My partner wants to buy me out...HELP!!!

scouseboy_2

Hi all,

My partner and I have split up after 4 and a half years together. The problem we face now is what to do with the house. We have had a mortgage for just over 2 years which is in both our names and is 50 - 50. We have just remortgaged the house (before the split) and now my partner wants to buy me out which is probably for the best and she has more finance than me.

Does anyone have any ideas as to how you work out who is owed what? She reckons the house is now worth £127,500 (we brought the house for £98,000) and we currently owe around £104,000 but with redemetion fees and seller’s fees all she is prepared to pay me is £7,000 for signing the house over to her. This does not seem quite right. Surely paying 2 years worth of interest on a mortgage is worth something as she will be on a 23 year mortgage instead of a 25 year mortgage. If we sell the house she will buy it so she doesn’t really want to sell she just wants me to change the name over.

Also I said she can have all the furniture etc in the house that we have brought together (how do I calculate what this is worth?) and she reckons all the presents that her side of the family have brought us together is now hers and not mine...is this the case?

Any help anyone can give will be greatly received.

Thanks for reading this

Scouse

Bendybops19

That really doesnt seem right to me!!! How can she jusitfy you getting £7,000 and her getting a house?!?! That she can sell at any time and t6hen have £127,500 or more!

No way is this right, you will be SO out of pocket it is ridiculous. I'd say you should get 50% of what the house is worth??? Plus 50% of the cost of furniture.

Make sure you dont get screwed over!!

Im sure other people can help you properly with legal advice. This is just my opinion!

scouseboy_2

Bendybops19 wrote:

That really doesnt seem right to me!!! How can she jusitfy you getting £7,000 and her getting a house?!?! That she can sell at any time and t6hen have £127,500 or more!!

Tell me about it thats why I need some help and advice. She is saying about all these fees but if we just change the name over she wont be paying all these fees. HELP!

Ember999

:eek: Scouseboy, don't let her do this to you hon, it's not right by the sound of it! She is quite obviously trying to rip you off, as so often happens in these situations.

Get proper legal advice, even after paying a solicitor you will come out with much more than £7,000.

Who engineered the split? Did you leave her or her want you out? In any split, when the house is owned 50/50, if there are no children, then a sale would be forced to allow an equity split of 50/50. Also, you are entitled to compensation for the furniture you contributed to.

I work out you are looking to get at least £12,000 - £13,000 but a Solicitor will get you a more accurate quote.

Don't sign the house over to her in this manner that she is demanding. Do it properly, you have contributed to the mortgage for 2 years, you own half this property and if you walk away with only £7,000, sign the house over to her, she will be laughing all the way to the bank

Good Luck hon x

Ember999

scouseboy wrote:

Tell me about it thats why I need some help and advice. She is saying about all these fees but if we just change the name over she wont be paying all these fees. HELP!

If she and you apply to the Mortgage Company to 'take you off' the mortgage, it will cost you a minimal amount! Buttons, literally!
Little tip for you....shush.....if you get took off the mortage by the mortgage company it will not actually take you off the deeds which means that come the time she wants to sell, you would still be on the deeds and still be entitled to half the proceeds of the sale...so it does cost extra to get taken off the deeds and this needs to be done by a Solicitor as she will require a 'variation of deeds' etc....

Refuse to come off the 'deeds' without your full monies due...ie: 50/50 equity split...you have her over a barrel, not the other way around as she is seeming to think...the law is on your side! :T

Little_Miss_Winner

I agree with ember (although i didn't realise the info about the deeds - thanks)

I think she thinks you are a soft touch!

Seek solicitor advice first!

Good Luck

rizla01

With redemption fees costing approx £2,500.00 you should be due a total of £10,000.00 plus. based on HER valuation?

get the property valued by an Estate Agent that YOU choose. If this is difficult most will do a 'walk by' valuation.

Involving Solicitors could eat up £3-£4,000 of the profits (Shared).

If placed on the open market which you have as much right to demand, then she will have to move house as well. by buying you out SHE will already benefit by not having to move. Is that not worth anything? I feel that SHE should pay for this priveledge if anyone - not you.

Shared presents are a difficult one. Normally in a marriage they are equal. Her relatives could say that they bought them for her to share with whoever she lived with, which includes the next sucker, too. Anyway, unless they are valuable, then walk away from them. They will only act as reminders of what is proving to be a regretable past. Best left there - in the past.

Good luck .


Riz

scouseboy_2

Thanks guys for the info especially the bit about the deeds (very interesting). Think I will have to fight my case and will use some of the information gathered here. Thanks again. By the way I was the one that split with her and had terrible trouble getting back in the house at one point (had to pay £100 to get a lock smith). A women scourned is a bad thing guys.

Ember999

scouseboy wrote:

Thanks guys for the info especially the bit about the deeds (very interesting). Think I will have to fight my case and will use some of the information gathered here. Thanks again. By the way I was the one that split with her and had terrible trouble getting back in the house at one point (had to pay £100 to get a lock smith). A women scourned is a bad thing guys.

A woman 'scorned' does in no way change the law. You have rights hon, exercise them I am sure you had your reasons for leaving, that does not mean you should lose both your home and your rights to money you have invested in it.

If you need any more help on the 'deeds' issue, you know where I am...I do have extensive experience in this issue

Ember

scouseboy_2

Thanks Ember

meanmachine_2

It's very tempting in these circumstances for the bloke to just cut and run - not wanting any of the hassle (or emotional blackmail!)

I have an older friend who did that and hasn't been able to get back onto the property ladder since. So don't do anything rash that you might regret for many years after.

If you're reasonable and have shown that you've done your sums, then you should get what is due to you.