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Co-Habiting - Remortgage - Advice

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BeamMeUpScotty
Posted by
Junior Member

25 Nov 13 #414604 by BeamMeUpScotty

Topic started by BeamMeUpScotty

I''ve divorced from my Ex as has my new partner.

She has a large mortgage and some equity in her home. I''m planning on buying into the mortgage/remortgage.

My buy in will be significantly more than her equity. We intend that we hold shares in the house equal to the initial buy in /equity ratio, then any added value (or fall) in house value is split at those ratios if we split/sell. E.G. the house is worth £350k with a £300k mortgage (don''t ask, her ex gambled...). I''ve got up to £300k to put in from my Divorce settlement.

We''re deciding to either pay off all mortgage or pay off most and do the house up with the balance.

We would run the home as equal partners making equal contributions to the upkeep and maintenance.

Her Ex is still on her existing mortgage as she couldn''t re-mortgage in her own right and she didn''t want to sell the home and disrupt her kids.

What paperwork should we set in place to safeguard our initial stakes? What paperwork do we need to make sure her ex is off the old mortgage?

Thanks.

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