Tenants in common splitting up

Rosie1989

So, we had another estate agent value today at starting price 170 and expect to get 160 though she said she cannot gaurantee it. So we've had valuations saying they would expect to get anywhere from 150k-160k, I want to meet in the middle at 155k but he isn't having it. There is still some work left to do on the house which we would of done ourselves, i.e build a garden wall, finish the garden, render a small wall at the back, a bit of tiling round the window in bathroom, and some skirting boards need fixing in the new kitchen. It's not major work, and we have all the materials in the garage. But he is using this as leverage saying if we were to sell it, people would knock the price down based on these unfinished jobs, he has a point I suppose? So he is now offering to buy me out based on the house value being 155k, then he will take off the remaining 2k kitchen finance that is left to pay on the kitchen off my pay out. I don't know if this is fair or not? The kitchen debt is in his name, and up till we split up we've paid it off together, seeing as I won't be living in the house going forward, is it fair to have to have that deducted from my equity? I think it would be easier to let him buy me out, rather than gamble on the market, buyers will knock us down and it could take months to sell, and then there's all the fees to pay that go with it. I feel like he gets the best end of the deal, because he gets to stay in the nice house we put so much work into, we've spent about 40k between us on it doing it up, it has a new kitchen, bathroom, carpets, all newly decorated etc. He gets to carry on his life as normal, just wish a bit more mortgage to pay. I've got to uproot and move back home, look for a new job, and find a new house entirely, and get a new mortgage. It's such a confusing time, I don't know what to do. He is proposing going to the mortgage broker with this offer on Monday and if I'm happy he said it would be signed off with the solicitor

dimbo61

Do NOT MOVE OUT
Go and see a solicitor on monday

dlmcr

I don't understand why you keep saying it's a confusing time and about how you are having to leave and getting caught up with who is valuing it at what etc. It's your home so FIGHT FOR IT don't just roll over and accept what he is saying. Stay in the house and make counter offer to buy him out and play the same game that he is playing.

1) Go and see an independant mortgage broker asap.
2) on the basis of this you will know how much you can borrow and so what your max £ you can buy him out for
3) To shut him up go with the max valuation and offer to buy him out at that price.
4 ) REMEMBER you both need to agree so if he doesn't agree that that then don't agree to him buying you out. Stalemate? Then you need an incentive to get him out. More money? If you love your home so much you will know it's value to you.
5) Don't get caught up in minutae like he owes x on the kitchen or we didn't do this work or can I get interest on the deposit, it will cloud the issue. Focus on the outcome you want ie stay in the house with him out and work to it clinically and methodically

getmore4less

The kitchen debt is just like the mortgage debt effectively 1/2 each.

The calculations are easy the issue is the price.

Would you buy it for more than the offer on the table on the same terms in it's current state?

That's how to counter make the offer..

£155k is looking fairly close.


you were happy when he was helping with the mortgage in your name for 3 years don't blow a deal over a couple £k.

SuboJvR

Not much to add but about the Kitchen finance: imagine you were selling on the open market. Someone else buys the house and uses the kitchen that you still have outstanding debt on.

You would use the proceeds of the sale to pay it off, you wouldn’t expect the buyer to settle it.
But in that situation one assumes the Kitchen debt gets treated 50/50 and you each pay a half from your proceeds...?

dogmorfmucion

I would strongly recommend going to see a solicitor.

On the face of it it seems like you should get your 20k deposit back and everything else should be split 50/50. Like others have already said it just comes down to price.

If you are finding the process confusing and potentially emotionally difficult, as you are dealing with the breakdown of a relationship as well, then having a solicitor on side could be really useful. They will look at the financials only and work out the best deal between them, which is likely to be you get your 20k and everything else is split 50/50.

Rosie1989

My mum told me not to go to the solicitor till we've come to an agreement, she asks that it will cost a fortune in fees, and it's not something I can afford at the moment. He's making it difficult to stay here, I'm hiding out in the spare room crying and feeling depressed, and meanwhile he's adding disgusting cheap women off plenty of fish to his facebook, and going out all night, I know he can do what he wants now we've split, but while we're still having to be under the same roof and as it's still so soon, it just feels a bit harsh and insensitive

fewcloudy

Rosie1989 wrote: »

My mum told me not to go to the solicitor till we've come to an agreement, she asks that it will cost a fortune in fees, and it's not something I can afford at the moment. He's making it difficult to stay here, I'm hiding out in the spare room crying and feeling depressed, and meanwhile he's adding disgusting cheap women off plenty of fish to his facebook, and going out all night, I know he can do what he wants now we've split, but while we're still having to be under the same roof and as it's still so soon, it just feels a bit harsh and insensitive

I don't have facebook but I'm sure you can make it so that you don't see what he does. Or just don't use Facebook at all, until this is all sorted out anyway?
If I split up with a partner I couldn't care less what they do with their lives.
I'm sure you don't mean it, but your last post sounds like you are wallowing in self-pity. Maybe time to just do what's right for you, not what he says or mum says.


fc

_CC_

I would go to a solicitor.

Yes, it costs initial money, but a) it would most probably cost a lot less money than you'd lose from caving into the pressure of a poor agreement, and b) it would be better for your wellbeing having an intermediary involved.

bubblycrazy

What do you want to do? If he was being reasonable and said he'd do what you want, do you know what you want? Do you want to find a new job and move closer to home, or do you want to keep your current job and the house nearby? If the former then let him have it. If the latter then go and see a broker and tell him you want to buy him out. Forget about the kitchen for now, that's getting in the way of the important decisions.