Buying out ex

Bankgal

I am currently trying to buy my ex-partner out of our jointly owned home.

However, we have come to a sticking point over how much his share is worth.
I have calculated that his share is worth half of the equity minus half of the selling costs, but he is disputing having to pay any selling costs at all.

My parents are helping me buy the house and I can't afford to pay more than I have to - the other option is to sell, which I am prepared to do if we can't move forward from this.

I have also only been living in the house part-time since we slip up 4 months ago, yet have continued to pay half of all of the bills.

Am I being resonable in asking him to remove some of the selling costs from his share? He will be worse off if we have to sell.

ukmike

He will be worse off if we have to sell.

And so will you.Why half the selling cost if you're not selling,just buying his share of the equity?

Bankgal

I will end up moving back in with my parents straight away (which isn't the worst thing in the world) and will only pay half of the mortgage. If the house takes 4 months to sell with him living in it, it will cost him an extra £1200.
If we sold, I would only get what I'm offering him now.

TighterThanTwoCoatsOfPain

i had a similar situation.. The calcs we agreed included the costs we would have incurred had we sold including estate agents...

Had my offer not been accepted we would have sold was the arguement, in which case the amount of money changing hands would be just that.. Add to the fact that there would be additional costs of half the mortgage until completion and i think you have a very strong offer...

itsbeef

I went through a similar thing a couple of years ago.

Split up with ex and offered to buy her out as she had moved elsewhere to live as she had a second property.

I wanted to stay on the property ladder so decided that I would keep the house going, take in a couple of lodgers and we split the bills and income 50/50. The negotiations were going ok until she got all sentimental and asked if I was seeing someone else. I said that I was and suddenly her demands went up by ten grand!!!!

If I found myself in a similar situation again these are the lessons I would stick to:

Tell the partner only what she needed to know

Pay a couple of hundred quid for a solictior to do all the negotiations reagrding monies. There are numerous legal cases that they can refer to when it comes to precedents that have been set depending on the couples circumstances etc

Good luck!

Rick62

You have three choices, you buy him out, he buys you out, you both sell and split the net.

I think it is quite reasonable to take off the selling costs. By you buying him out it is also quicker and more certain, which particularly in todays market is of great value.

If he thinks your offer is not reasonable and wants half the full equity then ask him if he would be willing to pay that to you to buy you out instead.

Bankgal

Thanks for your advice guys!
Thankfully we have been able to agree on a figure, removing the mortgage redemption figure (will be up in 18mnths and I won't have to pay as am keeping the mortgage) and therefore reducing the costs by half - and we have a deal!
I've given an extra £1k and he has £1k less than his original offer, so its split fairly. I'm also getting most of the joint stuff and he has agreed to move out in a couple of weeks!

Your advice meant a lot though - it means that I can feel happy that we've both got a fair deal.

itsbeef

Once again make sure everything is written down, witnessed and signed and held by your solicitor......

Good luck! :T

sunshine6650

brilliant! my ex bought me out 2 years ago..it wa shorrible, in the end i left with not as much as i should but i did it to get out, it was ahorrible time & realised life is too short..

hense the big spendo on credit card reliving some youth i thought id missed, i now have my own house & clearing the credit card bill from when i left!!!

ha ha!

lovesit

Just a thought, why don't you put the house on the market at the price you were offering to buy him out at, wait for 3 offers to come in, then offer to buy him out at the average of these offers (could be a lot lower than what you offered anyway).

Don't tell your OH what the plan is otherwise he could have a friend(s) come and put silly high offers in on the place. This way you will get a good idea of what the property is really worth.

If you do get a genuinley good offer then you could both still take it, bank the cash and see what the market does...