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Ex buying me out - advice

(7 Posts)
RoseNarene Sat 14-Oct-17 18:17:33

Hi there

I don't have a solicitor so wanted to ask people here if my ex's solicitor is being honest with me...

My ex has proposed buying me out for £30k on the basis that split 50/50, the equity is £35k and he has taken 3k off to account for national costs of sale, and a further 2k to account for the fact that properties rarely sell for the asking price. He says this is standard practice.

This seems silly to me. Why should we account for costs of sale if the house isn't being sold? Surely we just split the equity 50/50?

Thank you!

CamperVamp Sat 14-Oct-17 18:20:57

Have you had the house valued? Ask a couple of EAs to come round and say how much they would expect to get on a sale.

TBH, it does seem fair to split the savings on costs, but he seems to be taking them all off your share.

waxy1 Sat 14-Oct-17 18:26:55

Like any business deal, it comes down to how badly you want to buy, against how badly he wants to sell.

RandomMess Sat 14-Oct-17 18:27:18

Pulling a fast one!!

4 valuations - what they would market it for and what do they think it would realistically sell for.

Equity split 50:50 less legal costs of him buying you out. There are no other costs that will be incurred! Should be a few hundred each at most!

JoanBartlett Sun 15-Oct-17 08:53:27

If he proposed to sell soon then when he sells he will have some costs of sale that you won't but then if he lives there for 20 more years the cost of sale deduction in that situation feels a bit unfair to me. That figure probably does represent the estate agent and solicitor fees. The deduction for 2k from asking price is sillyIf you both think the house is worth £2k than the figure you have agreed then instead you agree a lower figure. My ex had 3 very high valuations (I had to pay him and I stayed put) and I had one a bit lower and we compromise somewhere in the middle - still more than I think it was worth but I just lived with it to be done with it.

If you are married 50/50 is not necessarily the split by the way ( my husband got nearer 60% as he earns less). If you are not married and own it in equal shares and particularly if the children will be okay financially then 50/50 may be correct.

CamperVamp Sun 15-Oct-17 12:02:51

I think pulling a fast one too. Just split the equity!

RoseNarene Mon 16-Oct-17 21:42:38

50/50 split may not end up being fairest but tbh I just want this over and done with. I'm tired of being dragged through court for child arrangements so would rather not go back for finances. It takes too long and I just want to move on.

He isn't selling and the valuations are fair. So I will go back and refuse to have those figures taken off from my share of the equity.

Thank you!

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