Help - Ex trying to force me out or pay more for her share

MobileSaver

ValHaller wrote: »

Ultimately there must be a disposal.

I disagree, there may never be a "disposal".

I think the OP is being unreasonable here and I think a judge will think the same and find against him.

There are no selling costs as it is not being sold, the OP wants to keep it so reducing the value by a further £8k is unfair. If the OP wants to include selling costs then they need to be actually incurred (i.e. actually sell it normally on the open market.)

Without any of us knowing how much equity is in the property it's impossible to know whether the other numbers quoted by the OP are fair or not.

notrippedoff

Andy.m
Yes explained to her and her solicitors in detail, I have provided detailed calculation showing how her remaining share is calculated based on different valuations. I hear what you are saying about a full and final figure but I still feel 32k is a good deal for her and means I pay more than I should.


Notanewuser
I still think 31k is too good a deal for her but I appreciate what you are saying about the psychological impact. There is some value in getting her out of my life too!


Dodger1,
No interest only mortgage so remains the same


Getmore4less
If something isn’t for sale, ie my share, then you have to expect to pay a bit more to secure it. She wants to sell not me, often when you sell you have to take a little less than you expect to liquidate your asset. I think a court would see that I am entitled to remain in my home if I am willing to buy her out at current market value less selling costs


Mrginge
Yes but those selling costs will arise at some point down the line when I decide to sell and I will take the hit on the whole lot. Why should she be able to sell up with no selling costs?


Martinsurrey
Thank you I think you see it from my perspective. I will incur costs at some point just not now, I am deferring costs. Why should she not have costs to sell, her other option is that I agree to sell on the open market and we both pay, you guessed it, selling costs! Cheers Martin you seem to grasp my predicament.


Bris
That is encouraging. I am co-operating and I am offering an alternative in the form of a current market value less selling costs offer.


Mr ginge
What’s ridiculous about it, seems pretty logical to me?? As Val Haller states ultimately there must be a disposal which will incur costs.


Val Haller
Thanks you also share my view on the subject. This is what I have thought from the outset hence I am refusing to be intimidated by them.


girleight@
Only if I remain in this house until I die will I save on the cost of a new house! I’m 29! I plan on moving in a few years so your statement isn’t entirely true. We both have disposal costs and we both have costs associated with the purchase of a new house as and when we decide to move

notrippedoff

mr ginge
We calculated around 6k-8k to sell the house end of. Nothing to do with buying another was factored in. This includes some maintenance to get it saleable, the estate agents fee and solicitors costs to deal with selling. I appreciate you can sell a hour for less but I don't want to sell and she is proposing we sell through an estate agent who will charge us those fees.

Mobile Saver
Not reducing by 8k, reducing by 4k, half of the selling costs which she would incur if I agreed to her proposal of selling through an estate agent.

notrippedoff

Worth adding here I am willing to negotiate with her in relation to costs. I'd deduct 3k and not 4k, she refuses to negotiate end of - wants 37k for her share, no justification of why her share has only dropped by 4k from her original 41

MobileSaver

notrippedoff wrote: »

Not reducing by 8k, reducing by 4k, half of the selling costs which she would incur if I agreed to her proposal of selling through an estate agent.

But you won't agree to her proposal so it's unfair to deduct selling costs!

From what little you have said you both are entitled to roughly 50% of the equity in the property. Unless there are extenuating circumstances like kids living at home then a judge will rule that the relationship is over and she is entitled to her fair share of the equity and you will be forced to sell or give her 50%.

Without knowing what the value of the house is or how much equity you have we can't properly comment on the selling costs. However the original £8k mentioned sounds very high, you've now said some of that was "maintenance to get it saleable" so essentially you want to charge her to improve your home!

Frankly I think you need to speak to someone impartial that you trust as my gut feeling is that you are bitter about the relationship breakdown and you can't see how unreasonable you are being. Better to eat humble pie now and agree a fair compromise than wait until a judge decides for you what is fair which I suspect will cost you a lot more.

ValHaller

notrippedoff wrote: »

mr ginge
We calculated around 6k-8k to sell the house end of. Nothing to do with buying another was factored in. This includes some maintenance to get it saleable, the estate agents fee and solicitors costs to deal with selling. I appreciate you can sell a hour for less but I don't want to sell and she is proposing we sell through an estate agent who will charge us those fees.

Maintenance to make it saleable should only take place or be charged if you actually sell the place. On that, I am with Mr Ginge. Otherwise you are feathering your nest at your ex's expense and this will not pass muster in a court settlement.

The ex should contribute to the deferred expenses of EA and selling Solicitor as this would be part of her expenses to exit by forced sale.

notrippedoff

MobileSaver and ValHaller
House bought for £225k. RICS Valuation £205k. £20k lost in downturn.
I invested 44k she invested 41k, total 85k.
Mortgage remaining circa 140k

Perhaps I should have looked at the figures I was using in relation to exit costs as they were old and calculated when I was first presented with her proposal to sell on the open market. Since she has refused to negotiate or discuss I have not re-calculated them. I will take this opportunity to do so. At a sale price of £205k I estimate our selling costs to be just under £6k, lets say £5,500. So £2,750 each.

With the RICS valuation I calculate her share to be worth £30,365. Less the £2,750 selling costs I reach £27,615.

I've offered 24k and attached no conditions, she is well within her right to request more and I will shall negotiate but much more than £28k in my opinion is unfair. She currently is refusing to budge from wanting £37k, do you feel she is being reasonable?

PS I'm not bitter I'm happy she's gone I just don't like paying more than I have to for things :-)

notrippedoff

Also, I have asked for impartial advice from many people. I continue to ask and that's why I am on here in an effort to hear as many peoples opinion as possible, I value all of them.

notrippedoff

Having not sold a house before what is reasonable selling solicitors costs?

I have worked estate agents at 1.8% of sale price + VAT which I read was national average.

ValHaller

notrippedoff wrote: »

MobileSaver and ValHaller
House bought for £225k. RICS Valuation £205k. £20k lost in downturn.
I invested 44k she invested 41k, total 85k.
Mortgage remaining circa 140k

Perhaps I should have looked at the figures I was using in relation to exit costs as they were old and calculated when I was first presented with her proposal to sell on the open market. Since she has refused to negotiate or discuss I have not re-calculated them. I will take this opportunity to do so. At a sale price of £205k I estimate our selling costs to be just under £6k, lets say £5,500. So £2,750 each.

With the RICS valuation I calculate her share to be worth £30,365. Less the £2,750 selling costs I reach £27,615.

I've offered 24k and attached no conditions, she is well within her right to request more and I will shall negotiate but much more than £28k in my opinion is unfair. She currently is refusing to budge from wanting £37k, do you feel she is being reasonable?

PS I'm not bitter I'm happy she's gone I just don't like paying more than I have to for things :-)

How did you share the mortgage payments?