Buying out my ex - query

[missverena]

Hi there

I've looked for similar threads but couldn't find any so apologies if this has already been discussed.

My husband and I are separating (amicably so far...) and we currently own our property jointly and have a mortgage. I would like to buy him out (not sure how realistic this plan is yet) but have no idea what costs to include in calculations for this. Have a few specific questions below:

Seeing as I am looking to buy him out and it won't involve an estate agent if we were to sell the house together, am I entitled to deduct a percentage of an agent's commission from the equity (as would be deducted if the house were sold)?

There is water damage in the kitchen which happened recently from storms and we haven't yet had a quote on fixing this. Once I get a quote, can this also be deducted from the value of the house?

I'm trying to be fair about this but also not be a chump so would appreciate any advice on what the standard calculations are when doing a 50/50 split.

We would like to do this without lawyers if we can so if we are able to agree on a price then I'm hoping we can do this as calmly as possible.

You can't make deductions for expenses you haven't incurred . Really odd question!

If it's 50/50 ownership and pretty much joint 50/50 contribution then that's how the split would be. It's all different if there are children involved though.

If it's straightforward get a few valuations from some estate agents and if you are both happy with their opinions you can come to an agreement on how much you need to raise to buy him out. If you disagree then you will need a property surveyor to give you a valuation. You split his costs.

I think you should both get an hour or two with a solicitor to explain all the steps to go through including things like savings, pensions etc.

Maybe have a word with the current mortgage provider as they can also advise and maybe discuss your mortgage raising capability. You would yourself need to pay any costs raising the mortgage incurs. You can't expect your H to contribute to your financial future as he will have to house himself too.

It's quite normal to deduct 2-3% "notional sale costs" as well as the mortgage redemption figure (not balance), to arrive at the equity figure.

Would the kitchen damage be covered by insurance?

Although you are amicable, don't be naive! Get some legal advice about what other issues you may need to address, there may be some that you haven't thought of yet!

Thanks both of you. I will be talking to a solicitor but just wanted to see if anyone had experience of this. It's really weird going through a divorce - I have pretty much no idea what I'm doing. Will take legal advice and get a valuation.

Kitchen damage not covered by insurance, unfortunately - I've checked that.

I'm pretty sure then you would need to get in writing your STBXH agreement that any money you spent on the kitchen repairs would be credited to you in the final sale price, unless you wait til it's yours?

I would get a copy of your credit history from experian to make sure it's all correct and in good order before enquiring about a mortgage. Someone I know wanted to do the buy out and had been paying the mortgage for a year while the solicitors sorted it all out, but in the end was refused a mortgage because of her credit history.

Good idea to check Experian. Will definitely be getting things in writing.Thanks. Had to think for a minute about what STBXH was but then I got it!