Re-mortgage advice please

garland

Hi, im new to this site, and would like some info please as to confirm that my understanding is correct.
My partner and me have decided to go our sepearate ways after 17 yrs together, we have a flat which both names are on the deeds, he would like me to buy him out or sell, i have decided to try and buy him out seeing as i have made it my home and feel safe and secure even though it is a ground floor 2 bed flat. so here is my story...
We both are on deeds, we have had 3 valuations ranging from 180,195 and 225, he has taken the 3 and added them together and divided by 3 and gets a average of 200 grand, he has no mortage( he paid it off when he had a windfall of money from a previous house sale left to him by his uncle) i have a mort of 20 grand stil outstanding, my mort advisor said that my 20 grand needs to come of the totel as it is debt, and the bank stil owns the flat, and it is not equaty, so cannot be inclueded in the price this brings the totel to 180 and i have offered him 90 grand, he is not happy and says that as he has paid off his mort he should be getting 100 grand.... he has had no mort advice, i have spoken to a few guys at work and they say the same thing why should i get 80% and him 100%...

Are both me and my mort advisor correct, and has anybody been in this situation or offer any advice, i do not want to question my advisor on all of her advice, as i would stress myself out even more that i am now.

also the agent that valued the flat at 225, i have looked on website and most of the properties( that leaflets were left with him on properties in that price range) have been reduced in price, one by 20 grand.

Any advice please would be grateful, my head says just give him the money to get him out of the place as we are at the point of hating the sight of each other.

Thanks.:hello:

redpete

That seems an odd way of looking at it.

I would start with how much each of you put into purchasing the property in the first place. Did you each take out individual mortgages? If you both borrowed equal amounts and you both put in the same amount as a deposit then you should each receive an equal amount if you sold the property - e.. £100k each. The fact that he has paid off all his borrowing and you haven't doesn't change this; you would receive £100k and use £20k of this to pay of your loan, he would receive the full £100k.

why should i get 80% and him 100%...

Because he has paid off his mortgage and you haven't. I don't see why this isn't obvious.

If you came into some money and paid of your mortgage then you would get to keep the whole £100k, can't you see that this is the same as you getting £80k now and having your mortgage paid off with the rest.

slummymummyof3

Why should he be prudent with his windfall and you take half? I don't see why you feel it is unfair to get 80% and him get 100%?????

Trying_to_be_good

Assuming you follow the logic above and therefore that the flat is half his and half yours, you need a real valuation not an estate agent's one. If you're needing to borrow the money to pay him his share, this could be done using the mortgage valuation.

Will you have sufficient income to be able to borrow £120,000, i.e. the £20,000 you currently owe on your half and his £100,000 (or whatever half of the valuation is)?