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

rozeepozee

Aww! Bless you. My other half’s a scouser so you have my immediate sympathies!

It sounds as though you have a joint mortgage (which just relates to your load from the bank) and in addition, legally you are joint tenants, namely that you each own equal shares of the house (50:50). Don't accept your ex's valuation. Get the property professionally/independently valued. If you want to avoid surveyor’s fees (about 200 to 300 quid), you could ask three estate agents to take a look (don't tell them why, just say you're considering selling) and then once you have three estimates, try and agree a fair figure with your ex. You should be entitled to half of the equity (valuation less mortgage) after deducting costs incurred (these should be divided between the two of you as well). There ARE no selling costs if your ex is staying in the property and she may be able to broker a deal with the bank/BSoc whereby she doesn't have to pay all or any of the redemption fees if she takes over the mortgage but stays with the same bank. You are on the mortgage too so you can go in and enquire what options might be available and ask for a redemption statement so you know what the exact figures are. I’m a lawyer although this isn’t my specialism but my recollection is that as a joint tenant you can force a sale if you want to. As she wants to remain in the property, this gives you a fair bit of bargaining power. You are going to have to get solicitors involved at some stage because the property is going to have to be transferred into a different name and this is a conveyance. You need different solicitors as there is a clear conflict of interests between you and you ex, so the same solicitor cannot advise you both. I would advise you to get one onboard straight away so you know exactly where you stand. You need help from a solicitor who has experience of advising cohabitees and division of property. Yes, it will cost you money, but I doubt it will cost you as much as your ex would like to take from you! Most solicitors will offer a free initial advice session, call round and see who does. Don’t be shy to ask what their fees are and an estimate of the costs. The more you can agree with your ex, the less the solicitors will have to negotiate and the cheaper the final bill will be.

As far as the personal property is concerned, anything that you bought together or anything that was given to you as a couple is owned jointly so you need to agree a fair valuation or, if you can’t agree, then you take what items seem to amount to a fair half.

I agree with the comments about not just cutting and running (women do this as well, tut tut, meanmachine, it’s not a gender thing). You have rights and entitlements and it will be expensive to rehouse yourself (deposit on a new place, money for rent and deposit). You need to reach a fair settlement for you both.

Phew! Sorry if I’ve gone on a bit. Hope it helps.

rizla01

Blimey Scouser. You are honoured with that reply from rozeebee.

Down here in the South East that would have cost at least 50quid.

Solicitors in my region charge £165.00 per hour and expect monies on their books before they even speak to you.

Well done Rozee. I ll keep you on my list.

Riz

rozeepozee

Thanks mate. We're not all money grabbing w---rs! It's nice to be able to help

scouseboy_2

rozeepozee wrote:

As far as the personal property is concerned, anything that you bought together or anything that was given to you as a couple is owned jointly so you need to agree a fair valuation or, if you can’t agree, then you take what items seem to amount to a fair half.

Thanks for the advice Rozeepozee. As far as the above goes she came round last night (she dont want to live at the house whilst im there. her choice) and toke the joint video/dvd that was given to us by her parents. I told her its a joint present and is both of ours but she has got it in her head that its hers. I told her to show me the proof that it is rightly hers and she cant so I will take you comment with me and use this to divide the joint presents. Thank you once again.

purplepatch

Reading your thread with interest as similar-ish thing happened to me a few years back. My ex ended the relationship, and I moved out. I hadn't been named on the mortgage, so came away with very little, despite having paid all the household bills (was young and naive). You are in a strong position, so I agree that you should take legal advice and get your fair share of the equity and any jointly owned possessions.

However, just my two pennith, but I would have been extremely narked if he had staked a claim on things my parents had bought us as a couple (he didn't luckily - I pretty much cleared out the house when I left as virtually all our furnishings had been donated by my family!). I hear what is being said that the gifts are now jointly owned regardless of who gave them to you, but personally I don't think it would be right for you to keep a valuable gift that her relatives have bought. Just my opinion, don't shoot me down for it!

rfsteel

I'm also in a simlar posistion to scouseboy, and looking for a sensible way of solving situation.

Recently caught the girlfriend playing around behind my back, which has led to us splitting, we had been together 5 years, 2 of which we jointly owned a property together.

We are in the process of agreeing the next step, as the ex would like to purchase the house from me, though the figures that she are using, in my opinion are unreasonable;

Property purchased Oct 2003 for £171,000, redemtion figure on the mortgage is £149,000 and we have had 3 indepentant valutions of £184,495, £184,995 & £189,995.

I agreed that the highest price is a little optomistic, though feel £185,000 to be a fair price, seeing as similar properties in the area are selling for £186,000 - £187,000.

Though my ex is only offering me a price of £182,000, saying this would be the £185,000 price minus any agency fee, that would have been incurred if we were to sell it.

How do I go around getting this figure increased, as I'm unwilling to cut and run, when they could possibly be over £8K + profit that my ex could make if she decides to sell the property on, once she purchased my share of the equity.

Questions are;

can only the use of a solicitor be used to get the higher price if the ex doesn't agree to go over £182k ?

what is involved in forcing the property on the market, as I feel that the £182,000 price is at the top of her buget, hence why she doesn't want to increase her offer ?

rozeepozee

Just back from the pub.... (and a month on holiday...). A bit tipsy....I may be becoming addicted to this site....? Not entirely sure about this one because don;t think there is one right or wrong answer but there are no sale costs - so how can they be deducted???? Also, if you are joint owners my recollection of property law is that you can force a sale if you ultimately can't agree. Unfortunately the cost of this in terms of legal fees may end up being more than what you are arguing over so may be better to cut your losses and agree to compromise - in the middle for example?

Jay1b

Ok her finances are slightly better then yours, and if she thinks that this is fair.... Then offer her £8000 for you to buy her out! Then sell it if need be.

Manchesterunhomed

Hi,

I need some advice please. I co-own a house which has now been valued at £115.00K
We bought the house for 95K and got a mortgage for 85K. Only been in the house less than a year and now need to be bought out of the house. What would i get from my ex? and how much should he really pay me? We made joint contributions to the mortgage payments and house payments (water/gas/phone. etc) and are now both going separate ways. I have agreed to him buying me out dependant on if mortgage lenders will let him take on mortgage (think they will as his parents will co-sign).
There is around 85K left still on the mortgage. And we both put into the 10k deposit. We are happy with how we will split the deposit; its how would the rest of it work out? Is it just the equity he has to pay me or for the whole-half of the house I own?

Thanks
Manchester, UK

poppysarah

http://www.guardian.co.uk/money/2010/jun/20/mortgage-warning-unmarried-couples


Mortgage warning for unmarried couples as ex-partner gets half of house

Ex-boyfriend entitled to half share 17 years after split even though he did not pay mortgage, appeal court rules




Just a thought!





And she wouldn't have 120k is she sold - she'd have whatever was left after selling it and paying back the mortgage.