Can I raise funds to buy my husbands share of our property?
Posted on 7 January 2014 by Lynne
My husband and I are going to separate, we bought a bungalow 9 mth ago and paid cash. I've suggested to my husband that if I could I would buy his share. he agreed he just wants his money out. Which is £110000 each. Could I release equity to give him his half if so how does this work and how do I sort it please?
I’m sorry to hear you are going through divorce. In theory, there's no reason why we shouldn't be able to release the £110,000 needed to buy out your husbands share, however we would need to understand more about your personal and financial circumstances before saying anything more definite.
The process is known as 'transfer of equity' and is a basically a re-mortgage with capital raising a lump sum to pay to your husband. The loan to value is good – 50% and the rates should be quite attractive, as you have owned the property for more than 6 months.
If you'd like to find out more, then please let me know and I'll arrange for one of our consultants who will guide you throughout the process to contact.
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