Check ownership and whether keeping the home is affordable
Read the title, mortgage and any existing agreement. Ask the lender about the likely financing requirements before making an unconditional payment promise. The guide for unmarried co-owners explains which documents to bring together.
Agree a valuation approach and request loan figures
Choose the valuation method and reference date, then obtain figures for the mortgage and other secured borrowing. A final payoff amount can differ from an earlier statement balance.
Check whether the intended lender requires a specific appraisal. Our guide to valuing a home for a partner buyout covers the choice between online estimates, agent opinions and professional valuations.
Record the proposed buyout amount and its assumptions
Use the house buyout calculator to compare your selected division and contribution treatment. Record which costs the figure includes and what remains conditional.
An Equity.me report can collect those figures and each partner’s confirmations for a meeting. It is optional preparation, not a required legal stage or a substitute for the settlement documents.
Ask about the existing mortgage before planning a refinance
Refinancing replaces the existing loan. An assumption concerns taking responsibility for the existing mortgage under its applicable terms. Ask the servicer whether an assumption or another borrower-release route is available for your loan and circumstances. Neither a title change nor an agreement between partners establishes that the departing borrower has been released.
If keeping the current mortgage is possible, establish how the separate buyout payment will be funded. Taking over a loan does not itself provide the cash to pay your partner. Get written requirements, fees and a processing estimate before setting a completion date.
Budget for buyout taxes and closing costs alongside the payout. Decide who pays each charge, and revise the proposal if the funding or fees change.
Coordinate payment, title transfer and borrower release
The relevant professionals should coordinate the final documents, funds and lender requirements. After completion, check the evidence of the ownership change and the borrower release. Confirmation between partners inside a dossier does not carry out either step.