Selling or Transferring joint mortgage

Nameless1

Apologies, I know this subject has been covered in other posts, but I can't find any which match my situation closely enough...

I'm gearing up to move out of a house I bought with my brother 5 years ago. His girlfriend moved in last year and they plan on remaining. Therefore, I'd rather they take it and things stay friendly.

Details are:
-We come off a 5 yr 7.4% fixed fee mortgage in June (due to it being a 100% mortgage, I'm gutted I've paid about 37k into the house which has mostly been interest).
-House was on the market at 195k when we found it, negotiated it down to 185k and then down a further 5k when the mortgage advisor submitted the wrong paperwork for 180k and banks stated that was the only offer they could allow as they then withdrew 100% mortgages so the sellers accepted 180k.
Brothers girlfriend will be contributing 20-30k towards a deposit when they buy.

My question is, if I sell to them rather than on the market, how do we agree a fair sell price. Potentially I could lose out as house prices have fallen over the last 5 years.

Any advice appreciated. Not sure the best, fairest and cheapest way of getting this done. I have no saving and a building overdraft so I need to get out but hoped I'd get something out of it so I could at least afford a deposit to rent...

Thanks and looking forward to any and all replies.

Yorkie1

The trouble with EA values is that they are priced to allow downward negotiation.

You could either look on nethouseprices.com or zoopla for sold prices of similar nearby properties, or instruct a RICS surveyor to give you a formal valuation.

R_P_W

100% mortgage on that rate for that length of time split between you and your brother coupled with a probable reduction in value - not really looking good to get anything out of it I'm afraid.