Ex buying me out of mortgage

Angela_W

Hi I need some advice

My partner of 11 years split with me 6 months ago.

We have a joint mortgage for 4 years and have always paid 50/50 for it and all house hold bills.

He has now decided to buy me out and put in his name.

The mortgage is approx 95k and had two valuations of house of 99,950. plus he would want to keep wadropes, table & chairs and fridge and prob a few other bits.

I need to know how i stand financially and how much he would have to pay me (approx) as he is saying that the house wouldnt neccessairly sell for that amount and we would have occured estate agent fees if selling.

Any information would be great

Thanks

Angela

Cannon_Fodder

I doubt he would have to pay you anything.

Selling would likely not clear the mortgage. Most buyers would knock off £5k easily.

Definitely not, by the time fees etc are paid.

Work out what the furniture etc is worth, and ask for half of that.

Angela_W

OK thats fair enough, but wouldnt it go by value and not what it would be sold as. Plus no estate agent fees would benefit both of us.

Im still considering keeping house and sharing until market goes up! Would that be a good option?

Angela

Cannon_Fodder

The valuations are only estimates. No EA ever gets it right, other than by luck. If marketed at £99,950, it is pretty sure to be worth less, vast majority of EAs build in some negotiating room.

Suppose it did sell for £99,950. By the time you deduct EA fees, solicitors etc, you are looking at probably £3k. So £97k left to clear the mortgage of £95k.

50/50 = ask for £1k. The ex can only say no...

The way to accurately value it would be to sell it, but that would incur fees, which you don't want to do - not just because of the fees but because it might be that the EAs have inaccurately over-valued and its only worth say £88k, leaving you owing the shortfall to the Lender.

"Keep until the market goes up" ? http://news.bbc.co.uk/1/hi/business/10603905.stm When might that be? No-one knows.

Angela_W

Thanks for ur help. I guess I have to be realistic. Was just hoping for more and something good to come out of this situation.

Thanks again

Angela