Mortgage Help needed - Releasing myself from the Mortgage

bowboy

Hi

I'm hoping some people can give me some guidance on what I need to do:

I have a joint mortgage with my now ex (no kids involved and we both paid the same amount of deposit and same monthly payments). I've now moved out of the house.

How do i go about releasing my name from the mortgage. At the moment the plan is for her parents to buy me out of my share of the house and then for her to continue to the pay the mortage herself.

Also does this seem like a fair way of calculating the buyout price:

(house value (average of 3 valuations) - oustanding balance of mortgage)/2

so if the house is worth 100k and the balance is 50k - I should ask for 25k

Thanks for your help