Ex buying me out

Randomhero

Brought a house in November for £256,000. Both put in £13,000 (10 percent deposit). Now she is wanting to buy me out after 9 months and is offering my deposit back on the house plus half anything we bought togerher. Doesn't seem right to me as house is worth approx 280,000 now. Will prob go to a solicitor but just wondering what kind of sum I Should be entitled to.
Thanks.

getmore4less

Did you pay the mortgage 50:50?

If you did then you are due 50% of the current equity each.
Same as if you sold the place.

Will the lender let them take on a mortgage on there own?

What did the agreement say when you bought that should have specified exit terms.(guess you did not have one)

Caz3121

Randomhero wrote: »

Brought a house in November for £256,000. Both put in £13,000 (10 percent deposit). Now she is wanting to buy me out after 9 months and is offering my deposit back on the house plus half anything we bought togerher. Doesn't seem right to me as house is worth approx 280,000 now. Will prob go to a solicitor but just wondering what kind of sum I Should be entitled to.
Thanks.

the 'norm' in the calculation would be
Value less outstanding mortgage less selling fees
50:50 on remainder

Who has given the valuation of 280k? surveyor, estate agent or guess?
Does she have sufficient income to take a mortgage for the full amount required?

Randomhero

Her sister is currently seeing if she can take on the the morgagte and as she has quite a bit of savings has offered to buy me out. The valuation is not an exact figure but an estimation by our lender. Everything has been split 50:50 so far.

TBagpuss

How much is the redemption figure on your mortgage?
It would be normal to take into account the mortgage (including any ERC) and likely costs of sale (for which a court would normally allow either 2.5% or 3% of the house value.

So, if you can agree that the house is now worth £280,000 then a fair split would be
280,000 less £7,000 (2.5% costs of sale) less mortgage including ERC, divided by 2.
Then any home contents bought together would be split, or you could agree a price if your ex wants to keep them (this would normally be based on second hand sale value, not replacement value)

That said, is the £280,000 a vlaue or a recommended asking price if you sell?

brodawel

Nationwide house price calculator values it at about £262-£270 depending where you are. Thats for a property bought in November for £256. I know its not exact but it's interesting all the same and amuses me for half an hour now and then. Apparently if I'd bought one of the houses that I viewed back in Feb, I'd have made £12K by now!, and the house I sold last year has gone up £10K :eek:

bris

Lenders get the pros to value houses, until you do that you will never know it's true value.


In this climate it may very well be stagnant as buyers tend to be cautious and are offering lees than asking in most cases. Also factor in legal cost when selling and depreciation on everything you bought together to get a more realistic figure.


Sometimes it's better to just get out whilst you have a chance, if everything turns, which it could easily do you could get stuck paying a mortgage you don't need.