Buying out a joint mortgage holder

matte64

Hi there,

I am looking to access a calculation in order to work out a buyout figure from a joint mortgage holder.

We purchased a couple of years ago for 131k but he has now moved out. We continue to pay equal sums on the mortgage but with house prices having dropped i am trying to work out a figure.

If anyone has any advice it would be appreciated!!

thanks,

Matt

bryanb

Seems straightforward- 50% of the equity. Negative or positive?

matte64

Would you simply get it valued as is?

kingstreet

The two parties should agree on choice of a chartered surveyor and have the property valued professionally. It'll cost about £100.

Estimates for a marketing price from an estate agent won't be accurate enough and will leave the person staying in trouble if the property doesn't actually value at that price when they apply to take over the mortgage or to remortgage.