I’m looking for some advice as I’m not sure what steps I need to take.
My parents have offered me the money to buy stbxh out. They will then go on the new mortgage as guarantors for me.
Our house is currently on the market for say £190,000. The equity is £90,000 and when we were selling we agreed to split the equity 50/50. We’ve had no real interest in the house - no offers - and we’ve now agreed that I should buy him out.
He has asked today if we are still ok to split the equity 50/50. We need to talk about it more but I briefly told him that if I buy him out it will be at slightly less than 50/50 as he would be getting the money guaranteed, chain free, no chance of a buyer pulling out, savings on not paying estate agents etc. If we’d sold at £190,000 it would have reduced down to £185,000 after costs so I think it’s only right that I do not give him £45,000. I’ve said I would be looking in the region of £40,000. Am I right to do this? Is it reasonable?
Also, I don’t know what kind of lawyer I need to make the arrangements and also to make sure he doesn’t have a later claim on my house when we get to the divorce.
I’ve avoided speaking to our current mortgage provider so far as I’m worried they will see us as a risk and demand we pay off the mortgage at the end of our current agreement. Is this likely? Or would they actually be the easiest option for getting this resolved?
Thanks if you can help point me in the right directions.