We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Buying ex-partner out of house.
nasop
Posts: 1 Newbie
Hi,
I'd like to buy my ex-partners (not married) share of the house so I can continue to live there.
We would like to do it with the minium of fuss but neither of us know how to work the figures out.
The share is 60/40 in my favour as I paid more each month and its on our legal paperwork.
Can anyone give me an idea of how to calculate what she should get.
Many thanks.
I'd like to buy my ex-partners (not married) share of the house so I can continue to live there.
We would like to do it with the minium of fuss but neither of us know how to work the figures out.
The share is 60/40 in my favour as I paid more each month and its on our legal paperwork.
Can anyone give me an idea of how to calculate what she should get.
Many thanks.
0
Comments
-
How much equity is in the house? i.e. If you were to sell the house today how much would be left after all costs, including selling fees etc..
If it was 20K then split it 60/40, i.e. you 60% (£12,000) and her 40% (£8,000).
You would need to pay her £8,000.Disclaimer: Any spelling mistakes or incorrect grammar is purely coincidental and in no way reflects the intelligence of the author.0 -
Get three valuations done, find the average.
Contact your lender and get a redemption statement done.
Take the outstanding mortgage amount from the average valuation, equates the equity.
Decide between the pair of you for furnishing costs, ie. the person staying will benefit from the furniture, but the person being bought out may have contributed to the purchase. A token gesture amount for the person leaving.
As you will need a solicitor to complete the title deeds removal of the buy out partner decide if the cost is to be taken out of the equity or the person staying covers the cost.
Before anything, contact your lender to see if they are willing to lend the mortgage on one earnings, ie. the person staying.
I've done this personally, and have just helped my current GF complete this with her ex.
If you can both be civilised about the situation will help greatly, and smooth the process.Financial Aims for 2012:
1. To pay off Car loan (£2,163.85 / £300.23 : 13.9%) 2. To pay off Joint OD ([STRIKE]£1,928.53[/STRIKE] / £1,928.53 : 100%) 3. To pay off GF's CC (£1100.31 / £0 : 0%) 4. To OP Mortgage (£1000 / £0 : 0%)
Money Saving / Making in 2012:
1. Ebay (£0 ) 2. Surveys (£0 ) 3. Quidco (£156.45 (Feb 12) ) 4. Lottery (£0 ) 5. Groceries (£0 )0 -
Don't forget that there are stamp duty implications also, if you are not married or in a civil partnership0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.3K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.3K Work, Benefits & Business
- 599.4K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards