a solicitor and get the ball rolling.

Furze99

https://www.boards.ie/discussion/comment/118548604#Comment_118548604

Are people really that picky? If so, are they worth it?

Q&A

Something to be aware of is even if you try to sell to yourself you may face (half) a sizeable tax bill.

As the house was not your main home for a number of years any profit on the sale will be subject to capital gains tax.

Ray Palmer

https://www.boards.ie/discussion/comment/118549640#Comment_118549640

Fair point. Also note the valuation would be based from when you started renting out rather than the 2009 price. Think it is 23% but ex has to pay too.

I think anybody who would sell with out a valuation is going to be rare and I would consider it taking advantage of them if one wasn't done. No matter what your ex did equal split is always the fair thing to do. Some people will be put off living in the same property as you did with an ex, they are best avoided than catered for.

houseyhouse

CGT is based on the increase since you bought, not when it stopped being your PPR. It’s 33% but you’d only pay for the share of the time it was let out, and the last year is not taxed.