My Girlfriend is trying to buy me ouy... Help Please!!!

Badger_Lady

Suzy_M wrote: »

From what you've said it sounds as though you'll be walking away with nothing at all - and this sounds suspiciously like she's taking you for a mug!

But what do you think she's getting out of it? They only own about £2,000-£3,000 worth of the house (based on OP's figures), without considering costs. What do you think would be a fair share of that?

Just out of interest, I have been in this situation - my Solicitor advised me that selling costs are always included in calculations for equity share (whether the property is currently being sold or not). This would pretty much swallow up all the equity - neither OP nor his girlfriend would get a bean from the place.

If the property had gone down in value (say to £90,000), would the OP still expect to get a pay-off? No, he'd have to pay his girlfriend to let him cut loose!

Vaux-Hall

Wouldn't it be best to ask your mortgage company for your current outstanding balance? Your gross equity is then half the current valuation less this balance.

If there is an early redemption fee then this might also help you come to an arrangement, as if you have to actually sell it, that and the EA fees mean you might even make a loss.

If you've paid for half the furniture etc, then it's only reasonable that she should pay you a reasonable sum to buy your half off you, as she's going to keep it. Perhaps something a bit less than half its second-hand value (unless you actually want to keep half).

On a more irrelevant note, if either of you is solely responsible for the split, then morally perhaps they should compromise a bit more if it comes down to it. But that's just me.

Trollfever

Can I SHOUT?

Have you asked the mortgage lender if they are prepared to release you from the liabilty?

Sol1980_2

Thanks for all your reply's they have been very imformative and useful.

I have just been speaking to the ex-girlfrind, and seem to come out with the outcome that it is a good offer.

Also bearing in mind she did put a 5k deposit on the place, and the outstanding balance on the mortgage is £104,670 it might just be a good time to take the money and run? Agreed?

Worth checking though, and now i have a much better knowlege of how the property selling market works.

Many Thanks

itsgototstop

Thats very true, if lender don't think your GF can pay on her own then this is academic

itsgototstop

Sol1980 wrote: »

Thanks for all your reply's they have been very imformative and useful.

I have just been speaking to the ex-girlfrind, and seem to come out with the outcome that it is a good offer.

Also bearing in mind she did put a 5k deposit on the place, and the outstanding balance on the mortgage is £104,670 it might just be a good time to take the money and run? Agreed?

Worth checking though, and now i have a much better knowlege of how the property selling market works.

Many Thanks

Check trollfever point to be on the safe side

Biggie

also who did the valuation.

get at least 3 valuations take the middle one of then lower to what you both agree to accept.

If you sold you will be owed:

(Current market value- (outstanding mortgage - redemption amount - estatge agent fees - Legal fees))/2

itsgototstop

Trollfever wrote: »

Can I SHOUT?

Have you asked the mortgage lender if they are prepared to release you from the liabilty?

Yes you can, good point we all missed!

alessev

Hi, just to ask you which part of England are you? Is it really 114 000 the cost of the house? Is it good place to live?
Here in London praces are crazy, i am thinking of moving somewhere...?

Suzy_M

Badger_Lady wrote: »

But what do you think she's getting out of it?

Her fair share - and his fair share that's all.

And as the OP now says his partner provided the deposit it now looks as though his fair share may in fact be zero.