Calculation for ex buying me out

[Ipdipdoo]

Sorry I’m sure it’s a simple calculation if the property is jointly owed.
If he was to buy me out how much would I receive?
I have no idea of the property value but would hazard a guess at £550k. Mortgage is £300k.
Property bought for £450k.
There may be a moral sticking point as the deposit of £100k was his from an inheritance.
figures provided have been simplifed.

The total equity value (ie the value you will together own) is the price minus the mortgage so 550 - 300 = 250k (assuming no early redemption fee on the mortgage). The original price doesn’t affect this calculation.

No comment on morals or such as the situation will vary from couple to couple.

And sorry, to be clear, half of that 250 would be yours.

So the mortgage needs to be paid off or put into sole name, there's probably some fees for that. There's stamp duty I think if you do a transfer of properties and you're not married.
Ultimately you need to agree on a valuation and then just divide it in two. That's the starting point.
then factors such as Did you own the property for long? Are you married? Did you pay mortgage evenly etc that then influences whether you take into account the uneven deposit. Morally I'd personally want to give him back his 100k.
Personally I'd say if property was bought at 450 and he gave 100 deposit then your share was half of 350 ie 175. If property is now 550 then I'd take the 100 off and then divide which is 225 each. So that's what you owe him before any costs or fees. Those should be shared before anything is paid in my view.

Thank you but I am unclear what that would approx equate to leaving for me to fund a home for me and my children moving forward

Oh ok if you are married with joint children that changes a lot !
Then I'd say it depends on what mortgage ability you have (are you working etc) and then what it would cost to house you and the children adequately.

You can often see quite uneven splits depending on earnings etc. So I'd say start at 50 50 so you'd get 275k from him and see if that gives you enough to find a home and the adjust from there

No we have never been married but the home is in joint names

I am looking at shared ownership to find a home for me and the children. I will continue to look after them on a full time basis.

Well if you're not married then it's a straightforward 50 50 split as house in both names (assume tenants in common). So that's 275k for you.
Then if the kids with you full time he should pay maintenance on top of that.

To be honest I’m just looking for what is a fair settlement in the eyes of the law.
The money will all be used to fund our home. Me and the children need somewhere to live and I am not in a position to obtain a mortgage. I work part time and can cover the cost of renting a SO property.

Starting point would be 50% of the equity. You'd then claim child maintenance from him.

Was his deposit/inheritance legally ring fenced in any way?

Half of the equity but in my view he should keep the 100k inheritance.

It's not £275 - there's a mortgage!

It's half the equity, which is £250, less the cost of remortgaging and transferring to sole name. So somewhere between £100k and £125k is what OP can expect. Assuming he agrees.

Are they shared children or just yours? If you jointly own the home equally and aren’t married the equity split will be 50/50. Morally, a grey area regarding the inheritance. He should have probably ring fenced that. If you have shared children, he may recognise that the money will end up with the children anyway so be happy for it to be included. If not, I couldn’t happily just take half of it. But people are different in terms of what they are comfortable doing.

If you're happy for him to have his original £100 back, then half of £250 less £100, so £62k

Huh?

550 value minus 350 = 200 in tbe pot to be shared between you. Please ignore those that cant count.

No the deposit was not ring fenced. It is complicated the deposit issue as he has benefitted financially in other ways from the way our household was structured. None of which I am entitled to by law but from a moral perspective I am.
so I would not feel guilty asking for that as the proceeds would be used to provide security and a home for his children who he does not spend time with except for a few hours here and there a week.

I see it as

550 - 300 mortgage = 250 equity

250 - 100 to give back to partner = 150

150/2 = 75 for you

if the 100 isn’t ring fenced and the kids are his, 125 each

This!

legally you’d get half of 250, so 125 each

morally he should get his 100 back, then you each get half of 150, so 75 each

So house value minus mortgage leaves £250k. I would legally be entitled to ask for £125k?

When you say ‘joint names’ is that as Joint Tenants or Tenants in Common?

Yes
less any costs of selling which we don’t know how much

why do you think he doesn’t deserve his deposit back?

are the children joint or yours?

@Ipdipdoo

Given you need a home for the children I'd forget his £100k deposit in all of this.

even if he pays CMS It won't anywhere near cover the cost of raising the children & needing a bigger house than you'd need alone.

He needs to walk away from the equity in the house & enable his children to have a HOME.

If he won't do the decent thing, remember the valuation is just that. It's not what the house would sell for if you put it on the market, so you'll just have to see what it actually sells for.

technically as you're not married the calculation would be 50% of what it sells for Less all costs (mortgage/ estste agents/taxes etc etc),

Sorry yes forgot the mortgage doh

Sorry, 250 between yo u