My ex wants to buy me out

angel2999

My ex and I currently have a joint mortgage together for our house which isnt paid off yet, he says he will buy me out for £20,000 but is he not suppose to give me half of the value of the house to buy my share

Ayr_Rage

Is there a formal separation or divorce agreement?

Did you both put 50% into the property?

What is the value of the property and how much is remaining on the mortgage?

If there is actually £40,000 equity in the property and he intends to take over the mortgage then it's a reasonable offer as you won't incur any selling costs.

angel2999

He  paid the £6000 deposit as we used a new hoke scheme I paid all the legal costs and paid all of the mortgage payments and majority of bills and we both have the same amount of equity and there is £100k left to pay

Ayr_Rage

What have you each paid in total?

What is the property worth now?

angel2999

I've paid 12 thousand in mortgage payments aswell as the other bills he'd give me money now and then but mostly me paying it but we aren't married and probably an extra 50k from what we bought it for so £175k 

gordothegopher

angel2999 said:

My ex and I currently have a joint mortgage together for our house which isnt paid off yet, he says he will buy me out for £20,000 but is he not suppose to give me half of the value of the house to buy my share

Half the value of the equity in the house, not half of the total value. If the fair market value of your property is £175,000 and mortgage remaining is £100,000, were you both to put the property on the market and part ways, you'd each share £37,500 before expenses. 

Were I in your position, that would be my starting point for considering a buy-out situation. From there, it would be fair to discount an appropriate amount for selling/marketing fees that you would avoid.

Depending on the circumstances surrounding your break up, you should discuss with your other half how (and whether) to handle prior contributions. In theory, your mortgage and deposit were joint expenses, regardless of who paid. You might decide to add on £6,000 for their 'share' of the mortgage payments to date, but equally they could claim £3,000 for your 'share' of the deposit, to say nothing of other shared living expenses. 

TL;DR, £20,000 is too low to be bought out of the mortgage based on the figures you've given. Something in the mid-£30,000's seems fairer (plus or minus whatever other shared contributions you jointly decide to include/discount). 

Edited to add: whatever you do, if you go down the route of being bought out of the mortgage, ensure the sale is handled properly by solicitors. A neighbour did similar to what you're considering with an ex and tried to do so amicably and informally without going through solicitors and it didn't end well. You want to ensure you are paid whatever sum you agree, and that your claim and responsibility over the property is fully discharged.