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It is currently Sat Nov 28, 2015 11:29 am

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 Post subject: It was all going so well...
PostPosted: Thu Jul 09, 2015 12:05 pm 

Joined: Thu Jul 09, 2015 11:50 am
Posts: 2
Any ideas on how I buy out my ex-partner from our mortgage-free jointly owned Irish home? I was a smart cookie once, doing quite well for myself. I was living and working in my own mortgage-free home in London, I had savings, nice holidays, a nice car and I even a €70k emergency savings pot. Then I fell in love with the Irishman. I totally fell for him. Hook, line and sinker. I sold everything I had in England in order to build a dream home in Ireland and I stupidly put his name on the deeds believing we were going to get married once the house was built. To say I have gotten myself in a bit of a fix is probably an bit of an understatement :oops: . My father (God rest his soul) would be turning in his grave as he helped me to buy my house in London and he was so proud of me for over paying on my mortgage re-payments and paying off my mortgage early there. Long story short. My ex-partner has left town now TG and I live in the house we built (he was a the builder) during the winter months. I feel this is only fair as it was my money that paid for the site, materials and built the house. I move out of it during the summertime (with the dog and the cat) and I rent it out as a holiday home. It makes great rent €32k per year, but he takes half of it, while I get to live in a damp musty cottage for 6 months and have the stress of moving twice a year. The Irish banks refuse to take the €32k rental income into account when I asked them for a mortgage to buy him out. They say it’s not guaranteed income and they won’t take my other income into account because I am self employed as a property manager (I started a small business here in Ireland out of necessity). The English banks I have contacted will not lend on Irish properties unfortunately. I wanted to hold off selling the house because I will have to give him half and selling while the market is down would not give me enough money to start again. I can forget every returning to England because I can’t afford to. If only I could buy him out, I would have my freedom back, be able to visit my family in the UK and have options like working in London again and even doing holiday home swaps with other holiday home owners. In time it would appreciate in value and would become my pension. I found this site and thought that the bigger, smarter US population might have some ideas and I have not perhaps thought of. I was some who did everything right and now I am just stuck. Any ideas will be most welcome. Thank you :)

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 Post subject: Re: It was all going so well...
PostPosted: Fri Jul 10, 2015 11:41 am 

Joined: Wed Jan 15, 2014 6:53 am
Posts: 171
Save the $16k in rental income every year until you have enough to buy him out? Increase your business so you can increase your savings towards buying him out? I don't know a whole lot about these sorts of things, but those seem like the most obvious solutions, though they may take a while. What's your financial situation look like?

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 Post subject: Re: It was all going so well...
PostPosted: Fri Jul 10, 2015 12:40 pm 

Joined: Thu Jul 09, 2015 11:50 am
Posts: 2
It would take too long to save the money to buy him out. He wants €250k, but he owes me 70k (a personal loan, nothing to do with the house). So I need to raise €180k. Its so frustrating the hell out of me that the banks won't lend on rental income and give me a mortgage. They are basically telling me to fold my business and go England and get a job there so that I will be earning enough of a salary, but even then they will only give me a commercial loan. Reason being - with a commercial loan you have no residential family home protection. I.E. I would only have to be made redundant or miss 1 payment and they would take my house. Banks are horrible :@

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 Post subject: Re: It was all going so well...
PostPosted: Tue Jul 14, 2015 7:22 am 

Joined: Wed Mar 26, 2008 1:35 pm
Posts: 502
Location: USA
Sounds like you are in a tough position. Sounds like you either need to get a large sum of money so you don't need a mortgage, or a steady job/income in order to qualify for a mortgage.

I don't know about the laws in Ireland to give any other advice. I would try to talk him down on the price, and relocate to London or somewhere you can live and earn a very good living for a few years, enough to either qualify for a mortgage or pay him back in cash. short term pain for long term gain.

Or, just sell the house, take whatever you can from it, and walk away.

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 Post subject: Re: It was all going so well...
PostPosted: Tue Jul 14, 2015 3:46 pm 

Joined: Mon May 11, 2015 2:47 pm
Posts: 16
Does your ex want to sell? Or are you just tired of owning with him and giving him half the rental income? Could you try to negotiate to change the arrangement to be more favorable to you if he doesn't want to sell so that it is more fair considering you moving in and out and handling the rental? Have you tried contacting an attorney about the fact you paid for everything but just stuck his name on the house? If you have any legal recourse?

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