Buying ex out of mortgage

Charlotte7706

I'm in the process of buying my ex out our mortgage & want to ensure I'm being fair.

House valued: £250k

Remaining mortgage: £173920.77

Net property value: £76,079.23

His share of Deed of Trust: £13,000

My share of Deed of trust: £66,000

Remaining value in property:

 -£2920.77

Early repayment/exit fee:£6210.75

Remaining value in property:

 -£9,131.52 (loss)

My solicitor friend advised we should split the loss.

However, I've offered to still pay him his original £13k & let him take the TV system in light of me keeping the rest of the furniture. 

The only furniture of significant value (bar the TV system I'm giving him) is some garden furniture which cost £2800 & a grill hut that cost £2700 (which he bought with money received from the sale of his car). He's back living with his parents so it's easier for me to retain furniture.

I'm (my family) are buying out the mortgage, paying off the remaining value owed on a further advance (£6k), paying the £6k early exit fee & the solicitors fees (currently unknown).

We both earned similarly & put money into the savings account (which has £44k but we owe £50k on the further advance which needs to be repaid).

However, he got bonuses (£200 extra than me a month here & there) so he might've put more in monthly than me.

On the other hand, I put in £33k to renovate the house when we first moved in, September 2017. My grandmother also gifted me £5000 which I put in.

He left me (out of the blue after 7 happy years) to deal with a half renovated house, all the responsibility of canceling the wedding he wanted, sorting all this legal house/mortgage stuff & our bills on my own...but seems to feel he is the victim, as though I somehow orchestrated his leaving me so I could take the house from him. In all honesty, I strongly suspect he's had a breakdown, as he's acting very out of character (fortunately his new character is someone I'm glad to see the back of). I was incredibly good to him (too good by all accounts) so it's hurtful to be treated this way. I'm just anxious that my hurt doesn't impact my ability to be fair.

Sorry for the long winded question & probably unnecessary personal details.... any input will be appreciated (please be kind) 

Thank you

TBagpuss

It would be fair to split the shortfall, in the same proportions as you are entitled to the proceeds. 

Home furnishings would be valued by a court at their second hand resale value so it's unlikely that they would be affect the figures much, although clearly it's much more convenient for you to keep them.

Have you looking into remortgaging in your sole name with the same lender? A lot of lenders will waive the ERC in that scenario which would save you the £6K, and reduce the loss down to about £3K 

On the face of it, your proposals seem to be giving him more than he entitled to so definitely fair to him,