Buying partner out of mortgage

Decon90

Hi all, sorry if this is a simple question!

I'm trying to work out if I can buy my partner out on our house. We have £97000 remaining to be paid on our mortgage. When we took it out I contributed the £17500 deposit and this is protected by a deed of trust that states that if the house is sold on break up, it has to be returned to me before any equity is split. We borrowed extra money on our mortgage plus put savings into a joint account that has £14000 in it. The house is worth about £155000 (obviously a figure would have to be agreed).

How would I go about working this out?

C.M.

Sale price or valuation - mortgage balance = equity.

Equity - deposit protected by trust - legal costs = remainder

Remainder / 2 = cost of buying ex out


So

If house is valued at £155000 it would be

155000 -97000 =58000
58000 - 17500 = 40500
costs for example £3k (costs of valuation, solicitor fees etc, any early redemption fees for mortgage etc - could be much higher)
Would mean you need to pay your ex £18,750

Or give them the £14k savings that are set aside and pay the additional.

Which means you would be looking at needing to qualify for a mortgage on your own of approx £115k (less if you use the savings to offset)