Advice on house - buying out partner after he has left us

[OhWesternWind]

Hello and I am hoping for some advice here.

Ex left me and the two children three weeks ago now, out of the blue, after 17 years together. We were not married and own our house jointly.

He has said previously that he wants either to sell the house or for me to buy him out. Because of this I have had the house valued and the valuations have come in pretty low due to the current market. This is good news for me from a buying him out point of view as I will only have to pay him a couple of thousand.

My question is, can he refuse to let me buy him out? I don't want to co-own the property with him. I am worried though that he will try and hang on until the market picks up and he will therefore get more money from me and I won't be able to afford it.

What's the best way forward here?

Thanks for your help!

I think you'll find that unless you had something specific written up when you purchased (which is pretty unusual) he can refuse to let you buy him out at a specific price in the same way that either of you can refuse a sale to any other potential purchaser.

I think in your favour he would have to wait a long time before the market does pick up significantly - I suppose it depends on what income he has and whether this would impact upon what he intends to do housing wise.

How old are your children? He does also have an obligation to them and surely he wouldn't want to see them without housing? However, as selling to someone else is likely to realise even less money for him (as there will then be estate agents fees to be paid from net proceeds as well) unless he does really want to wait for probably at least 3-5 years he's not going to get anything more anyway.

At the end of the day the property is only worth what it's worth - which is what a willing buyer would pay.

Thanks Kat! I think he is going to be disappointed with the valuations as he has got it in his head that it is worth around £300k when it is only just over £200k from the valuations I have had. The point about estate agent fees are interesting, and one that hadn't occurred to me.

I am going to meet him next week to talk all this through - wish me luck!

Is the property mortgaged? If so what will happen about the mortgage?

Usually if a property is mortgaged after discussions with the building society the mortgage can be transferred into the sole owners name (provided mortgagor is happy it is affordable) and the paperwork and deeds are changed to note this. Solicitors will be required for this.

Good luck!

You can apply to the court under s14 of the Trust of Land an Appointment of Trustees Act. The court can order that you buy him out for half of the equity. See a solicitor.

My exh1 refused to let me buy him out, though it was 20+ years ago and things may have changed legally.

He go no more that I was able to offer him, but he had to wait for over 5 years for it.