Buying out an ex

SLH716

Hi all,

New to this forum but in desperate need of advice.

My partner and I split almost a year and a half ago. I moved out of the property and back in with parents to ease tension. During this time I have continued to pay the mortgage and council tax.

The home was bought in 2015 with a help to buy. We each put in 4k deposit and have split the mortgage 50/50 since.

My ex originally planned to buy me out but failed to secure a mortgage even with guarantors. This process seemingly took her over a year. I am now moving forward with buying her out. I have secured a mortgage offer and have all paperwork in place for transfer of equity. The final piece of the puzzle is the 'settlement fee'.

I worked this out as: the equity (value of house minus remaining mortgage) plus the original deposit. This is 119k-110k = 9k so 4.5k plus 4 deposit = 8500?

The house when valued is the same as we purchased it for.
My ex is now refusing my amount and is insisting the total she has paid over the 4 years - including interest. I am sure I do not owe her the additional 4k as it is the bank who gained that money not me. We have both paid it equally so far so why would she now be due that back from me? Also she insists if we put it up for sale she won't agree to sell for any price that gets her less than the 12k which just won't happen.

Can anyone either confirm my thoughts or please correct me if I'm totally wrong.

Thanks!!

DUTR

It doesn't matter what strangers think, if the mortgage isn't paid then the house can get repossessed.

Caz3121

SLH716 wrote: »

I worked this out as: the equity (value of house minus remaining mortgage) plus the original deposit. This is 119k-110k = 9k so 4.5k plus 4 deposit = 8500?

The house when valued is the same as we purchased it for.
My ex is now refusing my amount and is insisting the total she has paid over the 4 years - including interest. I am sure I do not owe her the additional 4k as it is the bank who gained that money not me. We have both paid it equally so far so why would she now be due that back from me? Also she insists if we put it up for sale she won't agree to sell for any price that gets her less than the 12k which just won't happen.

yous post implies that you purchased in 2015 for £119k paying £8k deposit leaving mortgage + HTB loan of £111k and after 4+ years of payments the amount owing has reduced by £1k is that correct?

SLH716

Sorry the htb is 32k. We bought for 160k.

silvercar

160-32=128, 8k deposit=120k.

If the remaining mortgage is 110k, that means you have cleared 10k off the mortgage, is that correct?

Either way, any capital repayments you have both made since ownership is reflected in the outstanding amount now owed, you can't also take off the mortgage payments as that would be double counting the capital element. As you say the interest element went to the bank and is money gone. Also if you hadn't bought you would have been renting and no landlord would give you the rent you have paid back!