Buying out others that I currently own a house with

[emma17]

Hi,

Just looking for a bit of advice, any help gratefully received! I currently own a house with two friends, however myself and my boyfriend are looking to buy them out. I'm trying to get my head around how this is done, do I as an existing owner have to put the house for sale and the buy it back with myself and the new party, or is there a way to do it with a change of title/equity, where by the other two names are taken off the deeds, myself kept on and the new party added.

The property is currently mortgaged in mine and my friends names, myself and my boyfriend would take out a mortgage to pay this off.

Any help very much appreciated!

[editha]

I take it that you have agreed a price with your friends? If you have, you just need to consult a solicitor or conveyancer who will do the paperwork for you.

[Dan_Manchester]

Assuming you have agreed a price with the others it's relatively simple to get a conveyancer to complete the transfer of equity. I did this about 6 months ago, cost around £400 for the legal work. Whilst you can do the forms yourself, it's doubtful that your mortgage company will allow you to complete the work (I tried!!)

Don't forget of course you need to get a mortgage for the full amount, if you're staying with the same lender they may not charge too much (I think Santander charged around £150 for 'transfer the names' - bit of a joke but not much you can do). Otherwise you'll need to look around and perhaps get a better deal elsewhere?

Hope this helps