Splitting up - ex boyfirend buying me out

christmasjones

Hello,
I have recently split up with my ex boyfriend and have moved out of the flat we own together but have continued to pay my half of the mortgage.

Rather than sell the flat my ex boyfriend would like to buy me out of my half of the share of the flat.

We have had three estate agents valuations and have taken the average of the three as the value of the flat and from this worked out the equity in the flat gto split between us.

In addition to this my ex boyfriend has calculated a number of items that he feels should also be taken away from the equity of the flat:

- Estate agents fees
- Solicitors fees
- Cost of doing up the flat
- Cost of doing up the garden

I understand that if we were to sell the flat we would need to pay the above costs in order to sell and get the flat ready for sale and then just split between us any pofit left after the sale.

However if my ex boyfriend is buying my half of the flat from me, I do not believe that I should be subject to the above costs other than any legal and bank fees associated with transferring the property to his name.

If my ex boyfriend buys my half of the flat and decides to sell in two or three years then surely that is his choice and he should pay any fees and costs associated with that he would be liable for as sole owner of the flat.

Can anyone advise what fees and costs I should be liable for when selling my half of the flat to my ex-boyfriend.

Thanks
S

clutton_2

all these things are negotiable.... but dont forget that solicitors cost £180-£250 per hour - and arguing about a few hundred pounds of fees could cost you a lot more in the long run

but, if he is buying the flat from you and him - you dont need to employ an estate agent do you - and you wont need a HIPS report if you dont market it.?


when would the "doing up and garden costs " be incurred ?

muskoka

Quite simply, the estate agents have presumably valued the property in its current condition. Hence, renovation, repair costs of home/garden should not be included.

princeofpounds

Muskoka is right. You should be splitting any assumed sales fees as you would be having to both pay those to exit the property if it were a commercial sale.

He is not doing you a favour by 'allowing' you a non-EA sale, and you will have solicitors fees anyway I would imagine, for the conveyancing etc.

Bear in mind that EAs often bid up slightly on valuations to get sale business. So the number you have come up with is probably not a bad number. Better to get things resolved and clean than argue over minutiae

christmasjones

Hi,
Thanks for the advice, in answer to your question the costs of repairs to the flat and garden would be carried out at my ex's convenience I guess when and if he decides to sell the flat.

Regards
S

clutton_2

costs of repairs to the flat and garden would be carried out at my ex's convenience I guess when and if he decides to sell the flat.

cheeky devil....



he's trying it on .....


"" splitting any assumed sales fees""

whats the point in splitting something that does not exist ?

1984ReturnsForReal_2

half the estate agents fees & half the solicitors fees would be fair.

zzzLazyDaisy

There are no estate agents fees, as the property is not going to be sold through the estate agent.

As for doing up the flat/garden - the valuations have been carried out on the property in its current condition. If your bf wants to spend money doing it up after you have sold it to him, then that is his choice and his expense (and of course any increase in value is also his).

He is definitely trying it on. Tell him that you are happy to sell the flat to him in its current condition at its current price, or alternatively to have the place revalued as if all the proposed works had already been done and then you can decide whether it is worth having the work done at all and if so, you are happy to pay your contribution of the works out of your share of the increased valuation.

Oh, and are you on a repayment mortgage? If so, I'd suggest that you change to interest only until this is sorted out.

1984ReturnsForReal_2

zzzLazyDaisy wrote: »

There are no estate agents fees, as the property is not going to be sold through the estate agent.

There will be if this doesnt go ahead.

clutton_2

if he gets picky about expenses you could try asking him to deduct the rent you are paying at present - as you are paying for half the mortgage on a flat you dont use -

seriously , he is trying it on

but - please try to come to an agreement amicably, as otherwise you will both l ose possibly thousands while solicitors wrangle on your behalf.

as soon as sols are involved - confrontation happens....

btw - do get a solicitor for yourself to do the conveyancing for you ....

property.advert

1984ReturnsForReal wrote: »

There will be if this doesnt go ahead.

Yes, both parties need to realise this.

Improvement costs are not on the agenda just as the cost of replacing the boiler in 10 years is not pertinent.

If there were 100k equity and selling costs would be 10k then both would receive 45k after a sale. If the ex were to pay only 45k, he would gain 55k of equity and that is not right. However, if he paid 50k then the OP would be benefiting too much. A mid price of 47.5k might be appropriate.

In the negotiations, both parties should consider the costs of setting up a new home. As the ex will not suffer those fees, then the OP can use that argument to raise the offer.

If I were the OP and I were prepared to have it sold and the ex knew I would take the loss from having a court order it, then I would press for 50k.

In the end, it is in both parties best interest to settle it amicably but the ex is the one who has more to lose than the OP as his potential costs of future accommodation are zero if he buys her out.