Dividing home after separation: what's fair?

Jillinoz

Hello

As a newbie, I've read some excellent advice on this board, so thought I'd post and ask for advice about my own circumstances.

My fiance and I have separated and are trying to disentangle our joint assets, the biggest of which is our home, bought last July for £350K. I purchased my 50pc share outright and he bought his half with a combination of cash and mortgage.

I am childless, while my ex has two teenage daughters who live with him on a part-time basis (and the ex-wife from hell, but that's another story! :rolleyes: so it's important that he preserves some semblance of stability for their sake. The ex also earns much more than I do (I downshifted massively when we moved to our house and have just retrained for a career that will make me happy but is unlikely to ever make me rich).

He has therefore offered to buy me out so that I can purchase a separate property closer to my friends and family. I'm happy to do this but would appreciate some advice on the fairest way to proceed: my ex has offered to pay what I paid ie £175K, plus my original contribution to the Stamp Duty and other expenses, all of which were split 50/50. Now, I realise that property prices where we live (North Yorkshire) have increased slightly in the past few months, but our house is pretty unique (18th century farmhouse that was renovated by an architect and interior designer) so I can't gauge the recent sales of any comparative properties.

Should I just take the circa £182 that I spent originally, bearing in mind that I will have to pay Stamp Duty, plus all the other costs associated with moving again, or is there a fairer/better way to organise this ie agreeing a 50% split on an aggregrate of estate agents' valuations / a clause in a contract that agrees he will pay me a pro-rata share of any proceeds from a future sale?

All thoughts/suggestions will be gratefully received!

bank_of_slate

If he does give you the original sum, can you purchase a house for yourself with that sum?

Plus if there is equity in the house then HE will benefit from that in the future and you will have no claim on the amount.

I would have the house officially valued by a couple of valuers to find out the true current market value
...Linda xx

Penny-Pincher!!

If theres equity in the property, then its only fair that this is split 50/50 as well. You need to get the home valued and take it from there.

Good luck

PP
xx

comping_cat

You dont want to do anything you might regret later, i would have the house valued, and then have the 50/50 split, if house prices continue to go up your other half will not loose out, and you will receive the value that you deserve now!!!!

Dora_the_Explorer_5

If I were in your shoes I'd get it valued, tell him to get it valued, figure out the average of the valuations and tell him that's what you want. If he doesn't agree tell him to get a second valuation and average the three. If you both want the split then split any costs of his buyout - if he wants it and you don't, then he pays the costs, and of course vice versa. If he wants to give you your 50% of the original stamp duty and etc accept it, if not then consider that cost is what facilitated your ownership of the property. If he can't afford to buy you out, he'll have to sell and buy another property which is what you're having to do. All this seems to me to be totally fair, hope it helps and that I haven't misunderstood anything.

jockettuk

nothing to stop you getting a valuation. Can he afford to pay you more than he has offered if not you could take what he has offered but get a solicitor to draw up that when its sold whenever that will be that you will get your share of what the difference between what he offered and the valuation..

Jillinoz

Thanks everyone for your speedy responses.

Can I just check: when you advise getting a valuation, do you mean from an estate agent/s or do you mean specialist propert valuers?

Thanks, again!

Dora_the_Explorer_5

I would have thought an estate agent valuation would be pretty accurate. Why not have a look in your local paper and the Yorkshire Post, see which agents sell property in the £440k up range and decide on which you think would be best for your property? You'd need to explain that the valuation is just that, you're not asking them to sell it for you but that won't make any difference to what they value it at. Good luck

jockettuk

Jillinoz wrote:

Thanks everyone for your speedy responses.

Can I just check: when you advise getting a valuation, do you mean from an estate agent/s or do you mean specialist propert valuers?

Thanks, again!

dont forget to get more than one valuation from local estate agents as they can differ quite a lot and take the average one

Dumbledore55

Always a good idea to get it valued by the estate agent you originally bought it off - they will have a fair idea of any increase in its value since you bought it. But as others suggest I would have about 3 valuations and at least one of those that your OH seeks himself.

Don't let on to the estate agents that you're not selling the house or they may not give you a free valuation. As far as they are concerned you are shopping round estate agents to find the best one.