Buying partner out of mortgage

JDi

After some input on the following if anyone would be so kind......i'll try and be brief.

Bought a house 2 years ago with my partner for £100,000, put £10,000 deposit down (£5000 each) and borrowed £90,000.

we have just split up and so have to sort the house out. I want to stay on in the property and she doesnt. She therefore wants something offered to her to give me sole equity.

There is £88,700 left on the mortgage.

If we were to sell it will cost us £5558 just to sell (early repayment fee, estate agents and solicitors). The house would sell for £95,000 (its in negative equity) we would think meaning we would walk away with a few hundred pounds each. Anything below 95k and it would start costing us additional money to sell it.

I can keep it on on my own (this is fine with the mortgage company) which i would like to do but my ex partner is wanting me to 'buy her out' so to speak.

I know there are no hard and fast answers as its an area for negotiation, but what should i be offering realistically? To my mind, if we were to sell then she would come away with nothing more or less if we get the hoped for £95,000. Anything less and its costing her (and me) to sell it. She claims her solicitor has said i should be offering to pay back £3000-£5000 seen as she put half the deposit down.

Anyone care to comment? (posted this on 3 forums as all 3 seemed relevant)

regards.

BoGoF

Depends how much you want to stay there.

Personally I would say there is nothing to 'buy out' in that you have both lost money but having said it could be worth more in a few years.

Leon_W

Yes, on paper there is nothing to buy out, but put yourself in your partners position. She may need to go and rent somewhere so will need a deposit etc etc.

If you personally have no savings then you'd need a deposit plus all the other fees to buy again. I daresay you both made improvements to the house.

£3k seems fair enough to me.

The house is not in negative equity. Your mortgage is less than the value of the property.