separated but still friends. want to but him out of house

[laurakate]

I am separated from hubby. I can,with friends and family help, pay off mortgage and hubby. what are the next steps I have to take?( have a child together so want to be friends) No rush to pay off friends and family so not interested in getting mortgage in own name (also not earning enough anyway).Do I pay off then change deeds or what?

[Davethedog]

Under no circumstance enter into a financial agreement without a solicitor.

Even if you still like and trust him, do not do anything that isn't legaly binding, if you don't I promise you will regret it.

[Twenty20]

If youre not earning enough to get and repay a mortgage how do you intend repaying friends and family the money they lend you? There may be no rush as you say, but they will surely want repaying (certainly your friends will).

You will need to get a statement from the mortgage lender telling you how much is required to pay off the debt in say 3 months time. It is quite likely that you will have to pay extra charges for repaying the mortgage early.

You will also need to agree a sum with your husband to buy him out of the property and to pay anything else he is due. I assume you are also agreeing maintenance payments with him for the child?

Once you have all this information, contact a solicitor to arrange it all for you and to get agreements drawn up for payments between you and your partner. The solicitor can also arrange for the mortgage to be paid off and the Deeds transfered into your name.

Unfortunately, although these things start off amicable they usually fall down when it comes to the finances.

[laurakate]

Thanks Twenty20

Will go legal all the way.