Transfer of equity?

felix_blanket · 11 June 2023 at 8:32PM

Hi,
I was wondering someone could just explain this. I can't seem to understand.

During a transfer of equity, with 2 people (unmarried couple) going to 1 person, due to a break up, is the amount of monies exchanged up to the couple to agree? If both amicable and agree on a figure then that's all that needs to be paid from the Person A who is staying on the mortgage to Person B being taken off/no longer at the property, correct?

House worth 305,000
Mortgage of 232,000.
Deposit unevenly split (Deed trust in place) - Person A 40,000. Person B 10,000
And then mortgage was paid not 50/50 but 60/40 (no disputes about this).

However Person B also owes Person A money anyway (around 5000) so he wants to take that off the equity.

Therefore both parties are happy for the buy out to be around 14,000.
10,000 deposit return, equity/profit [255-232=23,000] which 40% is 9,200. Then minus the money owed.

Does this all make sense?
I've tried to talk it through with 2 solicitors but they more were talking about stamp tax and didn't give me a clear answer whether if both parties are happy, we can chose the figure we want.