Co Owner advice

Ximian

All,

I'm looking for some advice regarding buying out my cousin who is a co owner.
When we first bought the house we each paid 50% deposit and split he lawyers fees 50% and any other costs as well.. We also split the mortgage payments 50% as well. Now I'm looking to buy the house outright and I'm trying to figure out how much I need to pay to buy my cousin out. I was thinking along the lines of paying back the initial deposit and lawyers fees plus the monthly contributions (50% of the total monthly) contributions that my cousin has made but that sounds to easy. I know I'd need have to get professional advice on the actual amount but I was wondering if anyone could let me know how the calculations are made for people that have been in similar situations.

Thanks in advance

orlao

I'm no expert but.....surely your cousin gets 50% of the houses value???? less 50% of fees etc......

NinaSwiss

Im no expert either but i would have thought it would be alittle similar to buying a property on the market, where you dont take sellers initial deposit fees on the house into account. In other words...seller puts house on market for £x (value of house) which you take or leave or offer lower price. In your case, if house is valued at £x, it is available for you buy at 50% of £x.

Trying_to_be_good

I would think you start at 50% of the market value, and then knock it down a bit - remember you will be liable for land registry and remortgage fees, plus probably stamp duty if the WHOLE HOUSE is worth more than the maount where stamp duty starts. I was stung by this when I bought my (now ex-)husband out of our house - we'd only been there four months and I had to pay stamp duty on the half value of the house I was buying from him, despite having only just paid stamp duty on the whole purchase. Gutted!

Ximian

Thanks for the replies all. Much appreciated