if I buy my partner out of the house we bought, can we sign a legal document to say that I now own the house?
Hard to explain in the short question space! So, we bought a house together earlier this year, now we are living separately (due to unforeseen circumstances) As he lost his job he is renting a flat and claiming benefits and I am in the house we bought paying the whole mortgage. He needs his money out of the house (that he put in the deposit) or his benefits will stop. I have the means to buy him out, and I can afford to pay the whole mortgage, but the mortgage lenders won’t let me take on the whole mortgage as the loan was calculated on our joint income (even though I can afford to pay it all on my income – I’ve paid more in rent on my own for years). So has anyone been in this situation? I am wondering if I can pay him back his deposit money and we can make some legal signed agreement that the house is now all mine without the mortgage lenders knowing (he is not in a position to buy another house so that wouldn’t be an issue at the moment anyway). Otherwise we have to sell the house and I’ll end up in a flat paying more in rent than I am paying on my own on the mortgage now….
Please note I am in the UK so laws may be different in other countries. Thanks….