seperating when not married

bambino22

Hi

Looking for a bit of advice please. Partner and i are seperating. I want to stay in our home. It is valued at 230k. we owe 45k mortgage. We have an endowment which is currently worth 44k.
I was going to take over the mortgage, and add another 40k to the mortgage to pay him off along with the endowment of 44k.
So he will get 84k. I will have a mortgage for 90k which i can do but then have read somewhere that as we are not married i have to pay stamp duty on the value of the house?
Does anyone know if this is the case? i really dont want to move but this might push me over the mortgage limit? Thanks

onomatopoeia99

You need to get actual legal advice about this, but as I recall when I bought my ex-girlfriend out the stamp duty was calculated on the value of the share I was buying, not the whole property, which in my case worked out under the threshold. The rules may have changed since then though as it was some time ago.

DomRavioli

OP, is there a reason you're not giving him half of the value?

Gloomendoom

From memory, you have to pay stamp duty on the share you are buying from the other party. It's not the whole amount.

So as post 2.

sheramber

What about the equity already on the property? Does he get a share of that?

Has he agreed to that arrangement?

Caz3121

I thought 50:50 was the norm when not married
House equity = £185k plus endowment gives total pot of £229, £114.5k each
why £84k?

easilydistracted

The stamp duty on half your share was certainly current in the last year or two when I bought ex out.
Your calculation seems like it should be really straightforward as the endowment pretty much covers the outstanding mortgage so you're basically mortgage free and surely be due 50:50.
When I bought ex out it looked like he was being underpaid as I had put in a lot more of the deposit but we hadn't got anything in writing. This was therefore documentation as a transaction under value and ex had to sign to say he agreed to this and I had to buy an insurance policy because if he were to go bankrupt the receivers could attempt to recover this. Luckily he's still solvent

ThomasMJacobs

I think its better if you consult a legal attorney for this matter as he will be able to guide you better.