Tenants in common splitting up

Rosie1989

He's refusing to sell, we've done a lot of work in that house, we've recently put a brand new kitchen in, he knows it's better for him to stay and take advantage of all the work we've done

getmore4less

same option for you you don't have to run away from the house and your job.

if you think it is worth more than he wants to pay you need to stay and make your position clear.

The house is in effect up for sale(you buying each other out) if he want to buy it he needs to be the highest bidder between the two of you.

Rosie1989

He's also expecting me to still pay off the kitchen finance which is in his name, there's about 2k owing, we've been paying 300 quid a month each to get it paid off, but now weve split and he's keeping all the kitchen and all white goods and appliances then why should I pay it off? The finance was for the kitchen only, units and doors, not appliances

getmore4less

You need to make your case for a better deal stating with the house value.

The kitchen is part of the house so any remaining costs comes out of the agreed value.

The white goods you negotiate but they are second hand now.

based on previous numbers based on £150k looks like you are due around £48k cash + whatever you can get for the contents.

if he says its worth £145k how much do you want to fight for £2.5k.

Alternative as I say is you stay and buy him out if you don't consider that option you give him the upper hand

Rosie1989

We could easily sell for 155k, he's not willing to negotiate anything for white goods, he's just saying it's part of the house and that's it, which I don't think is fair at all

getmore4less

get the deposit back and split 50:50

(£150k - £72k)=£78k, you get £20k + £58k/2 = £49k + up to £5k more if worth £160k

He needs a new mortgage £121k-£126k a 4.1ish multiple on £30k

doing the same for you.


(£150k - £72k)=£78k, he gets £58k/2 = £29k + up to £5k more if worth £160k

You need a new mortgage of £101-£106 a 4.3 multiple on £24k

getmore4less

Rosie1989 wrote: »

We could easily sell for 155k, he's not willing to negotiate anything for white goods, he's just saying it's part of the house and that's it, which I don't think is fair at all

keeps it simple, you negotiate and agree a single value then work out the split.

Brighty

Assuming sale price of £155k, the house has increased in value by 67%, so i think it's only fair your £20k deposit should of too.

1.67 x £20k = £33.4k

So i think the equity split should be

£155k sale price - £73k outstanding mortgage = £82k

You get your £33.4 deposit, plus half of whats left

So (£82k-£33.4k)/2=£24.3k

Your equity is £33.4+£24.3 = £57.7k, so a £97.3 mortgage needed to buy him out
His is £24.3k, so a £130.7k mortgage needed to buy you out

getmore4less

Brighty wrote: »

Assuming sale price of £155k, the house has increased in value by 67%, so i think it's only fair your £20k deposit should of too.

They have a trust deed that says otherwise, get the deposit back, shame it was not thought through properly at the time but that happens a lot on here even by those that involve solicitors.

Mojisola

Thrugelmir wrote: »

Just sell the house and divide the equity after allowing for your deposit.

Then move on with your life.

Take your deposit and pay off all debts relating to the house (kitchen, gates, etc) and all costs involved in changing ownership before splitting what's left.

As unfair as it seems at the moment, Thrugelmir's advice is good - keep the process as short as possible - if it costs you some money at this point, it will be worth it to be rid of him.